- Reaffirms guidance for 2007 at $4.30 to $4.65 per share and for
2008 at $5.25 to $5.75 per share BALTIMORE, Jan. 31
/PRNewswire-FirstCall/ -- Constellation Energy (NYSE:CEG) today
reported adjusted earnings of $3.61 per share, up 25 percent from
$2.89 per share earned in 2005. These results exceeded the top end
of management's revised guidance range of $3.30 to $3.45 per share.
Adjusted earnings exclude the impact of special items, discontinued
operations, certain economic, non-qualifying hedges and synfuel
earnings. On a GAAP basis, the company earned $5.16 per share in
2006, up 49 percent from $3.47 per share earned in 2005. For the
fourth quarter of 2006, adjusted earnings of $1.08 per share were
up 24 percent from 87 cents per share earned in the same period
last year. Reported GAAP earnings of $2.22 per share in the fourth
quarter of 2006 compare to $1.09 per share in the fourth quarter of
2005. The company reaffirmed earnings guidance for 2007 at $4.30 to
$4.65 per share and for 2008 at $5.25 to $5.75 per share. The
company also expects 2009 earnings growth of 10 percent over 2008
earnings. "2006 has the distinction of being one of our company's
most challenging -- and successful -- years," said Mayo A. Shattuck
III, chairman, president and chief executive officer of
Constellation Energy. "We maintained exceptional focus and
execution amid a great deal of distraction and turmoil, and
continued our streak of delivering outstanding financial results. I
am very proud of this management team and all of our employees for
their accomplishments. Our success in delivering superior earnings
also translated into significant total return for shareholders.
Considering both stock price appreciation and dividends, we drove
total shareholder return of nearly 23 percent in 2006, following
the 35 percent total shareholder return realized in 2005. In 2007,
we will deliver a 15 percent higher dividend and are poised to
continue strong earnings growth." The following tables summarize
adjusted earnings per share (EPS) 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, 2006 2005 Reported Reported GAAP Adjusted
GAAP Adjusted EARNINGS PER COMMON SHARE EPS* EPS EPS* EPS Baltimore
Gas and Electric $0.19 $0.18 (1) $0.22 $0.25 (3) Merchant Energy
1.25 0.88 (2) 0.72 0.62 (4) Other Nonregulated 0.02 0.02 - -
Diluted Earnings Per Share from Continuing Operations and Before
Cumulative Effects of Changes in Accounting Principles 1.46 1.08
0.94 0.87 Income from Discontinued Operations Assuming Dilution
0.76 - 0.19 - Cumulative Effects of Changes in Accounting
Principles - - (0.04) - Diluted Earnings Per Share $2.22 $1.08
$1.09 $0.87 * Unaudited. Prior period amounts reclassified to
conform with current period's presentation. GAAP EPS was adjusted
by the following amounts to calculate Adjusted EPS (1) Subtraction
for tax benefit recognized on merger-related costs of $0.01 per
share. (2) Subtraction of gain on sale of gas-fired plants of $0.26
per share, subtraction of mark-to-market gains on certain
non-qualifying hedges of $0.07 per share, subtraction of earnings
from our synthetic fuel processing facilities of $0.04 per share,
and subtraction for tax benefit recognized on merger-related costs
of $0.01 per share. Addition for workforce reduction costs of $0.01
per share. (3) Addition for merger-related costs of $0.03 per
share. (4) Subtraction of earnings from our synthetic fuel
processing facilities of $0.10 per share and subtraction of
mark-to-market gains on certain non- qualifying hedges of $0.06 per
share. Addition for merger-related costs of $0.06 per share. Year
Ended December 31, 2006 2005 Reported Reported GAAP Adjusted GAAP
Adjusted EARNINGS PER COMMON SHARE EPS* EPS EPS* EPS Baltimore Gas
and Electric $0.86 $0.87 (1) $0.98 $1.01 (3) Merchant Energy 3.20
2.68 (2) 1.99 1.87 (4) Other Nonregulated 0.06 0.06 0.01 0.01
Diluted Earnings Per Share from Continuing Operations and Before
Cumulative Effects of Changes in Accounting Principles 4.12 3.61
2.98 2.89 Income from Discontinued Operations Assuming Dilution
1.04 - 0.53 - Cumulative Effects of Changes in Accounting
Principles - - (0.04) - Diluted Earnings Per Share $5.16 $3.61
$3.47 $2.89 * Unaudited. Prior period amounts reclassified to
conform with current period's presentation. GAAP EPS was adjusted
by the following amounts to calculate Adjusted EPS (1) Addition of
merger-related costs of $0.01 per share. (2) Subtraction of gain on
sale of gas-fired plants of $0.26 per share, subtraction of
mark-to-market gains on certain non-qualifying hedges of $0.21 per
share and subtraction of earnings from our synthetic fuel
processing facilities of $0.16 per share. Addition for workforce
reduction costs of $0.09 per share and addition for merger-related
costs of $0.02 per share. (3) Addition for merger-related costs of
$0.03 per share. (4) Subtraction of earnings from our synthetic
fuel processing facilities of $0.33 per share. Addition of
mark-to-market losses on certain non- qualifying hedges of $0.14
per share, addition for merger-related costs of $0.06 per share and
addition for workforce reduction costs of $0.01 per share.
Baltimore Gas and Electric Baltimore Gas and Electric Company (BGE)
reported adjusted earnings of 18 cents per share in the fourth
quarter of 2006, compared to management's guidance range of 19
cents to 25 cents per share, and down 7 cents per share, or 28
percent, compared to adjusted earnings from the fourth quarter of
2005. BGE performance in the fourth quarter of 2006 versus the same
period last year was driven by mild weather and inflationary and
other cost increases partially offset by benefits of the 2005 gas
rate case which took effect in December 2005. For the full year of
2006, BGE's adjusted EPS was 87 cents, down 14 cents, compared to
$1.01 per share in 2005. The decline in year-over-year results was
primarily driven by mild weather and higher operating expenses. The
decrease was partially offset by higher gas revenues. "2006 was a
challenging year for the utility and its customers," said Shattuck.
"Moving forward, we are focused on several priorities: continue to
invest in reliability; restore the utility's credit rating to its
historically strong levels; assure an adequate rate of return for
BGE; and transition BGE's residential customers to market-based
rates. To that end, the company has filed with the Maryland Public
Service Commission a plan that enables BGE customers, at their
option, to transition directly to market rates on June 1, 2007, or
delay the move to full market rates until Jan. 1, 2008. The utility
also plans to continue investing in its infrastructure in 2007 to
improve reliability and introduce new technology to assist
customers in managing their energy costs." Merchant On an adjusted
basis, the merchant segment earned 88 cents per share during the
fourth quarter of 2006, exceeding the high end of our guidance
range of 55 cents to 70 cents per share. Compared to last year's
fourth quarter adjusted EPS of 62 cents, merchant earnings were up
26 cents per share, or 42 percent. Compared to fourth quarter 2005
results, the merchant segment benefited from higher new business
and higher backlog realization in wholesale competitive supply,
higher realized unit margins and lower costs to serve load at
Constellation NewEnergy and the return of the Mid-Atlantic Fleet to
profitability as below-market hedges end. These positives were
partially offset by the end of the competitive transition charge
collections in Maryland, the timing effect of the Ginna refueling
outage in the fourth quarter of 2006 versus the second quarter of
2005 and inflationary cost increases. For the full year of 2006,
adjusted EPS at the merchant segment was $2.68 per share,
representing growth of 81 cents per share, or 43 percent, over
2005. Earnings benefited from growth in wholesale competitive
supply, both in new business originated during the year and backlog
realized. Constellation NewEnergy performance improved due to
higher unit margins and lower costs to serve load. The generation
fleet was down for the year due to the end of competitive
transition charge collections, longer planned outages, primarily
due to a longer planned outage at Calvert Cliffs, and inflationary
cost increases partially offset by productivity gains. "Our record
of consistent growth in the wholesale and retail sectors, for both
power and gas, illustrates that we enjoy meaningful competitive
advantages in terms of scale and talent," Shattuck said. "This year
we're in a position to leverage this scale and market expertise by
realigning our merchant platform, which will drive Constellation
Energy's long-term growth and profitability. The realignment of all
our merchant businesses allows us to leverage our world-class
capabilities in risk management and portfolio management across our
industry-leading platform." Other Non-Regulated Constellation
Energy's other non-regulated businesses reported adjusted earnings
of 2 cents per share for the fourth quarter of 2006, compared to
breakeven adjusted earnings per share for the fourth quarter of
2005. For the full year of 2006, the other non-regulated businesses
reported adjusted EPS of 6 cents per share, compared to 1 cent per
share in 2005. Dividend Declarations Constellation Energy's board
of directors declared a quarterly dividend of 43.5 cents per share
on the company's common stock, equivalent to $1.74 per share
annually. This dividend declaration represents a 15 percent
increase over the previous quarterly dividend rate in recognition
of the company's strong performance in 2006 and future growth
prospects. Prior to this increase, Constellation Energy paid
quarterly dividends on its common stock at the rate of 37.75 cents
per share, equivalent to the annual rate of $1.51 per share. The
dividend is payable April 2, 2007, to shareholders of record at the
close of business on March 12, 2007. BGE also declared quarterly
dividends at the specified rates for all its outstanding preferred
stock, payable April 2, 2007, to shareholders of record at the
close of business on March 12, 2007. Financial Statements The
December 2006 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, the impact of certain economic,
non-qualifying hedges and synfuel earnings. The mark-to-market
impact of these hedges is significant to reported results, but
economically neutral to the company in that offsetting gains or
losses on underlying accrual positions will be recognized in the
future. Synfuel earnings are excluded due to the potential for
oil-price volatility to result in a difficult-to-forecast phase-out
of tax credits. 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
more comparable among periods since it excludes the impact of items
such as workforce reduction costs or gains and losses on the sale
of assets, 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, economic,
non-qualifying hedges and synfuel results due to the difficulty of
doing so. The impact of special items, economic, non-qualifying
hedges and synfuel results could be material to our operating
results computed in accordance with GAAP. We note that such
information is not in accordance with GAAP and should not be viewed
as an alternative to GAAP information. SEC Filings The company
plans to file its 2006 Form 10-K on or about Feb. 27, 2007.
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 periodic reports under the forward-looking
statements and risk factors sections. Except as required by law, we
do not intend to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Conference Call Jan. 31, 2007 Constellation Energy will host a
conference call at 8:00 a.m. (ET) on Jan. 31, 2007, to review its
fourth quarter and full-year 2006 financial results and discuss its
business outlook for 2007 and beyond. To participate, analysts,
investors, media and the public in the U.S. may dial (888) 455-2894
shortly before 8:00 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 by
dialing (800) 234-7802 or (402) 220-9690 (international). A live
audio webcast of the conference call, presentation slides and the
earnings press release will be available on the Investor Relations
page of Constellation Energy's Web site
(http://www.constellation.com/). The call will also be recorded and
archived on the site. Constellation Energy
(http://www.constellation.com/), a FORTUNE 200 company with 2006
revenues of $19.2 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 78 generating units located throughout the
United States, totaling approximately 8,700 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 to Arrive at
Adjusted EPS Year Ended December 31, 2006 Q406 Earnings Earnings
Income/(Expense) (Loss) (Loss) Pre-tax After-tax Impact Impact (In
millions) (Per (Per Share) Share) Income from Discontinued
Operations High Desert $294.1 $186.9 $1.03 $0.76 Other nonregulated
international investments 1.4 0.9 0.01 - Total Income from
Discontinued Operations $295.5 $187.8 $1.04 $0.76 Gain on Sale of
Gas-fired Plants (excluding High Desert) $73.8 $47.1 $0.26 $0.26
Gains on Nonqualifying Hedges $64.3 $39.2 $0.21 $0.07 Synfuel
Earnings N/A $29.8 $0.16 $0.04 Other Special Items Workforce
reduction costs $(28.2) $(17.0) $(0.09) $(0.01) Merger-related
costs (18.3) (5.7) (0.03) 0.02 Total Other Special Items $(46.5)
$(22.7) $(0.12) $0.01 Total excluded to arrive at Adjusted EPS
$387.1 $281.2 $1.55 $1.14 Income from Discontinued Operations --
after-tax gain of $187.8 million, or $1.04 per share In December
2006, we completed the sale of six gas-fired plants, including the
High Desert facility, for $1.6 billion and recognized a pre-tax
gain on the sale of $259.0 million on all six plants. High Desert
was the only facility that met the requirements to be classified as
a discontinued operation under SFAS No. 144, Accounting for the
Impairment or Disposal of Long-Lived Assets, because it was
determined to be a component of the company that had separately
identifiable cash flows. As a result, we were required to classify
the 2006 results of operations ($70.2 million after-tax, or $0.39
per share) and the gain on sale ($116.7 million after-tax, or $0.64
per share) related to High Desert in Income from Discontinued
Operations. Additionally, in the fourth quarter of 2005, we
completed the sale of our interest in a Panamanian electric
distribution company and an investment in a fund that holds
interests in two South American energy projects. During the first
quarter of 2006, we recognized an after-tax gain of $0.9 million
from the resolution of an outstanding contingency related to the
sale. Gain on Sale of Gas-fired Plants (excluding High Desert) --
after-tax gain of $47.1 million, or $0.26 per share The gas-fired
plants that were sold, excluding High Desert, were managed within
our merchant business on a portfolio basis because they had
aggregated risks, were managed and hedged as a group, and generated
joint cash flows. These gas-fired plants do not meet the
requirements to be classified as discontinued operations. The
results of operations for these gas-fired plants remain classified
in income from continuing operations, as well as the $47.1 million
after-tax gain on sale. Gains on Non-qualifying Hedges -- after-tax
gain of $39.2 million, or $0.21 per share During 2006, we
recognized a $39.2 million after-tax gain related to certain
non-qualifying hedges of gas transportation rights and gas storage
contracts, which are economic hedges that do not meet the criteria
or are not designated for cash-flow hedge accounting under SFAS No.
133, Accounting for Derivative Instruments and Hedging Activities,
as amended, and thus are required to be marked-to-market. This
mark-to-market gain is essentially a timing difference that is
expected to be offset as we realize the related accrual contracts
in cash in future periods. Synfuel Earnings -- after-tax income of
$29.8 million, or $0.16 per share Due to the potential for
oil-price volatility to result in a difficult-to-forecast phase-out
of tax credits at our facilities that produce synfuel, we have
removed the $29.8 million of income generated during 2006 from our
results. Other Special Items: Workforce Reduction Costs --
after-tax charge of $(17.0) million, or $(0.09) per share During
2006, we initiated several restructurings of the workforce at our
nuclear facilities. In connection with these restructurings, we
recorded an after-tax charge of $(12.2) million related to
severance and other employee benefits. In addition, as a result of
this reduction in force, we recorded a $(4.8) million after-tax
settlement charge for one of our qualified pension plans under SFAS
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 Nine Mile Point employees who were
terminated as part of the restructuring or retired in 2006 and who
elected to receive their pension benefit in the form of a lump-sum
payment. In accordance with SFAS No. 88, a settlement charge must
be recognized when lump-sum payments exceed annual pension plan
service and interest cost. Merger Costs -- after-tax charge of
$(5.7) million, or $(0.03) per share During 2006, we recorded a
$(5.7) million after-tax charge relating to costs associated with
our proposed merger with FPL Group, Inc, which was terminated in
October 2006. Constellation Energy Group and Subsidiaries
Consolidated Statements of Income (Unaudited) Three Months Ended
Year Ended December 31, December 31, 2006 2005 2006 2005 (In
Millions, Except Per Share Amounts) Revenues Nonregulated revenues
$3,911.7 $4,321.5 $16,218.7 $13,970.1 Regulated electric revenues
463.3 453.1 2,115.9 2,036.5 Regulated gas revenues 218.2 343.2
890.0 961.7 Total revenues 4,593.2 5,117.8 19,224.6 16,968.3
Expenses Fuel and purchased energy expenses 3,454.9 4,026.8
14,870.4 13,239.6 Operating expenses 568.2 575.3 2,165.8 1,900.7
Workforce reduction costs 4.4 0.5 28.2 4.4 Merger-related costs 5.8
17.0 18.3 17.0 Depreciation, depletion, and amortization 124.0
130.1 523.9 523.0 Accretion of asset retirement obligations 17.4
15.9 67.6 62.0 Taxes other than income taxes 72.0 71.9 290.7 277.1
Total expenses 4,246.7 4,837.5 17,964.9 16,023.8 Gain on Sale of
Gas-Fired Plants 73.8 - 73.8 - Income from Operations 420.3 280.3
1,333.5 944.5 Gain on Initial Public Offering of CEP LLC 28.7 -
28.7 - Other Income 27.4 20.6 66.1 65.5 Fixed Charges Interest
expense 89.8 76.7 329.2 306.9 Interest capitalized and allowance
for borrowed funds used during construction (3.7) (2.3) (13.7)
(9.9) BGE preference stock dividends 3.3 3.3 13.2 13.2 Total fixed
charges 89.4 77.7 328.7 310.2 Income from Continuing Operations
Before Income Taxes 387.0 223.2 1,099.6 699.8 Income Tax Expense
120.4 54.7 351.0 163.9 Income from Continuing Operations and Before
Cumulative Effects of Changes in Accounting Principles 266.6 168.5
748.6 535.9 Income from discontinued operations, net of income
taxes of $79.8, $20.1, $107.7 and $61.6, respectively 138.4 33.9
187.8 94.4 Cumulative effects of changes in accounting principles,
net of income taxes of ($4.7) - (7.2) - (7.2) Net Income $405.0
$195.2 $936.4 $623.1 Earnings Applicable to Common Stock $405.0
$195.2 $936.4 $623.1 Average Shares of Common Stock Outstanding -
Basic 180.2 177.4 179.4 177.5 Average Shares of Common Stock
Outstanding - Diluted 182.7 179.9 181.4 179.7 Earnings Per Common
Share from Continuing Operations and Before Cumulative Effects of
Changes in Accounting Principles - Basic $1.48 $0.95 $4.17 $3.02
Income from discontinued operations - Basic 0.77 0.19 1.05 0.53
Cumulative effects of changes in accounting principles - Basic -
(0.04) - (0.04) Earnings Per Common Share - Basic $2.25 $1.10 $5.22
$3.51 Earnings Per Common Share from Continuing Operations and
Before Cumulative Effects of Changes in Accounting Principles -
Diluted $1.46 $0.94 $4.12 $2.98 Income from discontinued operations
- Diluted 0.76 0.19 1.04 0.53 Cumulative effects of changes in
accounting principles - Diluted - (0.04) - (0.04) Earnings Per
Common Share - Diluted $2.22 $1.09 $5.16 $3.47 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,
2006 2005 ASSETS (In Millions) Current Assets Cash and cash
equivalents $2,289.1 $813.0 Accounts receivable (net of allowance
for uncollectibles of $48.9 and $47.4, respectively) 3,188.0
2,727.9 Fuel stocks 599.5 489.5 Materials and supplies 200.2 197.0
Mark-to-market energy assets 1,294.8 1,339.2 Risk management assets
261.7 1,244.3 Unamortized energy contract assets 35.2 55.6 Deferred
income taxes 674.3 - Other 497.0 555.3 Total current assets 9,039.8
7,421.8 Investments And Other Assets Nuclear decommissioning trust
funds 1,240.1 1,110.7 Investments in qualifying facilities and
power projects 308.6 306.2 Regulatory assets (net) 389.0 154.3
Goodwill 157.6 147.1 Mark-to-market energy assets 623.4 1,089.3
Risk management assets 325.7 626.0 Unamortized energy contract
assets 123.6 141.2 Other 311.4 410.6 Total investments and other
assets 3,479.4 3,985.4 Property, Plant And Equipment Nonregulated
property, plant and equipment 7,587.6 8,580.8 Regulated property,
plant and equipment 5,752.9 5,520.5 Nuclear fuel (net of
amortization) 339.9 302.0 Accumulated depreciation (4,458.3)
(4,336.6) Net property, plant and equipment 9,222.1 10,066.7 Total
Assets $21,741.3 $21,473.9 LIABILITIES AND EQUITY Current
Liabilities Short-term borrowings $- $0.7 Current portion of
long-term debt 878.8 491.3 Accounts payable and accrued liabilities
2,076.9 1,667.9 Customer deposits and collateral 347.2 458.9
Mark-to-market energy liabilities 1,071.7 1,348.7 Risk management
liabilities 1,340.0 483.5 Unamortized energy contract liabilities
378.3 489.5 Deferred income taxes - 151.4 Accrued expenses and
other 969.5 780.4 Total current liabilities 7,062.4 5,872.3
Deferred Credits And Other Liabilities Deferred income taxes
1,435.8 1,180.8 Asset retirement obligations 974.8 908.0
Mark-to-market energy liabilities 392.4 912.3 Risk management
liabilities 707.3 1,035.5 Unamortized energy contract liabilities
958.0 1,118.7 Defined benefit obligations 928.3 784.0 Deferred
investment tax credits 57.2 64.1 Other 109.0 101.0 Total deferred
credits and other liabilities 5,562.8 6,104.4 Long-Term Debt
Long-term debt of nonregulated businesses 3,390.3 3,406.6 Long-term
debt of BGE 1,459.0 1,204.3 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 (5.9) (8.0) Current portion of
long-term debt (878.8) (491.3) Total long-term debt 4,222.3 4,369.3
Minority Interests 94.5 22.4 BGE Preference Stock Not Subject To
Mandatory Redemption 190.0 190.0 Common Shareholders' Equity Common
stock 2,738.6 2,620.8 Retained earnings 3,474.3 2,810.2 Accumulated
other comprehensive loss (1,603.6) (515.5) Total common
shareholders' equity 4,609.3 4,915.5 Total Liabilities And Equity
$21,741.3 $21,473.9 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 (%) 2006 51.9 29.5 0.3 16.4 1.9 100.0 2005
52.2 30.1 1.3 14.6 1.8 100.0 Thousands of MWH 2006 30,695 17,449
189 9,703 1,090 59,126 2005 31,426 18,125 770 8,853 1,080 60,254
Utility Operating Statistics (Unaudited) Three Months Ended Year
Ended December 31, December 31, 2006 2005 2006 2005 ELECTRIC
Revenues (In Millions) Residential $246.7 $234.2 $1,092.1 $1,066.6
Commercial Excluding Delivery Service Only 131.2 161.9 733.4 722.1
Delivery Service Only 49.7 24.2 149.4 107.5 Industrial Excluding
Delivery Service Only 7.4 11.9 46.8 52.8 Delivery Service Only 6.8
6.6 26.2 28.0 System Sales 441.8 438.8 2,047.9 1,977.0 Other 21.5
14.3 68.0 59.5 Total $463.3 $453.1 $2,115.9 $2,036.5 Distribution
Volumes (In Thousands) - MWH Residential 2,921 3,220 12,886 13,762
Commercial Excluding Delivery Service Only 1,037 1,864 6,325 7,847
Delivery Service Only 2,730 1,859 9,392 7,967 Industrial Excluding
Delivery Service Only 71 149 467 614 Delivery Service Only 727 752
2,988 3,122 Total 7,486 7,844 32,058 33,312 GAS Revenues (In
Millions) Residential Excluding Delivery Service Only $129.2 $214.1
$490.2 $558.5 Delivery Service Only 5.6 6.5 20.6 23.2 Commercial
Excluding Delivery Service Only 36.1 65.7 148.9 174.4 Delivery
Service Only 10.6 9.6 35.9 31.9 Industrial Excluding Delivery
Service Only 1.7 4.0 7.5 10.5 Delivery Service Only 4.4 3.7 19.3
12.4 System Sales 187.6 303.6 722.4 810.9 Off-System Sales 32.1
40.6 168.6 154.7 Other 1.4 1.7 8.5 7.2 Total $221.1 $345.9 $899.5
$972.8 Distribution Volumes (In Thousands) - DTH Residential
Excluding Delivery Service Only 10,177 12,053 33,019 39,107
Delivery Service Only 1,175 1,602 3,948 5,423 Commercial Excluding
Delivery Service Only 3,338 4,143 11,683 14,133 Delivery Service
Only 6,784 6,792 25,695 28,993 Industrial Excluding Delivery
Service Only 165 290 604 921 Delivery Service Only 4,862 5,430
20,325 19,357 System Sales 26,501 30,310 95,274 107,934 Off-System
Sales 3,975 2,708 19,738 17,209 Total 30,476 33,018 115,012 125,143
Utility operating statistics do not reflect the elimination of
intercompany transactions. Heating/Cooling Degree Days
(Calendar-Month Basis) Heating Degree Days - Actual 1,504 1,751
4,146 4,880 - Normal 1,698 1,698 4,759 4,752 Cooling Degree Days -
Actual 20 30 865 925 - Normal 24 25 845 847 Constellation Energy
Group and Subsidiaries Supplemental Financial Statistics
(Unaudited) Year Ended December 31, 2006 2005 Ratio of Earnings to
Fixed Charges 4.05 3.04 Effective Tax Rate 31.5% 23.0% Equity
Investment In Nonregulated Businesses -- End of Period $2,982.7
$3,320.5 Equity Investment In Regulated Business -- End of Period
$1,626.6 $1,595.0 Prior-year statistics have been adjusted for
discontinued operations. Common Stock Data Three Months Ended Year
Ended December 31, December 31, 2006 2005 2006 2005 Common Stock
Dividends - Per Share --Declared $0.3775 $0.3350 $1.5100 $1.3400
--Paid $0.3775 $0.3350 $1.4675 $1.2900 Market Value Per Share
--High $70.20 $62.60 $70.20 $62.60 --Low $59.00 $50.40 $50.55
$43.01 --Close $68.87 $57.60 $68.87 $57.60 Shares Outstanding--End
of Period (In Millions) 180.5 178.3 180.5 178.3 Book Value per
Share--End of Period $25.54 $27.57 $25.54 $27.57 DATASOURCE:
Constellation Energy CONTACT: Media: Robert L. Gould, or Debra
Beck, +1-410-470-7433, or Investors: Kevin Hadlock, +1-410-783-3647
Web site: http://www.constellation.com/ Company News On-Call:
http://www.prnewswire.com/comp/084087.html
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