CEG Constellation Energy Grp. Common Stock

Constellation Energy Announces Agreement for Sale of Oleander Power Plant BALTIMORE, April 11 /PRNewswire-FirstCall/ -- Constellation Energy (NYSE:CEG) today announced that it has executed an agreement to sell the Oleander Power Plant in Cocoa, Fla. to subsidiaries of Southern Company (NYSE:SO). Under the terms of the agreement, subsidiaries of Southern Power, a wholly owned subsidiary of Southern Company, will purchase the Plant, which is a 680-megawatt dual-fueled combustion turbine plant, for $206 million, subject to closing adjustments. The plant will continue to sell power under its existing contracts with both Seminole Electric Cooperative and Florida Power and Light. The transaction is expected to close during the second quarter of 2005 subject to regulatory approvals and other standard closing conditions. "During the past three years, Constellation Energy has evolved into North America's No. 1 power supplier in both the retail and wholesale competitive energy markets," said Michael J. Wallace, president of Constellation Energy's Generation Group. "Oleander is a tremendous generating asset with a superior operating history. Selling this asset at an attractive price now allows Constellation Energy to redeploy its capital in a fashion more aligned with its competitive business strategy, and is yet another sign of the discipline with which Constellation Energy approaches its business as it looks to develop or acquire assets in the competitive energy marketplace." "From our experience, Oleander has been an excellent facility - from engineering to the team that operates the plant," said John Long, senior vice president of Constellation Energy's Power Generation unit. "The employees of Oleander are true professionals and without question have been the key driver behind the plant's terrific performance." Constellation Energy (http://www.constellation.com/), a Fortune 200 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 co-owns 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 2004, the combined revenues of the integrated energy company totaled $12.5 billion DATASOURCE: Constellation Energy CONTACT: Media Contact: Robert L. Gould or Keith Cunningham, +1-410-234-7433 or Investor Contact: Kevin Hadlock, +1-410-783-3647, all of Constellation Energy Web site: http://www.constellation.com/ Company News On-Call: http://www.prnewswire.com/comp/084087.html

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