Those looking for an energy-related career may soon have trouble finding a Baltimore job.
Constellation Energy Group Inc. announced last week it had laid off about 70 workers from its retail energy business, including at least 12 employees in Baltimore, according to an article by Baltimore Business Journal.
Last month Constellation faced a 50 percent stock plunge and announced its plans to sell the company to MidAmerican Energy Holdings Co. for $4.7 billion, or $26.50 per share. After the sale, the company announced it would keep its headquarters and jobs in Baltimore.
The current round of layoffs, which will cut 70 workers from Constellation New Energy’s force of 675 to 700 employees, was focused on the Baltimore-based North American offices. Constellation New Energy sells power to business and commercial users, including industrial customers, hospitals and colleges, but does not sell power to residential customers.
Overall cuts were made in some of the company’s major markets, including Baltimore, California, Texas, Chicago, New England and Canada. However, the exact number of jobs eliminated at each office has not been released.
Constellation began integrating business from the retail energy unit into Constellation Energy Resources, an internal entity that handles the company’s retail, wholesale and commodities business, last year.
“This [layoffs] was part of a restructuring that has been in development for several months,” Larry McDonnell, a spokesman for the company, said in the article, adding that Constellation may discuss more details of the restructuring during its third quarter earnings call.
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