Constellation Energy Group said late Wednesday that it would cut its workforce by about 8%, which is about 800 workers. In a letter to employees, CEO Mayo Shattuck said the company has to take swift steps to preserve its financial strength, including taking aggressive actions to conserve cash and reduce discretionary spending. The majority of the job losses will be in Constellation's commodities group and related corporate staff, Shattuck said. Some of the reductions will be related to the divestiture of Constellation's London-based coal, freight and uranium commodities business and its Houston-based gas trading unit and gas production assets. About half of the reductions are expected to be in Baltimore in the commodities operations and related headquarters staff. There will be smaller staff reductions in the company's commercial businesses, Baltimore Gas and Electric and its generation business. Some of the reductions will be taken immediately, but some will be delayed until 2009 as the commodities business activities wind down and Constellation finalizes the divestiture of the London-based business and Houston trading platform, Shattuck said.
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