Sets guidance for 2006 earnings at $3.65 to $3.95 per share;
Reaffirms 2007 guidance for earnings of $4.75 to $5.00 per share
BALTIMORE, Jan. 31 /PRNewswire-FirstCall/ -- Constellation Energy
(NYSE:CEG) today reported adjusted earnings of $3.62 per share for
2005, up 16 percent from $3.12 per share in 2004. These record
results exceeded the top end of the management's guidance range of
$3.35 to $3.60 per share. Adjusted earnings exclude the impact of
special items and certain economic hedges that do not qualify for
hedge accounting. On a GAAP basis, the company's reported earnings
were $3.47 per share, compared to $3.12 per share for 2004. For the
fourth quarter of 2005, adjusted earnings of $1.07 per share were
up 51 percent from 71 cents per share in the same period last year.
Reported GAAP earnings of $1.09 per share in the fourth quarter of
2005 compare to 76 cents per share in the fourth quarter of 2004.
The company established 2006 earnings guidance of $3.65 to $3.95
per share, and reaffirmed 2007 earnings guidance of $4.75 to $5.00
per share as a standalone company, before considering the effects
of the planned merger with FPL Group. The company also expects its
earnings per share outlook for 2008 as a standalone company to be
10 to 15 percent greater than 2007 earnings per share (EPS). "As
the company enters its next phase of growth and evolution, it is
extremely gratifying to reflect on what our employees have achieved
during the past four years," said Mayo A. Shattuck III, chairman,
president and chief executive officer of Constellation Energy.
"This team has created a leading competitive position that combines
our superior risk management skills and intimate knowledge of
physical energy logistics with an intense focus on meeting our
customers' needs. As a result, we are now in a position, through
our proposed merger with FPL Group, to become an end-game player in
a consolidating industry. "In terms of our financial performance,
we have achieved superior results leading to significantly enhanced
shareholder value. Our adjusted earnings per share have grown
nearly 50 percent since 2002, or 14 percent per year on average.
Since this management team came together in November 2001,
Constellation Energy shares have appreciated 159 percent. When
considering the dividends that we have paid, this amounts to an
average total return of nearly 29 percent per annum. Additionally,
we have met or exceeded our earnings guidance for 17 consecutive
quarters -- a significant accomplishment that is indicative of our
commitment to deliver what we promise." The following tables
summarize adjusted earnings per share and earnings per share
reported in accordance with GAAP for the company's business
segments and provide a reconciliation to total company reported
earnings: Three Months Ended December 31, 2005 2004 Reported
Reported GAAP Adjusted GAAP Adjusted EPS* EPS EPS* EPS DILUTED
EARNINGS PER COMMON SHARE Baltimore Gas and Electric $0.22 $0.25(1)
$0.17 $0.17 Merchant Energy 0.82 0.82(2) 0.56 0.56(3) Other
Nonregulated -- -- (0.02) (0.02) Diluted Earnings Per Share from
Continuing Operations and Before Cumulative Effects of Changes in
Accounting Principles 1.04 1.07 0.71 0.71 Income from Discontinued
Operations 0.09 -- 0.05 -- Cumulative Effects of Changes in
Accounting Principles (0.04) -- -- -- Diluted Earnings Per Share
$1.09 $1.07 $0.76 $0.71 * Unaudited. Prior period amounts
reclassified to conform with the current period's presentation GAAP
EPS was adjusted by the following amounts to calculate Adjusted EPS
(1) Addition for merger-related costs of $0.03 per share. (2)
Addition for merger-related costs of $0.06 per share and reduction
to remove mark-to-market gains on non-qualifying hedges on fuel
adjustment clauses and gas transportation contracts of $0.06 per
share. (3) Addition for workforce reduction costs of $0.03 per
share and reduction to remove mark-to-market gains on
non-qualifying hedges on fuel adjustment clauses and gas
transportation contracts of $0.03 per share. Year Ended December
31, 2005 2004 Reported Reported GAAP Adjusted GAAP Adjusted EPS*
EPS EPS* EPS DILUTED EARNINGS PER COMMON SHARE Baltimore Gas and
Electric $0.98 $1.01(1) $0.88 $0.88 Merchant Energy 2.39 2.60(2)
2.48 2.30 (3) Other Nonregulated 0.01 0.01 (0.08) (0.06)(4) Diluted
Earnings Per Share from Continuing Operations and Before Cumulative
Effects of Changes in Accounting Principles 3.38 3.62 3.28 3.12
Income (Loss) from Discontinued Operations 0.13 -- (0.16) --
Cumulative Effects of Changes in Accounting Principles (0.04) -- --
-- Diluted Earnings Per Share $3.47 $3.62 $3.12 $3.12 * Unaudited.
Prior year amounts reclassified to conform with the current year's
presentation. GAAP EPS was adjusted by the following amounts to
calculate Adjusted EPS (1) Addition for merger-related costs of
$0.03 per share. (2) Addition for workforce reduction costs of
$0.01 per share, merger- related costs of $0.06 per share, and
mark-to-market losses on non- qualifying hedges on fuel adjustment
clauses and gas transportation contracts of $0.14 per share. (3)
Addition for workforce reduction costs of $0.03 per share and
reduction to remove Synfuel tax credits recognized in 2004
associated with 2003 production at SC facility of $0.21 per share.
(4) Addition for net loss on sales of investments and other assets
of $0.01 per share and impairment of a financial investment of
$0.01 per share. Baltimore Gas and Electric Baltimore Gas and
Electric Company (BGE) reported adjusted earnings of 25 cents per
share in the fourth quarter of 2005, exceeding the top end of
management's guidance range of 17 cents to 22 cents per share, and
up 8 cents per share, or 47 percent, over adjusted earnings from
the fourth quarter of 2004. For the full year of 2005, BGE's
adjusted EPS was $1.01 compared to 88 cents in 2004. The strong
year-over-year results were primarily driven by customer and usage
growth and favorable weather conditions. Merchant On an adjusted
basis, the merchant segment earned 82 cents per share during the
fourth quarter of 2005, near the high end of our guidance range of
60 cents to 85 cents per share. Compared to last year's fourth
quarter adjusted EPS of 56 cents, merchant earnings were up 26
cents. The 46 percent growth was largely driven by continued strong
performance in wholesale competitive supply, both new business
origination and backlog realization. Increased synfuel production
also added to fourth quarter results. These positives were
partially offset by stock option expense and other costs. For the
full year of 2005, adjusted EPS at the merchant segment was $2.60
per share, representing growth of 30 cents per share, or 13
percent, over 2004. Earnings benefited from significant growth in
wholesale competitive supply, productivity gains, lower interest
costs, the absence of coal delivery challenges in 2004, and higher
synfuel production. These positives were partially offset by a
reduction of competitive transition charge (CTC) revenues,
increased costs to serve Constellation NewEnergy electric customers
in Texas, the absence of favorable bankruptcy settlement payments
received by Constellation NewEnergy in 2004, lower accretion from
our Ginna nuclear power plant, acquired in June 2004, and
inflationary and other cost increases. "The success realized in
2005 was primarily driven by our fundamental growth building blocks
-- competitive supply and productivity," said Shattuck. "Wholesale
competitive supply enjoyed a banner year. New business origination
was up 99 percent -- with a healthy contribution from our
prospering gas and coal businesses -- adding $415 million to the
backlog, which provides a solid base for future earnings. We
achieved $90 million in pre-tax savings as the result of
productivity improvements, exceeding our $80 million 2005
productivity target by $10 million. The majority of the
productivity improvements came from our generation group, including
$41 million in better management of planned nuclear outages and
another $30 million due to our fleet management approach that
reduced labor and material expenses. In 2006, we plan to deliver an
incremental $40 million in productivity gains by leveraging our
fleet management model and further reducing outage days. Overall,
we are poised to deliver on our promise that 2008 pre-tax earnings
will be $150 to $180 million higher than 2003 pre-tax earnings due
to productivity initiatives." Other Non-Regulated Constellation
Energy's other non-regulated businesses reported breakeven adjusted
earnings for the fourth quarter of 2005 compared with a loss of 2
cents per share in the fourth quarter of 2004. For the full year of
2005, the other non-regulated businesses reported adjusted EPS of 1
cent versus a loss of 6 cents per share in 2004, primarily due to
the earnings contribution from Cogenex, the energy services
business that the company acquired in the second quarter of 2005.
Constellation Energy / FPL Group Merger Update Constellation Energy
and FPL Group, Inc. (NYSE:FPL) announced on Dec. 19, 2005, a
definitive merger agreement to create the nation's largest
competitive energy supplier and its second-largest electric utility
portfolio. The transaction will create a company with combined 2005
annual revenues of $29 billion and $54 billion in total assets. The
combined company will be named Constellation Energy. "Through this
proposed merger, we are bringing together two of the strongest and
most successful companies in the industry," said Shattuck. "This
new platform will provide multiple channels for growth, primarily
in the competitive energy marketplace, with a solid base of stable
and growing earnings and cash flow from two of the nation's top
performing regulated utilities." Constellation Energy plans to
complete the required regulatory filings and to file the joint
proxy statement in the first quarter of 2006. To date, filings have
been submitted to the Maryland Public Service Commission and the
Nuclear Regulatory Commission. The companies expect to close the
transaction in 2006. The December 2005 Quarterly and Annual
Financial Statements are attached. Adjusted Earnings Constellation
Energy presents adjusted earnings per share (adjusted EPS) in
addition to its reported earnings per share in accordance with
generally accepted accounting principles (reported GAAP EPS).
Adjusted EPS is a non-GAAP financial measure that differs from
reported GAAP EPS because it excludes the cumulative effects of
changes in accounting principles, discontinued operations, special
items (which we define as significant items that are not related to
our ongoing, underlying business or which distort comparability of
results) included in operations, and the impact of certain
economic, non- qualifying hedges. Constellation Energy has
determined to exclude from adjusted earnings two categories of
non-qualifying hedges: hedges against the Commodities Group New
England fuel adjustment clauses and hedges on gas transportation
contracts. The mark-to-market impact of these hedges was
significant to reported results, but economically neutral to the
company in that offsetting gains on underlying accrual positions
will be recognized in the future. We present adjusted EPS because
we believe that it is appropriate for investors to consider results
excluding these items in addition to our results in accordance with
GAAP. We believe such a measure provides a picture of our results
that is comparable among periods since it excludes the impact of
items such as workforce reduction costs or gains and losses on the
sale of a business, which may recur occasionally, but tend to be
irregular as to timing, thereby distorting comparisons between
periods. However, investors should note that these non-GAAP
measures involve judgments by management (in particular, judgments
as to what is classified as a special item or an economic,
non-qualifying hedge to be excluded from adjusted earnings). These
non-GAAP measures are also used to evaluate management's
performance and for compensation purposes. Constellation Energy
also provides its earnings guidance in terms of adjusted EPS.
Constellation Energy is unable to reconcile its guidance to GAAP
earnings per share because we do not predict the future impact of
special items and economic, non-qualifying hedges due to the
difficulty of doing so. The impact of special items and economic,
non-qualifying hedges could be material to our operating results
computed in accordance with GAAP. SEC Filings The company plans to
file its 2005 Form 10-K on or about Feb. 23, 2006. Forward-Looking
Statements We make statements in this news release that are
considered forward- looking statements within the meaning of the
Securities Exchange Act of 1934. These statements are not
guarantees of our future performance and are subject to risks,
uncertainties, and other important factors that could cause our
actual performance or achievements to be materially different from
those we project. For a full discussion of these risks,
uncertainties, and factors, we encourage you to read our documents
on file with the Securities and Exchange Commission, including
those set forth in our Form 10-K under the forward- looking
statements section. Conference Call Jan. 31, 2006 Constellation
Energy will host a conference call from 8 a.m. to 10 a.m. (EST) on
Jan. 31, 2006, to review its fourth quarter and full year 2005
financial results. To participate, analysts, investors, media and
the public in the U.S. may dial (888) 455-2894 shortly before 8
a.m. The international phone number is (773) 681-5899. The
conference password is ENERGY. A replay will be available
approximately one hour after the end of the call. The replay number
is (866) 510-4830 (U.S.) or (203) 369-1939 (international). A live
audio webcast of the conference call, as well as presentation
slides, will be available on the Investor Relations page of the
company Web site at
http://www.constellation.com/investors/index.asp. The reference to
our Web site is an active textual reference and the contents of our
Web site are not part of this press release. Constellation Energy
(http://www.constellation.com/), a FORTUNE 200 company with 2005
revenues of $17.1 billion, 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. Addendum -
Amounts Excluded from Adjusted EPS Calendar Year 2005 Q405 Earnings
Earnings Income / (Expense) (Loss) (Loss) Pre-tax After-tax Impact
Impact (Per (Per (In millions) Share) Share) Income from
discontinued operations - Other nonregulated international
investments $40.1 $20.6 $0.11 $0.09 Oleander generating facility
4.9 3.0 0.02 - Total income from discontinued operations $45.0
$23.6 $0.13 $0.09 Cumulative effects of changes in accounting - FIN
47 Conditional Asset Retirement Obligations $(12.3) $(7.4) $(0.04)
$(0.04) FAS 123R Share-Based Payment 0.4 0.2 - - Total cumulative
effects of changes in accounting $(11.9) $(7.2) $(0.04) $(0.04)
Non-qualifying Hedges - $(41.2) $(24.9) $(0.14) $0.06 Other special
items - Merger costs $(17.0) $(15.6) $(0.09) $(0.09) Workforce
reduction costs (4.4) (2.6) (0.01) - Total other special items
$(21.4) $(18.2) $(0.10) $(0.09) Total amounts excluded from
Adjusted EPS $(29.5) $(26.7) $(0.15) $0.02 Income from Discontinued
Operations -- after-tax gain of $23.6 million, or $0.13 per share
In the fourth quarter of 2005, we completed the sale of
Constellation Power International Investments, Ltd., which included
our interest in a Panamanian electric distribution facility,
resulting in an after-tax gain of approximately $16.1 million.
During the first nine months of 2005, this operation had earnings
of $4.5 million after-tax that have also been classified as income
from discontinued operations. In June 2005, we sold our Oleander
generating facility, a four-unit peaking plant located in Florida,
resulting in an after-tax loss of $(2.2) million. This operation
had earnings of $5.2 million after-tax that have been classified as
income from discontinued operations. Cumulative Effects of Changes
in Accounting -- after-tax charge of $(7.2) million, or $(0.04) per
share In the fourth quarter of 2005, we implemented two new
accounting standards -- FASB Interpretation No. 47 (FIN 47),
Accounting for Conditional Asset Retirement Obligations, and
Statement of Financial Accounting Standards No. 123 Revised (FAS
No. 123R), Share-Based Payment. In connection with the adoption of
FIN 47, we recorded a $(7.4) million after-tax charge for the
cumulative effect of change in accounting principle and in
connection with FAS No. 123R, we recorded a $0.2 million after-tax
credit. Non-qualifying Hedges -- after-tax cost of $(24.9) million,
or $(0.14) per share In 2005, we recognized a $(24.9) million
after-tax cost related to economic hedges that do not meet the
criteria for hedge accounting under FAS No. 133, Accounting for
Derivative Instruments and Hedging Activities, as amended, and thus
are required to be marked-to-market. These non-qualifying hedges
relate to New England load fuel adjustment clauses (FAC) and gas
transportation contracts. This mark-to-market loss is essentially a
timing difference that is expected to be offset as we realize the
related accrual contracts in future periods. Merger Costs --
after-tax charge of $(15.6) million, or $(0.09) per share In the
fourth quarter of 2005, we recorded a $(15.6) million after-tax
charge relating to external costs associated with the execution of
our merger agreement with FPL Group, Inc. We expect to incur
additional expenses in 2006 in connection with our planned merger,
which we will characterize as a special item. Workforce Reduction
Costs -- after-tax charge of $(2.6) million, or $(0.01) per share
In the fourth quarter of 2004, we announced our plans to
restructure the workforces of the Nine Mile Point and Calvert
Cliffs nuclear generating stations in 2005. As a result of the
restructuring, we were required to record in 2005 a $(2.6) million
after-tax settlement charge for one of our qualified pension plans
under FAS No. 88, Employers' Accounting for Settlements and
Curtailments of Defined Benefit Pension Plans and for Termination
Benefits. This charge reflects recognition of the portion of
deferred actuarial gains and losses associated with employees who
were terminated as part of the restructuring or retired in 2005 and
who elected to receive their pension benefit in the form of a
lump-sum payment. In accordance with FAS No. 88, a settlement
charge must be recognized when lump-sum payments exceed annual
pension plan service and interest cost. Additional Information This
communication is not a solicitation of a proxy from any security
holder of FPL Group, Inc. or Constellation Energy. Constellation
Energy intends to file with the Securities and Exchange Commission
a registration statement that will include the joint proxy
statement/prospectus of Constellation Energy and FPL Group and
other relevant documents to be mailed to security holders in
connection with the proposed transaction. WE URGE INVESTORS TO READ
THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT
DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT FPL GROUP, INC., CONSTELLATION ENERGY
AND THE PROPOSED TRANSACTION. A definitive proxy statement will be
sent to security holders of FPL Group and Constellation Energy
seeking approval of the proposed transaction. Investors and
security holders will be able to obtain these materials (when they
are available) and other documents filed with the SEC free of
charge at the SEC's website, http://www.sec.gov/. In addition, a
copy of the joint proxy statement/prospectus (when it becomes
available) may be obtained free of charge from FPL Group
Shareholder Services (700 Universe Blvd., P.O. Box 14000, Juno
Beach, FL 33408-0420), or from Constellation Energy, Shareholder
Services, 750 East Pratt St., Baltimore, MD 21202. This
communication shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended. FPL Group, Constellation Energy and their
respective directors and executive officers of FPL Group and
Constellation Energy and other persons may be deemed to be
participants in the solicitation of proxies in respect of the
proposed transaction. Information regarding FPL Group's directors
and executive officers is available in its proxy statement filed
with the SEC by FPL Group on April 5, 2005, and information
regarding Constellation Energy's directors and executive officers
is available in its proxy statement filed with the SEC by
Constellation Energy on April 13, 2005. Information regarding J.
Brian Ferguson, a director of FPL Group elected since the date of
the filing of the 2005 definitive proxy statement, can be found in
FPL Group's filing on Form 10-Q dated Aug. 4, 2005. Other
information regarding the participants in the proxy solicitation
and a description of their direct and indirect interests, by
security holdings or otherwise, will be contained in the joint
proxy statement/prospectus and other relevant materials to be filed
with the SEC when they become available. Constellation Energy Group
and Subsidiaries Consolidated Statements of Income (Unaudited)
Three Months Ended Year Ended December 31, December 31, 2005 2004
2005 2004 (In Millions, Except Per Share Amounts) Revenues
Nonregulated revenues $4,362.8 $2,545.7 $14,133.8 $9,563.7
Regulated electric revenues 453.1 424.0 2,036.5 1,967.6 Regulated
gas revenues 343.2 251.1 961.7 755.1 Total revenues 5,159.1 3,220.8
17,132.0 12,286.4 Expenses Fuel and purchased energy expenses
4,028.7 2,327.2 13,246.7 8,699.9 Operating expenses 579.6 440.3
1,918.9 1,736.8 Merger-related transaction costs 17.0 -- 17.0 --
Workforce reduction costs 0.5 9.7 4.4 9.7 Depreciation and
amortization 134.8 129.6 542.2 505.7 Accretion of asset retirement
obligations 15.9 15.1 62.1 53.2 Taxes other than income taxes 73.2
63.4 282.6 255.9 Total expenses 4,849.7 2,985.3 16,073.9 11,261.2
Income from Operations 309.4 235.5 1,058.1 1,025.2 Other Income
19.8 10.2 62.8 25.3 Fixed Charges Interest expense 76.8 77.9 306.9
324.4 Interest capitalized and allowance for borrowed funds used
during construction (2.4) (2.8) (10.0) (10.8) BGE preference stock
dividends 3.3 3.3 13.2 13.2 Total fixed charges 77.7 78.4 310.1
326.8 Income from Continuing Operations Before Income Taxes 251.5
167.3 810.8 723.7 Income Tax Expense 65.3 41.1 204.1 156.9 Income
from Continuing Operations and Before Cumulative Effects of Changes
in Accounting Principles 186.2 126.2 606.7 566.8 Income (Loss) from
discontinued operations, net of income taxes of $9.4, $0.2, $21.4,
and ($11.2), respectively 16.2 8.7 23.6 (27.1) Cumulative effects
of changes in accounting principles, net of income taxes of ($4.7)
(7.2) -- (7.2) -- Net Income $195.2 $134.9 $623.1 $539.7 Earnings
Applicable to Common Stock $195.2 $134.9 $623.1 $539.7 Average
Shares of Common Stock Outstanding - Basic 177.4 176.0 177.5 172.1
Average Shares of Common Stock Outstanding - Diluted 179.9 177.2
179.7 173.1 Earnings Per Common Share from Continuing Operations
and Before Cumulative Effects of Changes in Accounting Principles -
Basic $1.05 $0.72 $3.42 $3.30 Income (Loss) from discontinued
operations - Basic 0.09 0.05 0.13 (0.16) Cumulative effects of
changes in accounting principles - Basic (0.04) -- (0.04) --
Earnings Per Common Share - Basic $1.10 $0.77 $3.51 $3.14 Earnings
Per Common Share from Continuing Operations and Before Cumulative
Effects of Changes in Accounting Principles - Diluted $1.04 $0.71
$3.38 $3.28 Income (Loss) from discontinued operations - Diluted
0.09 0.05 0.13 (0.16) Cumulative effects of changes in accounting
principles - Diluted (0.04) -- (0.04) -- Earnings Per Common Share
- Diluted $1.09 $0.76 $3.47 $3.12 Certain prior-period amounts have
been reclassified to conform with the current period's
presentation. Constellation Energy Group and Subsidiaries
Consolidated Balance Sheets (Unaudited) December 31, December 31,
2005 2004 ASSETS (In Millions) Current Assets Cash and cash
equivalents $813.0 $706.3 Accounts receivable (net of allowance for
uncollectibles of $47.4 and $43.1, respectively) 2,727.9 1,979.3
Fuel stocks 489.5 298.3 Materials and supplies 197.0 203.8
Mark-to-market energy assets 1,339.2 567.3 Risk management assets
1,244.3 471.5 Unamortized energy contract assets 55.6 37.2 Other
555.3 225.7 Total current assets 7,421.8 4,489.4 Investments And
Other Assets Nuclear decommissioning trust funds 1,110.7 1,033.7
Investments in qualifying facilities and power projects 306.2 318.4
Regulatory assets (net) 154.3 195.4 Goodwill 147.1 144.8
Mark-to-market energy assets 1,089.3 359.8 Risk management assets
626.0 306.2 Unamortized energy contract assets 141.2 80.1 Other
410.6 332.7 Total investments and other assets 3,985.4 2,771.1
Property, Plant And Equipment Nonregulated property, plant and
equipment 8,580.8 8,638.4 Regulated property, plant and equipment
5,520.5 5,412.7 Nuclear fuel (net of amortization) 302.0 264.3
Accumulated depreciation (4,336.6) (4,228.8) Net property, plant
and equipment 10,066.7 10,086.6 Total Assets $21,473.9 $17,347.1
LIABILITIES AND EQUITY Current Liabilities Short-term borrowings
$0.7 $ -- Current portion of long-term debt 491.3 480.4 Accounts
payable and accrued liabilities 1,667.9 1,424.9 Customer deposits
and collateral 458.9 223.8 Mark-to-market energy liabilities
1,348.7 559.7 Risk management liabilities 483.5 304.3 Unamortized
energy contract liabilities 489.5 67.2 Deferred income taxes 151.4
95.0 Accrued expenses and other 780.4 507.1 Total current
liabilities 5,872.3 3,662.4 Deferred Credits And Other Liabilities
Deferred income taxes 1,180.8 1,303.3 Asset retirement obligations
908.0 825.0 Mark-to-market energy liabilities 912.3 315.0 Risk
management liabilities 1,035.5 472.2 Unamortized energy contract
liabilities 1,118.7 86.2 Postretirement and postemployment benefits
382.6 375.3 Net pension liability 401.4 269.7 Deferred investment
tax credits 64.1 71.2 Other 101.0 145.8 Total deferred credits and
other liabilities 6,104.4 3,863.7 Long-Term Debt Long-term debt of
nonregulated businesses 3,406.6 3,800.5 Long-term debt of BGE
1,204.3 1,245.9 6.20% deferrable interest subordinated debentures
due October 15, 2043 to BGE wholly owned BGE Capital Trust II
relating to trust preferred securities 257.7 257.7 Unamortized
discount and premium (8.0) (10.5) Current portion of long-term debt
(491.3) (480.4) Total long-term debt 4,369.3 4,813.2 Minority
Interests 22.4 90.9 BGE Preference Stock Not Subject To Mandatory
Redemption 190.0 190.0 Common Shareholders' Equity Common stock
2,620.8 2,502.5 Retained earnings 2,810.2 2,425.9 Accumulated other
comprehensive income (loss) (515.5) (201.5) Total common
shareholders' equity 4,915.5 4,726.9 Total Liabilities And Equity
$21,473.9 $17,347.1 Certain prior-year amounts have been
reclassified to conform with the current year's presentation.
Constellation Energy Group and Subsidiaries Merchant Energy
Operating Statistics (Unaudited) Year Ended December 31, Hydro
& Nuclear Coal Oil Gas Other Total Generation by Fuel Type(%)
2005 52.2 30.1 1.3 14.6 1.8 100.0 2004 52.4 31.7 1.6 12.2 2.1 100.0
Thousands of MWH 2005 31,426 18,125 770 8,853 1,080 60,254 2004
28,999 17,541 877 6,791 1,137 55,345 Utility Operating Statistics
(Unaudited) Three Months Ended Year Ended December 31, December 31,
2005 2004 2005 2004 ELECTRIC Revenues (In Millions) Residential --
with househeating $ 105.6 $ 95.4 $ 417.4 $ 406.0 -- other 128.6
119.2 649.2 609.8 -- total 234.2 214.6 1,066.6 1,015.8 Commercial
-- excluding delivery service 161.9 151.9 722.1 708.9 -- delivery
service 24.2 25.8 107.5 78.6 Industrial -- excluding delivery
service 11.9 12.2 52.8 92.3 -- delivery service 6.6 6.1 28.0 21.3
System Sales 438.8 410.6 1,977.0 1,916.9 Other 14.3 13.4 59.5 50.8
Total $ 453.1 $ 424.0 $2,036.5 $1,967.7 Sales (In Thousands) - MWH
Residential -- with househeating 1,504 1,379 5,687 5,633 -- other
1,716 1,583 8,075 7,680 -- total 3,220 2,962 13,762 13,313
Commercial -- excluding delivery service 1,864 1,857 7,847 9,286 --
delivery service 1,859 1,730 7,967 5,767 Industrial -- excluding
delivery service 149 160 614 1,429 -- delivery service 752 658
3,122 2,562 Total System Sales 7,844 7,367 33,312 32,357 GAS
Revenues (In Millions) Residential -- excluding delivery service $
214.1 $ 145.1 $ 558.5 $ 478.0 -- delivery service 6.5 4.2 23.2 14.2
-- total 220.6 149.3 581.7 492.2 Commercial -- excluding delivery
service 65.7 37.2 174.4 135.4 -- delivery service 9.6 8.3 31.9 28.0
Industrial -- excluding delivery service 4.0 2.4 10.5 9.4 --
delivery service 3.7 2.3 12.4 7.8 System Sales 303.6 199.5 810.9
672.8 Off-System Sales 40.6 48.6 154.7 77.2 Other 1.7 1.5 7.2 7.0
Total $ 345.9 $ 249.6 $ 972.8 $ 757.0 Sales (In Thousands) - DTH
Residential -- excluding delivery service 12,053 11,339 39,107
39,080 -- delivery service 1,602 1,655 5,423 6,053 -- total 13,655
12,994 44,530 45,133 Commercial -- excluding delivery service 4,143
3,603 14,133 13,248 -- delivery service 6,792 9,745 28,993 34,120
Industrial -- excluding delivery service 290 230 921 865 --
delivery service 5,430 3,408 19,357 14,310 System Sales 30,310
29,980 107,934 107,676 Off-System Sales 2,708 5,909 17,209 9,914
Total 33,018 35,889 125,143 117,590 Utility operating statistics do
not reflect the elimination of intercompany transactions.
Heating/Cooling Degree Days (Calendar-Month Basis) Heating Degree
Days - Actual 1,751 1,628 4,880 4,739 - Normal 1,698 1,697 4,752
4,775 Cooling Degree Days - Actual 30 7 925 838 - Normal 25 25 847
843 Constellation Energy Group and Subsidiaries Supplemental
Financial Statistics (Unaudited) Year Ended December 31, 2005 2004
Ratio of Earnings to Fixed Charges 3.38 3.02 Effective Tax Rate
24.8% 21.3% Equity Investment In Nonregulated Businesses -- End of
Period $3,320.5 $3,188.9 Equity Investment In Regulated Business --
End of Period $1,595.0 $1,538.0 Prior-year statistics have been
adjusted for discontinued operations. Common Stock Data Three
Months Ended Year Ended December 31, December 31, 2005 2004 2005
2004 Common Stock Dividends - Per Share -- Declared $0.335 $0.285
$1.340 $1.140 -- Paid $0.335 $0.285 $1.290 $1.115 Market Value Per
Share -- High $62.60 $44.90 $62.60 $44.90 -- Low $50.40 $39.90
$43.01 $35.89 -- Close $57.60 $43.71 $57.60 $43.71 Shares
Outstanding -- End of Period (In Millions) 178.3 176.3 178.3 176.3
Book Value per Share -- End of Period $27.57 $26.81 $27.57 $26.81
FCMN Contact: Angelique.l.rewers@constellation.com DATASOURCE:
Constellation Energy Group CONTACT: Media Contacts: Robert L. Gould
or Angelique Rewers, +1-410-234-7433, or Investor Contact: Kevin
Hadlock, +1-410-783-3647, all of Constellation Energy Group Web
site: http://www.constellation.com/ Company News On-Call:
http://www.prnewswire.com/comp/084087.html
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