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Mike Miller's legislative ambitions hurt consumers
Bad ideas have consequences, as does bad legislation. Marylanders learned that lesson anew this week when the Wall Street investment giant Moody's downgraded the state's electric utilities' ratings to just above junk-bond status because of the ill-conceived energy bill last month championed by state Democrats, particularly Senate President Mike Miller. The downgrade drives up financing costs for Pepco and Baltimore Gas & Electric. This raises energy prices and reminds everyone that politically convenient energy policies harm consumers in the long run. ... Moody's cut Pepco's senior unsecured debt to the lowest investment-grade ranking, which is just above junk bonds, and also cut BGE's ranking. It now costs significantly more to borrow money needed to finance state energy needs; the utilities' long-term financial outlook is dimmer, too. ... State lawmakers should simply accept the fact that Maryland isn't immune from rising world energy prices. Laws which ignore that fact and thumb noses at Wall Street can only harm their state.