CEG Constellation Energy Grp. Common Stock

New nuclear plant loan guarantees would aid proposed Maryland reactor BALTIMORE, Dec. 20 /PRNewswire-FirstCall/ -- The Bush administration, U.S. House and Senate leaders have taken a vital step to bolster our nation's energy security with passage of federal loan guarantee funding for energy projects that avoid, reduce or sequester greenhouse gases, Mike Wallace, executive vice president of Constellation Energy (NYSE:CEG), said today. "I applaud Energy Secretary Bodman and Congressional leaders for their tenacity and vision in supporting a workable loan guarantee program that represents an important milestone in our nation's nuclear renaissance and commitment to energy independence," Wallace said of the Omnibus Appropriations bill, which contains authorization for federal loan guarantee funding under Title XVII of the Energy Policy Act of 2005. The bill was approved this week by the Senate and House and sent to President Bush; it allocates $18.5 billion in loan guarantees to build new nuclear plants. Wallace thanked all members of Congress but also singled out the leadership of several members: Chairman Byron Dorgan, Ranking Member Pete Domenici, Chairman Peter Visclosky, Ranking Member Dave Hobson, Chairman John Dingell, Ranking Member Joe Barton, Chairman Jeff Bingaman, and House Majority Leader Steny Hoyer. "These leaders have done an excellent job shaping a workable loan guarantee program that bridges the gap between the capital-intensive requirements for advanced energy projects and the financing capabilities of the U.S. electric sector," Wallace said. He noted the program requires the Department of Energy (DOE) to provide loan guarantees for up to 80 percent of the total cost of new nuclear plant projects. UniStar Nuclear Energy, a strategic joint venture of Constellation Energy and the EDF Group, is developing an approach to deploying a fleet of standardized reactors in the United States, including one at Constellation Energy's Calvert Cliffs site in southern Maryland. Wallace, who also serves as chairman of UniStar, said UniStar will move quickly to file an application for a loan guarantee once DOE has completed a solicitation process. The appropriations bill provides for $38.5 billion in loan guarantees, with $18.5 billion for new nuclear construction, $2 billion for uranium enrichment, $10 billion for renewable energy and energy efficiency, and $8 billion for clean coal technology. Constellation Energy (http://www.constellation.com/), a FORTUNE 125 company with 2006 revenues of $19.3 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. DATASOURCE: Constellation Energy CONTACT: Media, Maureen Brown, +1-410-470-7433, or Investor Relations, Kevin Hadlock, +1-410-470-3647, 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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