FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Perlman Beth Shari 		2. Issuer Name and Ticker or Trading Symbol

CONSTELLATION ENERGY GROUP INC [ CEG ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
SrVPChiefAdminOffChiefInfoOff
(Last)          (First)          (Middle)

750 E. PRATT STREET 		3. Date of Earliest Transaction (MM/DD/YYYY)

11/19/2007
(Street)

BALTIMORE, MD 21202
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   11/19/2007     M    4000   A (1) $31.21   12484   D    
Common Stock   11/19/2007     S    4000   D (1) $96.8608   8484   (2) D    
Common Stock                  482.1510   (3) I   By 401(k) Plan  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options (right to buy)   (4) $31.21   11/19/2007     M        4000      (5) 5/24/2012   Common Stock   4000   $0   10667   D    
Stock Options (right to buy)   (4) $75.85   2/22/2007     A     21980         (6) 2/22/2017   Common Stock   21980   $0   21980   D    
Stock Options (right to buy)   (4) $50.96   2/24/2005     A     32770         (7) 2/24/2015   Common Stock   32770   $0   32770   D    
Stock Options (right to buy)   (4) $39.63   2/26/2004     A     27720         (8) 2/26/2014   Common Stock   27720   $0   27720   D    

Explanation of Responses:
( 1)  The option exercise and sale reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan. Additional exercises and sales in the amount of 4,000 shares are scheduled to occur quarterly over the next ten months pursuant to this trading plan, not to exceed an additional 12,000 shares.
( 2)  This amount includes shares obtained through reinvested dividends.
( 3)  This amount includes 22.5453 shares acquired since the Form 4 filed on 8/24/07.
( 4)  These are employee stock options.
( 5)  Options vested in three equal annual installments on 5/24/03, 5/24/04, and 5/24/05.
( 6)  Options vest in three equal annual installments on 2/22/08, 2/22/09, and 2/22/10.
( 7)  Options vest in three equal annual installments beginning on 2/24/06. The second installment vested on 2/24/07, and the third installment will vest on 2/24/08.
( 8)  Options vested in three equal annual installments on 2/26/05, 2/26/06, and 2/26/07.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Perlman Beth Shari
750 E. PRATT STREET
BALTIMORE, MD 21202

SrVPChiefAdminOffChiefInfoOff

Signatures
Charles A. Berardesco, Attorney-In-Fact 11/20/2007
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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