CEG Constellation Energy Grp. Common Stock

BALTIMORE, Nov. 9 /PRNewswire-FirstCall/ -- Editor's note: The following statement was released by Constellation Energy in response to the defeat of the Proposition 80 ballot initiative in the Nov. 8 California election. The voters of California have spoken in support of the environment and in favor of competitive markets. They've sent a clear signal that the initiative process is the wrong way to develop responsible energy policy for the state. The Public Utilities Commission and state Legislature can now continue with the development of a competitive wholesale and retail market design that will ensure customer choice and encourage development of much-needed generation capacity. The defeat of Proposition 80 highlights the leadership of the PUC, which forcefully opposed the measure in a courageous and unanimous 5-0 vote Sept. 8, 2005. Proposition 80 was so poorly crafted and short-sighted that its passage would have significantly set back the PUC's efforts to restore confidence and certainty to the state's energy markets. In addition to the PUC, the measure was rightfully opposed by the Schwarzenegger Administration, environmental and renewable energy groups and the editorial pages of nearly every major California newspaper. The defeat of Proposition 80 gets the state's energy policy back on track. Constellation Energy (NYSE:CEG) (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: Larry McDonnell, Constellation Energy, +1-410-234-7433 Web site: http://www.constellation.com/ Company News On-Call: http://www.prnewswire.com/comp/084087.html

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