See your pension fund or mutual fund?
» AllianceBernstein LP
» Aronson + Johnson + Ortiz LP
» Barclays Global Investors NA
» Franklin Mutual Advisers LLC
» Iridian Asset Management LLC
» MFS Investment Management
» Morgan Stanley Investment Management Inc.
» State Street Global Advisors
» Vanguard Group Inc.
It?s one of Constellation Energy Group?s “major” shareholders.
Forget your power bill for a moment. You may have a lot more to lose.
If you are not part of that group, maybe you are one of the 26,322 people in the state who own common stock in the company. Maryland residents own 7 percent ? 12,917,584 shares ? of Constellation?s outstanding shares of common stock, according to the company.
This does not include the 6.87 million shares held by current and former employees, many of whom are Maryland residents.
In the past six months, the stock price has dropped about 11 percent.
It would be silly to think that the rate dispute, coupled with its attendant balance sheet stress and uncertainty over the outcome of a smart effort to merge with FPL Group, has not influenced the decline in the stock price.
The planned 72 percent rate hike will affect more Baltimore Gas and Electric Co. customers, of course, than Constellation shareholders.
But forcing the company to offer below-market rates for electricity will absolutely adversely affect profitability ? and with it the pensions and savings of thousands of fellow Marylanders.
So the next time legislators, judges and government regulators consider rate plans or other tactics that reduce Constellation?s profitability potential, they should also think about the retirement accounts of thousands of us.
On the other hand, maybe they have.
Worse still.
