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The latest chapter of Little Martin vs. Maryland's electric Goliath finds the governor, slingshot in hand, eager once more to fling a projectile at the state's largest power company in what looks like a pretty obvious attempt to extract — some are using the word "extort" — hundreds of millions of dollars from Constellation Energy.

Martin O'Malley loves to beat up on Constellation. This tactic proved instrumental in his 2006 election as governor and he has consistently tried to wring concessions from the utility to help his favorite brand of people — "working families."

Now he wants to sweep away a peace agreement he signed with Constellation a year ago — later ratified by the General Assembly — that forced the utility to make $2 billion worth of concessions. He's beating up on Constellation because the company refuses to accede to O'Malley's newest arm-twisting demands.

The governor knows it would be good politics to force Constellation to cut electric rates 10 percent, freeze distribution charges and spend $200 million on clean energy projects. A reduction in electricity charges might distract attention during next year's election campaign from the fact that O'Malley promised to erase an earlier 72 percent rate hike and failed.

To no one's surprise, the governor's hand-picked Public Service Commission is setting up Constellation for the latest squeeze-play. The PSC, in a "we can do whatever we want" written opinion issued last week, claims the authority to sidestep last year's agreement — and the state law that was later approved — and rule on Constellation's $4.5 billion bailout deal with the French electricity giant EDF.

The PSC opinion, which Constellation is correctly trying to appeal in state court, places the utility in just the bind O'Malley wants. Unless the company swallows hard and caves in to the administration, the governor will continue his rants against Constellation and signal the PSC to delay or reject the EDF bailout. That, in turn, could prompt a new plunge in Constellation's stock price and place the company's future — and its nearly 10,000 employees — at risk.

Such a turn of events doesn't seem to concern the governor, whose purpose is purely political. He just wants Constellation to yield to his terms, which would amount to one heck of an indirect campaign contribution.

Nor does the governor seem to care that squelching the EDF deal could delay or put an end to plans for a third nuclear power plant at Calvert Cliffs. That would translate into huge rate increases for Maryland consumers late in the next decade. Without that third nuclear plant, the state would be forced to import more and more expensive power from outside Maryland.

Even if Constellation gains court standing to contest the PSC ruling and eventually wins — which is entirely possible in light of the PSC's strained written arguments — the energy company may have little choice but to give O'Malley what he wants.

There's every indication the governor intends to continue seeking new relief from Constellation. He's been quick to ignore last year's agreement because he sees more political benefit in lambasting the utility and making additional demands.

The governor also has pledged to try a second time to gain General Assembly approval of a utility re-regulation bill. That measure would put tighter restrictions on Constellation and its energy distribution subsidiary, BGE, and greatly increase the governor's ability, through his control of the PSC, to dictate policy to Constellation.

For instance, the PSC would be able to tell Constellation and other energy companies when and where to build new power plants even if the utilities think it's a bad idea. (By the way, consumers — you and me — would wind up paying for these government directives through higher electric charges.)

The governor's anti-Constellation moves have drawn harsh criticism from business groups. And why not? Constellation is the governor's target today but any other business could be next in the bull's-eye.

Meanwhile, Del. Dereck Davis of Prince George's County, whose committee killed O'Malley's re-regulation bill last session, has put forth a sensible idea that could have far more impact on lowering electric bills for "working families" than anything O'Malley is pushing.

Why not force consumers to shop around for better electric rates? That's what Davis suggests. Businesses in Maryland already are saving a bundle that way. But because the PSC has dropped the ball, consumers aren't being told much about their choices.

Yet despite the PSC's failure to aggressively promote the notion of picking a lower-cost supplier — and O'Malley's unwillingness to champion this idea — 5,000 BGE customers switched to alternative energy distributors in April.

Why isn't the governor actively proclaiming the consumer's right to shop for cheaper electricity? Instead, his re-regulation bill takes the state in the opposite direction by slamming the door on electric choice for consumers.

How that will lower a household's electric bill defies logic. It's almost as much of a mystery as O'Malley's failure to recognize the damage his continuing war with Constellation Energy is doing to the company and ultimately to the consumers he claims to represent.

Barry Rascovar is a longtime State House columnist and communication consultant.