Constellation Energy, which operates 35 power plants in 11 states, sent a memo to employees today announcing job cuts equal to 8 percent of its work force, which is more than 700 jobs.

CEO Mayo Shattuck III notified employees in a memo, in which he blames both the recession and restricted access to capital.

He said while there will be job reductions enterprise-wide, the largest share will occur in the commodities group and among related corporate staff.

Constellation, a Fortune 125 company based in Baltimore, with 2007 revenues of $21 billion, is the nation's largest supplier of electricity to large commercial and industrial customers, and the nation's largest wholesale power seller.

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