CEG Constellation Energy Grp. Common Stock

BALTIMORE, March 30 /PRNewswire-FirstCall/ -- Constellation Energy (NYSE:CEG) today announced that senior executives from both Constellation Energy and its subsidiary, Baltimore Gas and Electric Company (BGE), met again this morning with Maryland's Governor and Legislative leadership, during which they continued with a productive and candid dialogue on company and Legislative proposals related to a July 1 rate increase for residential customers of Baltimore Gas and Electric Company. Earlier this week, Constellation Energy and BGE officials proposed an extremely aggressive and comprehensive plan designed to significantly ease the financial impact of this summer's shift to market-based pricing for electricity while at the same time ensuring the continued financial strength of Baltimore Gas and Electric Company. "This is the second meeting we've had in the past 48 hours where we have exchanged information and engaged in frank discussion with the goal of making meaningful progress on the issues of most importance to our customers and BGE," said Mayo A. Shattuck III, president, chairman and chief executive of Constellation Energy. "We all agree on the need for rate relief for our customers, and through these meetings we're developing a common understanding of the issues at stake and the potential elements of a solution that would achieve that goal. "We continue to emphasize in our meetings with the Governor and Legislative leaders that despite the fact that the pending rate hike is being driven by the global energy marketplace, we are, in fact, pursuing workable alternatives. "As discussions continue, our priority continues to be identifying a solution that helps our customers manage the full impact of the pending electric rate increase while also maintaining the financial integrity of BGE." 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. 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. DATASOURCE: Constellation Energy CONTACT: Media Contact: Robert L. Gould, +1-410-234-7433, or Investor Contact: Kevin 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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