CEG Constellation Energy Grp. Common Stock

Nuclear Regulatory Commission Filing Brings Next Generation Nuclear Power One Step Closer to Reality BALTIMORE, Oct. 27 /PRNewswire-FirstCall/ -- Constellation Energy (NYSE:CEG) today announced that it intends to apply to the Nuclear Regulatory Commission (NRC) for a combined construction and operating license (COL). This is the first step in a multi-phase process that could ultimately lead to the development and deployment of its first nuclear power plant in more than 30 years. Sites under consideration include the company's Calvert Cliffs Nuclear Power Plant in Southern Maryland and the Nine Mile Point Nuclear Station in upstate New York. Final site selection is expected by early next year. "With this announcement, Constellation Energy confirms its position as one of the leaders in bringing new nuclear power in this country one step closer to reality," said Michael J. Wallace, executive vice president for Constellation Energy. "Our decision to file with the NRC at this time is consistent with our disciplined value-driven approach to nuclear power, and our recently announced partnership with AREVA, Inc. and the formation of UniStar Nuclear. But for passage and enactment of the Energy Policy Act, we would not be making this announcement today. We appreciate the support and leadership demonstrated by the Administration and Congress on this issue." The UniStar Nuclear venture, which was announced in early fall, brings together in one team Constellation Energy, a well-experienced nuclear fleet licensee, operator and owner, and AREVA, a preeminent nuclear reactor vendor. Specifically, UniStar Nuclear offers the nuclear industry a new and unique business framework that could enable the development of joint ventures with Constellation Energy, other energy companies and interested parties. Those joint ventures would license, construct, own and operate nuclear power plants as part of a standardized fleet. UniStar Nuclear will market a standard advanced design called the U.S. Evolutionary Power Reactor (U.S. EPR), a 1,600-megawatt evolutionary power reactor designed by AREVA. "The hallmark of the UniStar business model is the fact that future plants would be licensed, owned, built and operated as part of a standardized fleet," added Wallace. "It is our expectation that an initial COL, if approved by the NRC, will serve as the base model for future nuclear plants under the UniStar brand." Constellation Energy (http://www.constellation.com/), a FORTUNE 200 company based in Baltimore, is the nation's largest competitive supplier of electricity to large commercial and industrial customers and the nation's largest wholesale power seller. Constellation Energy also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns a diversified fleet of more than 100 generating units located throughout the United States, totaling approximately 12,000 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: Investors, Kevin Hadlock, +1-410-783-3647 or Media, Tracy Imm, +1-410-234-7433, 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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