(from www.sec.gov)
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Baltimore Gas & Electric Co. |
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| '96 (in $ 000s) | % Change From '95 | |
| Revenue | 3,153,247 | 7.4 |
| Net Income | 310,824 | (8.0) |
Description:
Baltimore Gas & Electric is Maryland's largest power supplier, providing electricity and natural gas through 10 generating plants to more than 2.6 million people in Baltimore and central Maryland. Through subsidiaries, it offers other energy and environmental services.
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Baltimore Gas & Electric wants to merge with Pepco to form a larger utility company called Constellation Energy Corp. The two utilities hope the merger will help them survive the approaching competitive shakeout in the industry. Most of 1996 was spent trying to secure regulatory approval of the merger and planning for the transition.
The Federal Energy Regulatory Commission and the Maryland Public Service Commission have completed their proceedings on the merger. The District's Public Service Commission's proceeding is continuing. One possible complication is a 1913 District law that may require the merger to be approved by Congress. That is one of the issues on which the District PSC will rule, but it may have to be resolved by the courts.
In the meantime, BGE continued to streamline operations. It also focused on developing subsidiaries in unregulated businesses to gain experience in more competitive industries. For instance, it created a subsidiary to market both electricity and natural gas.
In other developments, BGE beat back an attempt by the International Brotherhood of Electrical Workers to unionize its workers. It also produced its largest-ever output of power from its fossil-fuel generating plants.
