The Maryland legislators, in an "emergency session," reneged on a deal to deregulate energy suppliers in the state of Maryland.
Instead of going to market rates, after having rates capped for 7 years(!), the politicians phased in the increases. Instead of an expected 70% jump in rates, the rates will rise 15%, with another rise coming in 18 months (enough time to get past elections). Meanwhile, everyone in the state is forced to pay $2 a month extra on their bills for the next 10 years. The state energy board will determine how rates are to rise, again, after 18 months.
The end result of this meddling is Moody's downgrading BGE corporate stock, which means that BGE will pay more to fund their buying of energy, which means BGE customers will pay more for their energy.
Maryland politicians have screwed the company and the customers of BGE and Maryland residents yet again.
What decent sized company with sense would move to this state when they realize the political moves of the legislators can affect their bond rating?
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