Nov 24, 2008
CEG named one of the 2008’s worst companies
Constellation Energy Group Inc. has made another Top 10 list, but this time it’s not such an honor. The Multinational Monitor has ranked Baltimore-based Constellation in the “10 Worst Corporations of 2008,” along with corporate giants AIG, Dole, General Electric and Phillip Morris International.
The group, which tracks corporate activity with a focus on the health and safety of workers, the environment and labor union issues, cited Constellation’s desire to build more nuclear power plants as a big no-no because of the financial and safety risks associated with them.
Constellation also ruffled some feathers at the Multinational Monitor when it threatened to sue the state earlier this year. It seems as though that might be the move that landed the company on the list, because of the $187 million settlement with the state that followed.
“The deal also included regulatory changes making it easier for outside companies to invest in Constellation — a move of greater import than initially apparent. In September, with utility stock prices plummeting, Warren Buffet’s MidAmerican Energy announced it would purchase Constellation for $4.7 billion, less than a quarter of the company’s market value in January,” the report read.
What do you think? Does Constellation deserve to sit among the 10 worst corporate offenders or has the Multinational Monitor gone overboard?
DANIELLE ULMAN, Business Writer
Leave a Reply