Wednesday, September 27, 2006

FPL Constellation Merger in Peril

South Florida Sentinel:
FPL Group Inc.'s chief executive told investors yesterday that his commitment to the merger with Constellation Energy Group Inc. will stretch only so far, raising new questions about the fate of the $11 billion utility deal and its promise of rate relief for some Maryland electricity customers.

Speaking at a conference in New York, Lewis Hay III said his patience is wearing thin with Maryland, particularly its legislature.

He accused the General Assembly of holding Florida-based FPL hostage while negotiating ways to stall an electricity rate increase for consumers this year.