Constellation Energy Group, which is selling itself to Exelon Corp., reported Friday a loss in the fourth quarter in what is expected to be the energy giant's last earnings release as a publicly traded Baltimore company.
Maryland energy regulators approved Constellation Energy Group's sale to Chicago-based Exelon Corp. Friday, but directed the companies to create a $113.5 million fund for customers of Baltimore Gas and Electric that would provide energy efficiency and low-income assistance and to meet other conditions.
Construction magnate and self-described "gearhead" Dale Dillon has built offices for high-speed racing teams, laid tracks for IndyCar contests in two cities and, despite having only one leg, raced open-wheeled cars competitively around the country.
Mayor Stephanie Rawlings-Blake's administration has struck a five-year deal with a new team to manage the Baltimore Grand Prix race that includes new safeguards designed to insulate the city from losses.
Constellation Energy Group said Thursday that it closed the acquisition of a Tulsa, Okla. Natural gas company, the third deal in the past year that helps expand the Baltimore company's retail business.
Harbor Point, a development project led by bakery magnate and developer John Paterakis Sr., has been selected as the site of the new headquarters for the combined Constellation-Exelon company if the proposed merger is completed, the two energy giants announced Wednesday.
By By Hanah Cho and Steve Kilar and The Baltimore Sun
As BGE parent Constellation Energy Group seeks to sell itself to Exelon Corp., the state's advocate for residential customers fears that the proposed merger would hurt low-income customers' ability to receive payment assistance and other help.
Gov. Martin O'Malley said that BGE customers would benefit more from the creation of new power in Maryland than the immediate $100 rate credit if the proposed merger between Constellation and Exelon approved.
In a settlement with Gov. Martin O'Malley, Exelon Corp. promised to develop significantly more natural gas, wind and solar power in Maryland, contribute more money to help low-income electricity customers and provide more protection for Baltimore Gas and Electric.
Constellation Energy Group and Exelon Corp. promised to build new power plants in Maryland and a new downtown Baltimore headquarters building, but critics of the merger insist the two companies must also double a rate credit for utility customers to $200.
Gov. Martin O'Malley insists that his political activities and decisions of governance are kept separate, but the sudden interest in a national political group he heads by businesses who stand to gain millions from his administration's decisions certainly looks bad.
Baltimore's inaugural Grand Prix was successful as an event but less so financially. The race's local promoter, Baltimore Racing Development, is heavily in debt, and now the city has to decide whether to keep maintain its relationship or change partners if it hopes to stage another race next year.
Two Maryland senators called on state energy regulators Thursday to order the spinoff of Baltimore Gas and Electric as an independent, publicly traded company as a condition of approving the merger between BGE's parent Constellation Energy Group and Chicago-based Exelon Corp.