California Voters Reject Proposition 80; Support Environment and Competitive Energy Markets
November 09 2005 - 1:35AM
PR Newswire (US)
BALTIMORE, Nov. 9 /PRNewswire-FirstCall/ -- Editor's note: The
following statement was released by Constellation Energy in
response to the defeat of the Proposition 80 ballot initiative in
the Nov. 8 California election. The voters of California have
spoken in support of the environment and in favor of competitive
markets. They've sent a clear signal that the initiative process is
the wrong way to develop responsible energy policy for the state.
The Public Utilities Commission and state Legislature can now
continue with the development of a competitive wholesale and retail
market design that will ensure customer choice and encourage
development of much-needed generation capacity. The defeat of
Proposition 80 highlights the leadership of the PUC, which
forcefully opposed the measure in a courageous and unanimous 5-0
vote Sept. 8, 2005. Proposition 80 was so poorly crafted and
short-sighted that its passage would have significantly set back
the PUC's efforts to restore confidence and certainty to the
state's energy markets. In addition to the PUC, the measure was
rightfully opposed by the Schwarzenegger Administration,
environmental and renewable energy groups and the editorial pages
of nearly every major California newspaper. The defeat of
Proposition 80 gets the state's energy policy back on track.
Constellation Energy (NYSE:CEG) (http://www.constellation.com/), a
FORTUNE 200 company based in Baltimore, is the nation's largest
competitive supplier of electricity to large commercial and
industrial customers and the nation's largest wholesale power
seller. Constellation Energy also manages fuels and energy services
on behalf of energy intensive industries and utilities. It owns a
diversified fleet of more than 100 generating units located
throughout the United States, totaling approximately 12,000
megawatts of generating capacity. The company delivers electricity
and natural gas through the Baltimore Gas and Electric Company
(BGE), its regulated utility in Central Maryland. In 2004, the
combined revenues of the integrated energy company totaled $12.5
billion. DATASOURCE: Constellation Energy CONTACT: Larry McDonnell,
Constellation Energy, +1-410-234-7433 Web site:
http://www.constellation.com/ Company News On-Call:
http://www.prnewswire.com/comp/084087.html
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