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S.B. 1102
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VETOES
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Constellation Energy returns a certain amount of money in transition costs to
BGE; requiring BGE to use certain transition costs to reduce a certain increase
in certain electricity rates; requiring Constellation Energy to reimburse BGE for
certain losses if Constellation Energy fails to return certain transition costs to
BGE; and generally relating to the return of transition costs recovered by BGE
from Constellation Energy Group, Inc., to BGE.
BY adding to
Article — Public Utility Companies
Section 7-518
Annotated Code of Maryland
(1998 Volume and 2005 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Public Utility Companies
7-518.
(A) NOTWITHSTANDING ANY OTHER PROVISION OF LAW, UNTIL
CONSTELLATION ENERGY GROUP, INC., RETURNS TO THE BALTIMORE GAS AND
ELECTRIC COMPANY THE $528,000,000 IN TRANSITION COSTS THAT WERE
RECOVERED BY BALTIMORE GAS AND ELECTRIC COMPANY IN ACCORDANCE WITH §
7-513 OF THIS SUBTITLE AND PUBLIC SERVICE COMMISSION ORDER NO. 75757:
(1) A MERGER BETWEEN FPL GROUP, INC., AND CONSTELLATION
ENERGY GROUP, INC., MAY NOT OCCUR; AND
(2) BALTIMORE GAS AND ELECTRIC COMPANY MAY NOT INCREASE
ELECTRICITY RATES FOR RESIDENTIAL CUSTOMERS IN THE BALTIMORE GAS AND
ELECTRIC SERVICE TERRITORY.
(B) BALTIMORE GAS AND ELECTRIC COMPANY SHALL USE THE TRANSITION
COSTS RETURNED IN ACCORDANCE WITH SUBSECTION (A) OF THIS SECTION TO
REDUCE ANY INCREASE IN ELECTRICITY RATES FOR RESIDENTIAL CUSTOMERS IN
THE BALTIMORE GAS AND ELECTRIC SERVICE TERRITORY THAT MAY OCCUR AFTER
ELECTRICITY RATE CAPS FOR RESIDENTIAL CUSTOMERS EXPIRE.
(C) IF CONSTELLATION ENERGY GROUP, INC., DOES NOT RETURN THE
TRANSITION COSTS TO BALTIMORE GAS AND ELECTRIC COMPANY, CONSTELLATION
ENERGY GROUP, INC., SHALL REIMBURSE BALTIMORE GAS AND ELECTRIC COMPANY
FOR ANY LOSSES INCURRED BY BALTIMORE GAS AND ELECTRIC COMPANY THAT ARE
DIRECTLY ATTRIBUTABLE TO THE PROHIBITION ON ELECTRICITY RATE INCREASES
UNDER SUBSECTION (A) OF THIS SECTION.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2006.
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April 7, 2006
- 3494 -
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