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Mar 28, 2008 6:20 am US/Eastern
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State & Constellation Agree To Settle Lawsuit
BALTIMORE (WJZ/AP) ―
There's some relief for Marylanders still suffering from sticker shock.
Suzanne Collins reports Governor Martin O'Malley announced a settlement with Constellation Energy to give ratepayers a one-time credit on their bills.
The deal marks the end of a long battle between state lawmakers and Constellation Energy, and it provides some short and long term rate relief to customers.
Lifetime Maryland resident Richard Hillman is used to taking advantage of the sunlight, especially since he's seen his electricity bill skyrocket over the last couple years.
"It probably doubled," said Hillman.
BGE bills statewide have shot up nearly 80 percent since 2006 when the market was deregulated.
"They don't seem to have the interest of the customer at heart anymore. Only the profit," said Hillman.
Now after years of conflict, a settlement between state lawmakers and Constellation Energy may provide some relief to rate payers.
The deal gives customers a one time credit of $170 and assures that customers will pay less for a proposed nuclear power plant in the year 2034. It still has to be approved by the General Assembly.
"There are big challenges in our future, but I believe some of the contentious and divisive issues of the past are now behind us," said O'Malley.
"I think under any circumstances, that's a huge victory for the ratepayers of the state of Maryland," said House Speaker Michael Bush.
Rob Gould with Constellation Energy says the most important part of the deal is that, "It allows us to move forward and focus on the future and that is really what this is all about, putting the past issues behind us, putting them to bed once and for all and being able to move forward."
As for Hillman, he's cautious about the settlement. He'd rather have confidence in Maryland's energy market once again than a one-time payout.
"I would think that's kind of a drop in the bucket. That would be about one month's bill for me," said Hillman.
If passed by the General Assembly, you can expect to see that $170 credit appear on your bill sometimes before the end of the year.
Under the settlement, the monthly $3 credits that you now see on your bill would be eliminated.
(© 2008 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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