Plans to award executives at AIG huge bonuses has created a national uproar over the last few days. Meanwhile, as Marylanders struggle to pay their utility bills, Constellation Energy Group — the parent company of BGE — created a plan to award top executives millions in “performance and retention incentives” over the next two years.
The Baltimore Sun has the details:
Constellation Energy Group, which narrowly avoided bankruptcy last year, negotiated a deal with France’s largest utility ensuring senior managers would receive up to $32 million in long-term performance and retention incentives during the next two years.
The move comes as the Baltimore company, which agreed to sell half of its nuclear power business to Electricite de France for $4.5 billion, has laid off hundreds of workers, slashed its stockholder dividend and is seeking rate increases for its BGE customers.
…”I can’t tell you the number of people who have called me, having trouble with their utility bills,” said state Sen. George Della Jr., a Baltimore Democrat. “It’s sad to think that we had a great utility here in the state of Maryland, and to reward someone for bringing the company to the brink of bankruptcy and then giving them a … bonus, that’s beyond reason to me.”
In February, BGE announced that would “request an increase in the rate it charges for the delivery of electricity and natural gas.” Gov. O’Malley is proposing a partial re-regulation of the electricity industry in Maryland.
One Response to “After Layoffs, Rate Increases, BGE Executives Slated For Millions In Bonuses”
…aaaaand we’re back! - BGE Executives to Recieve Millions in Bonuses « Arundel Living on 19 Mar 2009 at 1:26 pm #
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