Rate Stabilization Filings

In 2006, due to market forces, BGE announced that it would raise its market-based rate for the supply of electricity by up to 72 percent.  The General Assembly then convened in a special session and enacted a rate stabilization plan to mitigate the impact of rising electricity supply rates on consumers. Chapter 5, §1, Special Session, Laws of Maryland 2006, codified at various provisions including Public Utility §7–520 et seq. §7–547 et seq.

The plan deferred the effect of market-rate pricing by essentially capping BGE's initial rate increase for the short term at 15 percent and spreading the rest of the increase over 10 years. This was accomplished by temporarily offsetting the actual increased cost of electricity supply to customers with “deferral credits” and recovering that offset in later years by including “rate stabilization charges” in subsequent customer billings for up to 10 years. PU §7–548. In that way, the increase in electricity supply costs was moderated and spread over a period of years.

The deferral credits temporarily reduced BGE's revenues from electricity supply. The 2006 rate stabilization legislation also provided a mechanism for BGE to finance its costs of electricity supply during the period that it was deprived of revenues.  The legislation allowed BGE (with PSC approval) to create a special-purpose financing entity that would sell bonds to replace the forgone supply revenue. The bond debt would be repaid from the revenue stream resulting from the later rate stabilization charges. PU §7–520 et seq.

The law further made the repayment of the bond debt a lien in favor of the special-purpose financing entity which could be perfected by filing notice of a security interest through a separate filing system developed by the Department. See COMAR 18.16.01.

Below is a list of the companies who have filed such a notice, with links to available PDF documents. If you would like a certified copy of a Rate Stabilization Notice contact the Charter unit at 410-767-1350 or via email at sdat.charterhelp@maryland.gov

Assignor Company Name   Filing
Pages​ ​Acknowledgment #
Date Filed​
​​Baltimore Gas & Electric2​  ​181311390 3​ ​1000361994960312 Notice​ ​6/29/2007
​Baltimore Gas & Electric​ 181311401​ 4​ 1000361994960478​ Notice​ ​6/29/2007
​RSB BondCo LLC3 ​181311396​ ​4 1000361994960403​ Notice​ 6/29/2007​
​RSB BondCo LLC​ 181311403​ 4 1000361994960536​​ Notice​ 6/29/2007​
​​RSB BondCo LLC 181311403​ ​4 ​1000362007671904  ​​Amendment
​181311403 4
Amendment ​3/12/2015
1 - Filing numbers usually begin with 0000000, but are recognized by the nine digits as listed above. 
2 - Assignor/Grantor Baltimore Gas Electric, Assisgnee/Financing​ Party is RSB BondoCo LLC.
3 - Assignor/Grantor RSB BondCo,  Assignee/Financing Party is Deutsche Bank Trust Company Americas as Indenture Trustee.

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