Thursday, October 05, 2006
Florida Power & Light Sues State of Maryland
FPL Group, parent of Florida Power & Light Company, filed a lawsuit on Oct 4 cliaming the state of Maryland and the Maryland Public Service Commission (PSC) are delaying its proposed $11 billion merger with Constellation Energy. FPL wants a hearing and a timely approval ruling by the PSC.
The merger was delayed by a bill passed during a special summer session of the state legislature to deal with increased electric rates brought on by deregulation. The Maryland Court of Appeals ruled in September that the legislature's firing of the five members of the PSC was unconstitutional, but the court let a provision stand that the PSC cannot approve the merger. FPL opposes the provision. FPL believes the PSC does have the authority to approve the merger. FPL filed suit to clarify whether the PSC can approve the merger.