Article: Constellation's CEO defends rates, merger.

Byline: Paul Adams

Mar. 12--Early last summer, Mayo A. Shattuck III and his managers at Constellation Energy Group Inc. were worried. Energy prices had been climbing for years. Shattuck anticipated that the company's regulated utility, Baltimore Gas and Electric Co., faced a steep increase in power costs this July once rate caps expired with Maryland's move toward electric deregulation. The chief executive was worried about what looked to be a 30 percent to 35 percent rate increase at the time, and how that would sit with consumers. What he didn't know then was that hurricanes would hammer the southeastern United States weeks later and wipe out natural ...

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