- Reaffirms guidance for 2008 at $5.25 to $5.75 per share
BALTIMORE, Jan. 30 /PRNewswire-FirstCall/ -- Constellation Energy
(NYSE:CEG) today reported full year 2007 adjusted earnings of $4.60
per share, up 27 percent from $3.61 of adjusted earnings per share
(EPS) for the full year 2006. These results were in line with
management's guidance range of $4.45 to $4.65 per share, which was
revised upward in October 2007. 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 $4.50 per share in 2007, compared to $5.16 per share
earned in 2006, which included an after-tax gain of $1.04 per share
from discontinued operations. For the fourth quarter of 2007,
adjusted earnings of $1.48 per share were up 37 percent, compared
to $1.08 per share earned in the same period last year. Reported
GAAP earnings of $1.42 per share in the fourth quarter of 2007
compare to $2.22 per share in the fourth quarter of 2006, which
included an after-tax gain of 76 cents from discontinued
operations. Constellation Energy reaffirmed earnings guidance for
2008 at $5.25 to $5.75 per share and expects to be in the middle to
upper end of the range. Looking forward to 2009, the company
expects to grow earnings 15 to 20 percent over projected 2008
earnings, representing an increase over the previously announced
greater than 10 percent projected growth over 2008. "2007 marked
yet another outstanding year for our company as we grew adjusted
earnings by 27 percent," said Mayo A. Shattuck III, chairman,
president and chief executive officer of Constellation Energy. "Our
success in driving strong earnings continues to translate into
significant total return for Constellation Energy shareholders.
Considering both stock price appreciation and dividends,
Constellation Energy delivered total shareholder return of 52
percent in 2007, following the 23 percent and 35 percent total
shareholder returns realized over the last two years. "Last year,
we made significant progress on several important fronts, including
our efforts to assume a leadership role in the potential
renaissance of new nuclear generation in the United States," said
Shattuck. "Along these lines, we formed our UniStar Nuclear Energy
joint venture with EDF and continue to move forward with planned
new development projects under the UniStar Nuclear Energy banner.
We advanced the expansion of our Merchant capabilities by building
the foundation to make significant, multi-year investments in
generation to expand capacity and enhance reliability in Maryland,
PJM and other markets we serve. Through several strategic
acquisitions, we grew our wholesale load-serving business in the
regulated Southeast market, added to our upstream gas reserves and
expanded the geographic footprint of our retail gas operations in
the Midwest market. We also have successfully implemented key
components of several programs at Baltimore Gas and Electric (BGE)
that provide customers with tools and incentives to better manage
their energy usage. "In coming years, we see clear and substantial
earnings growth drivers and believe we are well positioned to
deploy capital to pursue strategic market opportunities," said
Shattuck. Today, Constellation Energy also announced that it has
informed the Office of the Attorney General for Maryland that it
plans to terminate the litigation standstill agreement, which has
been in place with the Attorney General's office since November
2006. The standstill agreement pertains to $386 million that the
company believes was unconstitutionally taken in Maryland Senate
Bill 1, which was passed in June 2006 as part of a Special Session
of the Maryland General Assembly. "We have reluctantly concluded
that we have no choice but to file a federal court action to
enforce our rights under a nearly decade-old settlement, which has
been upheld twice by Maryland courts," said Shattuck. "The recent
Maryland Public Service Commission (PSC) interim report on stranded
costs and on BGE's 1999 settlement injected a destabilizing element
of uncertainty into the regulatory climate and energy marketplace
in Maryland. We cannot abide by efforts to use hindsight to reverse
decisions and agreements that were made nearly a decade ago by
multiple parties in full accordance with the law. "We recognize our
responsibilities in Maryland and take pride in playing a
constructive role in the state's energy infrastructure and
marketplace," said Shattuck. "We are planning to undertake a very
large capital expenditure program in the years ahead in Maryland
and elsewhere. In so far as we are planning to invest in improving
reliability of existing plants and expanding capacity in Maryland,
we must have confidence in the political and regulatory environment
in which we operate." The following tables summarize adjusted EPS
and EPS 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, 2007 2006 Reported
Reported GAAP Adjusted GAAP Adjusted EARNINGS PER COMMON SHARE EPS*
EPS EPS* EPS Baltimore Gas and Electric $0.12 $0.17 (1) $0.19 $0.18
(3) Merchant Energy 1.26 1.27 (2) 1.25 0.88 (4) Other Nonregulated
0.04 0.04 0.02 0.02 Diluted Earnings Per Share from Continuing
Operations 1.42 1.48 1.46 1.08 Income from Discontinued Operations
Assuming Dilution - - 0.76 - Diluted Earnings Per Share $1.42 $1.48
$2.22 $1.08 * Unaudited. GAAP EPS was adjusted by the following
amounts to calculate Adjusted EPS (1) Addition of deferred tax
expense adjustment related to an increase in the Maryland corporate
income tax rate of $0.05 per share. (2) Addition of losses from our
synthetic fuel processing facilities of $0.11 per share.
Subtraction of mark-to-market gains on certain non-qualifying
hedges of $0.05 per share and subtraction of deferred tax benefit
related to the increase in the Maryland corporate income tax rate
of $0.05 per share. (3) Subtraction for tax benefit recognized on
merger-related costs of $0.01 per share. (4) 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 merger- related
costs of $0.01 per share. Addition for workforce reduction costs of
$0.01 per share. Year Ended December 31, 2007 2006 Reported
Reported GAAP Adjusted GAAP Adjusted EARNINGS PER COMMON SHARE EPS*
EPS EPS EPS Baltimore Gas and Electric $0.69 $0.74 (1) $0.86 $0.87
(3) Merchant Energy 3.73 3.77 (2) 3.20 2.68 (4) Other Nonregulated
0.09 0.09 0.06 0.06 Diluted Earnings Per Share from Continuing
Operations 4.51 4.60 4.12 3.61 Income from Discontinued Operations
Assuming Dilution (0.01) - 1.04 - Diluted Earnings Per Share $4.50
$4.60 $5.16 $3.61 * Unaudited. GAAP EPS was adjusted by the
following amounts to calculate Adjusted EPS (1) Addition of
deferred tax expense adjustment related to an increase in the
Maryland corporate income tax rate of $0.05 per share. (2) Addition
of impairment losses and other costs of $0.07 per share, addition
of losses from our synthetic fuel processing facilities of $0.02
per share, and addition for workforce reduction costs of $0.01 per
share. Subtraction of deferred tax benefit related to the increase
in the Maryland corporate income tax rate of $0.05 per share and
subtraction of mark-to-market gains on certain non-qualifying
hedges of $0.01 per share. (3) Addition for merger-related costs of
$0.01 per share. (4) 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. Baltimore
Gas and Electric BGE reported adjusted earnings of 17 cents per
share in the fourth quarter of 2007, down 1 cent per share versus
the fourth quarter of 2006. For full year 2007 results, BGE's
adjusted EPS was 74 cents, down 13 cents, compared to 87 cents per
share in 2006. BGE's results for the fourth quarter and full year
2007 were negatively impacted by credits to residential customers
required by Maryland's Senate Bill 1 and higher operating costs,
partially offset by higher demand response and transmission
revenues. Merchant On an adjusted basis, the Merchant segment
earned $1.27 per share during the fourth quarter of 2007, up 39
cents per share, or 44 percent, from the fourth quarter last year.
Compared to the fourth quarter of 2006, the Merchant segment
benefited from higher backlog realization and new business in
Wholesale Competitive Supply, strong realized margins in our retail
power business and the reversal of prior-period mark-to-market
losses previously recorded in our retail gas business, the absence
of a refueling outage at the R.E. Ginna Nuclear Power Plant that
occurred in the fourth quarter of 2006 and lower interest expense.
For the full year of 2007, adjusted earnings for the Merchant
segment were $3.77 per share, representing growth of $1.09 per
share, or 41 percent, over 2006. Wholesale Competitive Supply
benefited from higher backlog realization, partially offset by
lower new business following an exceptional year in 2006. In our
Retail Competitive Supply businesses, full year 2007 earnings
benefited from higher realized rates in NewEnergy Electric, offset
by mark-to-market losses on hedges of accrual positions and higher
costs in NewEnergy Gas. Generation benefited from the roll-off of
below-market hedges, the impact of the Ginna uprate and fewer
planned outage days, partially offset by the end of competitive
transition charge collections, inflation and higher operating
costs. Lower net interest expense also contributed favorably.
Dividend Declarations Constellation Energy's board of directors
declared a quarterly dividend of 47.75 cents per share on the
company's common stock, equivalent to $1.91 per share annually.
This dividend declaration represents a 10 percent increase over the
previous quarterly dividend rate and recognizes the company's
strong financial performance in 2007 and future growth prospects.
Prior to this increase, Constellation Energy paid quarterly
dividends on its common stock at the rate of 43.5 cents per share,
equivalent to an annual rate of $1.74 per share. The dividend is
payable April 1, 2008, to shareholders of record at the close of
business on March 10, 2008. BGE also declared quarterly dividends
at the specified rates for all of its outstanding preference stock,
payable April 1, 2008, to shareholders of record at the close of
business on March 10, 2008. Financial Statements The Dec. 31, 2007,
unaudited financial statements and supplemental information 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 this non-GAAP measure involves
judgment by management (in particular, judgment as to what is
classified as a special item or an economic, non- qualifying hedge
to be excluded from adjusted earnings). This non-GAAP measure is
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 a substitute to GAAP information. SEC Filings The company plans
to file its 2007 Form 10-K on or about Feb. 26, 2008.
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. 30, 2008 Constellation Energy will host a
conference call at 8:00 a.m. (ET) on Jan. 30, 2008, to review its
fourth quarter and full year 2007 financial results and discuss its
business outlook for 2008 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 (888) 562-2933 or (402) 530-7616 (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/). A webcast replay, as well as a
replay in downloadable MP3 format, will also be available on the
site shortly after the completion of the call. Constellation Energy
(http://www.constellation.com/), a FORTUNE 125 company with 2007
revenues of $21 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 from Adjusted EPS
Non-qualifying Hedges - after-tax gain of $8.0 million, or $0.05
per share During the fourth quarter of 2007, we recognized an $8.0
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 FAS 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.
Change in Maryland Tax Rate - after-tax charge of $(0.7) million,
or $0.00 per share On Nov. 19, 2007, a change in the Maryland
corporate income tax rate was signed into law increasing the rate
from 7.0 percent to 8.25 percent effective Jan. 1, 2008. In
accordance with FAS No. 109, Accounting for Income Taxes, the
impact from adjusting all existing deferred income tax assets and
liabilities for the effect of changes in tax laws or rates should
be included in operating results in the period that includes the
enactment date. Current income taxes will begin to be recorded at
the higher Maryland corporate income tax rate effective in 2008 and
will be reflected in our ongoing operating results. In the fourth
quarter of 2007, we recognized a non-recurring $(0.7) million
after-tax charge for the net impact of the changes in our Maryland
deferred income tax assets and liabilities, net of the related
federal deferred income tax benefit. These adjustments resulted in
a $(0.05) per share charge for the adjustment of net deferred tax
liabilities of BGE and an offsetting $0.05 per share gain for
Merchant. The favorable Merchant earnings impact of the Maryland
tax rate change is primarily attributable to deferred tax assets
associated with amounts recorded in Accumulated Other Comprehensive
Income for hedging activities. Synfuel Earnings - after-tax loss of
$(19.3) million, or $(0.11) per share The impact of oil price
volatility resulted in a difficult-to-forecast phase-out of tax
credits at our facilities that produce synfuel. Consequently, we
have removed the $(19.3) million loss generated during the fourth
quarter of 2007 from our results as follows: Three Months Ended
December 31, 2007 (In millions) After-tax loss from operations
$(12.1) Tax credits before phase-out 38.6 Current period tax credit
phase-out (26.7) True-up of phase-out from prior periods (19.1) Net
loss from synfuel facilities $(19.3) Constellation Energy Group and
Subsidiaries Consolidated Statements of Income (Unaudited) Three
Months Ended Year Ended December 31, December 31, 2007 2006 2007
2006 (In Millions, Except Per Share Amounts) Revenues Nonregulated
revenues $4,462.5 $3,972.0 $17,794.6 $16,279.0 Regulated electric
revenues 618.3 463.3 2,455.6 2,115.9 Regulated gas revenues 268.6
218.2 943.0 890.0 Total revenues 5,349.4 4,653.5 21,193.2 19,284.9
Expenses Fuel and purchased energy expenses 4,022.3 3,515.2
16,473.9 14,930.7 Operating expenses 644.7 568.2 2,447.4 2,165.8
Impairment losses and other costs - - 20.2 - Workforce reduction
costs - 4.4 2.3 28.2 Merger-related costs - 5.8 - 18.3
Depreciation, depletion, and amortization 144.3 124.0 557.8 523.9
Accretion of asset retirement obligations 16.4 17.4 68.3 67.6 Taxes
other than income taxes 69.2 72.0 288.9 290.7 Total expenses
4,896.9 4,307.0 19,858.8 18,025.2 Gain on Sale of Gas-Fired Plants
- 73.8 - 73.8 Income from Operations 452.5 420.3 1,334.4 1,333.5
Gain on Sale of Subsidiary Equity - CEP 11.2 28.7 63.3 28.7 Other
Income 41.9 27.4 158.6 66.1 Fixed Charges Interest expense 80.1
89.8 311.8 329.2 Interest capitalized and allowance for borrowed
funds used during construction (5.8) (3.7) (19.4) (13.7) BGE
preference stock dividends 3.3 3.3 13.2 13.2 Total fixed charges
77.6 89.4 305.6 328.7 Income from Continuing Operations Before
Income Taxes 428.0 387.0 1,250.7 1,099.6 Income Tax Expense 169.9
120.4 428.3 351.0 Income from Continuing Operations 258.1 266.6
822.4 748.6 Income (Loss) from discontinued operations, net of
income taxes of $79.8, $1.5 and $107.7, respectively - 138.4 (0.9)
187.8 Net Income $258.1 $405.0 $821.5 $936.4 Earnings Applicable to
Common Stock $258.1 $405.0 $821.5 $936.4 Average Shares of Common
Stock Outstanding - Basic 179.3 180.2 180.2 179.4 Average Shares of
Common Stock Outstanding - Diluted 181.8 182.7 182.5 181.4 Earnings
Per Common Share from Continuing Operations - Basic $1.44 $1.48
$4.56 $4.17 Income (Loss) from discontinued operations - Basic -
0.77 (0.01) 1.05 Earnings Per Common Share - Basic $1.44 $2.25
$4.55 $5.22 Earnings Per Common Share from Continuing Operations -
Diluted $1.42 $1.46 $4.51 $4.12 Income (Loss) from discontinued
operations - Diluted - 0.76 (0.01) 1.04 Earnings Per Common Share -
Diluted $1.42 $2.22 $4.50 $5.16 Constellation Energy Group and
Subsidiaries Consolidated Balance Sheets (Unaudited) December 31,
December 31, 2007 2006 ASSETS (In Millions) Current Assets Cash and
cash equivalents $1,095.9 $2,289.1 Accounts receivable (net of
allowance for uncollectibles of $44.9 and $48.9, respectively)
4,289.5 3,248.3 Fuel stocks 591.3 599.5 Materials and supplies
207.5 200.2 Derivative assets 961.2 1,556.5 Unamortized energy
contract assets 32.0 35.2 Deferred income taxes 300.7 674.3 Other
410.9 497.0 Total current assets 7,889.0 9,100.1 Investments And
Other Assets Nuclear decommissioning trust funds 1,330.8 1,240.1
Other investments 542.2 308.6 Regulatory assets (net) 576.2 389.0
Goodwill 261.3 157.6 Derivative assets 1,030.2 949.1 Unamortized
energy contract assets 178.3 123.6 Other 370.6 311.4 Total
investments and other assets 4,289.6 3,479.4 Property, Plant And
Equipment Nonregulated property, plant and equipment 8,087.0
7,587.6 Regulated property, plant and equipment 6,051.2 5,752.9
Nuclear fuel (net of amortization) 374.3 339.9 Accumulated
depreciation (4,745.4) (4,458.3) Net property, plant and equipment
9,767.1 9,222.1 Total Assets $21,945.7 $21,801.6 LIABILITIES AND
EQUITY Current Liabilities Short-term borrowings $14.0 $- Current
portion of long-term debt 380.6 878.8 Accounts payable and accrued
liabilities 2,630.1 2,137.2 Customer deposits and collateral 347.2
347.2 Derivative liabilities 1,137.1 2,411.7 Unamortized energy
contract liabilities 392.2 378.3 Accrued expenses and other 956.0
969.5 Total current liabilities 5,857.2 7,122.7 Deferred Credits
And Other Liabilities Deferred income taxes 1,588.5 1,435.8 Asset
retirement obligations 917.6 974.8 Derivative liabilities 1,118.9
1,099.7 Unamortized energy contract liabilities 1,218.6 958.0
Defined benefit obligations 828.6 928.3 Deferred investment tax
credits 50.5 57.2 Other 155.9 109.0 Total deferred credits and
other liabilities 5,878.6 5,562.8 Long-Term Debt Long-term debt of
nonregulated businesses 2,830.8 3,390.3 Long-term debt of BGE
1,334.2 1,459.0 Rate stabilization securitization bonds of BGE
623.2 - 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 (4.8) (5.9) Current portion of long-term debt (380.6)
(878.8) Total long-term debt 4,660.5 4,222.3 Minority Interests
19.2 94.5 BGE Preference Stock Not Subject To Mandatory Redemption
190.0 190.0 Common Shareholders' Equity Common stock 2,513.3
2,738.6 Retained earnings 3,919.5 3,474.3 Accumulated other
comprehensive loss (1,092.6) (1,603.6) Total common shareholders'
equity 5,340.2 4,609.3 Total Liabilities And Equity $21,945.7
$21,801.6 Constellation Energy Group and Subsidiaries Merchant
Energy Operating Statistics (Unaudited) Year Ended December 31, Oil
& Hydro & Nuclear Coal Gas Renewables Other Total
Generation by Fuel Type (%) 2007 61.2 34.4 0.9 2.0 1.5 100.0 2006*
51.9 29.5 15.3 2.0 1.3 100.0 Thousands of MWH 2007 31,598 17,758
482 1,042 740 51,620 2006* 30,695 17,449 9,031 1,210 741 59,126 *
Includes generation output from our gas-fired plants until their
sale in December 2006 Utility Operating Statistics (Unaudited)
Three Months Ended Year Ended December 31, December 31, 2007 2006
2007 2006 ELECTRIC Revenues (In Millions) Residential $390.1 $246.7
$1,514.9 $1,092.1 Commercial Excluding Delivery Service Only 134.4
131.2 577.4 733.4 Delivery Service Only 56.1 49.7 217.0 149.4
Industrial Excluding Delivery Service Only 7.5 7.4 31.6 46.8
Delivery Service Only 7.1 6.8 27.8 26.2 System Sales 595.2 441.8
2,368.7 2,047.9 Other 23.2 21.5 87.0 68.0 Total $618.4 $463.3
$2,455.7 $2,115.9 Distribution Volumes (In Thousands) - MWH
Residential 2,868 2,921 13,365 12,886 Commercial Excluding Delivery
Service Only 1,061 1,037 4,364 6,325 Delivery Service Only 2,971
2,730 11,921 9,392 Industrial Excluding Delivery Service Only 72 71
287 467 Delivery Service Only 802 727 3,175 2,988 Total 7,774 7,486
33,112 32,058 GAS Revenues (In Millions) Residential Excluding
Delivery Service Only $161.5 $129.2 $552.0 $490.2 Delivery Service
Only 5.4 5.6 19.0 20.6 Commercial Excluding Delivery Service Only
39.8 36.1 154.1 148.9 Delivery Service Only 11.2 10.6 41.2 35.9
Industrial Excluding Delivery Service Only 2.0 1.7 7.8 7.5 Delivery
Service Only 9.3 4.4 22.1 19.3 System Sales 229.2 187.6 796.2 722.4
Off-System Sales 42.2 32.1 157.4 168.6 Other 2.6 1.4 9.2 8.5 Total
$274.0 $221.1 $962.8 $899.5 Distribution Volumes (In Thousands) -
DTH Residential Excluding Delivery Service Only 11,796 10,177
39,199 33,019 Delivery Service Only 1,298 1,175 4,310 3,948
Commercial Excluding Delivery Service Only 3,101 3,338 12,464
11,683 Delivery Service Only 7,502 6,784 30,367 25,695 Industrial
Excluding Delivery Service Only 167 165 658 604 Delivery Service
Only 5,196 4,862 17,897 20,325 System Sales 29,060 26,501 104,895
95,274 Off-System Sales 5,266 3,975 19,963 19,738 Total 34,326
30,476 124,858 115,012 Utility operating statistics do not reflect
the elimination of intercompany transactions. Heating/Cooling
Degree Days (Calendar-Month Basis) Heating Degree Days - Actual
1,575 1,504 4,636 4,146 - Normal 1,708 1,698 4,762 4,759 Cooling
Degree Days - Actual 76 20 927 865 - Normal 24 24 846 845
Constellation Energy Group and Subsidiaries Supplemental Financial
Statistics (Unaudited) Year Ended December 31, 2007 2006 Effective
Tax Rate 33.9% 31.5% Equity Investment In Nonregulated Businesses
-- End of Period (In Millions) $3,693.8 $2,982.7 Equity Investment
In Regulated Business -- End of Period (In Millions) $1,646.4
$1,626.6 Common Stock Data Three Months Ended Year Ended December
31, December 31, 2007 2006 2007 2006 Common Stock Dividends - Per
Share --Declared $0.4350 $0.3775 $1.7400 $1.5100 --Paid $0.4350
$0.3775 $1.6825 $1.4675 Market Value Per Share --High $104.29
$70.20 $104.29 $70.20 --Low $85.81 $59.00 $68.78 $50.55 --Close
$102.53 $68.87 $102.53 $68.87 Shares Outstanding--End of Period (In
Millions) 178.4 180.5 178.4 180.5 Book Value per Share--End of
Period $29.93 $25.54 $29.93 $25.54 DATASOURCE: Constellation Energy
CONTACT: Media, Debra Larsson or Diana L. Hayden, +1-410-470-7433;
Investors, Janet Mosher, +1-410-470-1884, all of Constellation
Energy Web site: http://www.constellation.com/ Company News
On-Call: http://www.prnewswire.com/comp/084087.html
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