CEG Constellation Energy Grp. Common Stock

Constellation Energy Raises Dividend 17.5 Percent to 33.5 Cents per Share BALTIMORE, Jan. 27 /PRNewswire-FirstCall/ -- Constellation Energy (NYSE:CEG) today announced that its board of directors declared a quarterly dividend of 33.5 cents per share on the company's common stock. This dividend declaration represents a 17.5 percent increase over the previous quarterly dividend rate in recognition of a strong performance in 2004 and future growth prospects. Constellation Energy has been paying quarterly dividends on its common stock at the rate of 28.5 cents per share, equivalent to an annual rate of $1.14 per share, which was established January 2004. The dividend is payable April 1, 2005 to holders of record at the close of business on March 10, 2005. This is equivalent to an annual rate of $1.34 per share. Constellation Energy (http://www.constellation.com/), a Fortune 500 company based in Baltimore, is the nation's leading competitive supplier of electricity to large commercial and industrial customers and one of the nation's largest wholesale power sellers. Constellation Energy also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns or operates 107 generating units at 35 locations in 11 states, totaling approximately 12,500 megawatts of generating capacity. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. In 2003, the revenues of the integrated energy company totaled $9.7 billion. DATASOURCE: Constellation Energy CONTACT: Media: Robert L. Gould, +1-410-234-7433 or Investor: Kevin W. Hadlock, +1-410-783-3647, both of Constellation Energy Web site: http://www.constellation.com/ Company News On-Call: http://www.prnewswire.com/comp/084087.html

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