The love of money is the root of all evil. There’s no bigger evil, in my opinion, than a company that has a monopoly over basic human needs like electricity and gas. Such a company can raise their prices and put people that depend on them in a very bad position. Unfortunately, that’s exactly what’s happening in February 2025.
Rate hikes have hit Exelon/Constellation Energy–formerly, historically and colloquially referred to as BG&E– customers very hard within recent days. So much so that if I worked for the company at their Baltimore City headquarters, I’d be in fear of my safety. Seriously…people are viewing this company as thieves and unfortunately it’s the frontline workers who usually feel the wrath of CEO and Board of Directors’ decisions.
On the consumer end of things, we have the Maryland Freedom Caucus and BGE Victims group that’s formed. The latter was formed on January 25, 2025 and already has over 1,200 members. A petition, currently with 3,232 digital signatures, has been established. The largest point of contention is the gas delivery fee. It rose drastically from January’s gas/electric bill, without warning to customers. Every customer I’ve heard from was caught off-guard.
Governor Wes Moore’s Executive Order from June 4, 2024 has also come to light. Who is millionaire to unilaterally tell the average Marylander what to do? Once again, I ask why did middle class Americans vote for a rich guy? Do they REALLY think wealthy individuals care about the plight of average citizens?
More importantly, not to bury the lede but the Climate Solutions Now Act of 2022 may apparently be another reason for these price increases. The Maryland General Assembly is forcing Exelon/BG&E to upgrade their infrastructure. Of course, Exelon isn’t going to eat that cost, it’s being passed onto customers who don’t have a utilities company choice.
All this makes me wonder, what agenda do those in power have up their sleeves? They tend to think and act 10 steps ahead of the general public because…they’re in power. Create major pain points so that “the ends justify the means”. Interesting to note, CEG’s stock price was about $131 per share last February. It’s currently hovering around $317 per share.
