Constellation Energy Releases Statement in Response to Maryland Governor O’Malley’s Proposal for Reregulating the State

Constellation Energy (NYSE:CEG) today released the following statement from its Chairman, President and Chief Executive Officer Mayo A. Shattuck III in response to the proposal by Maryland Governor Martin O�Malley regarding reregulation of the state�s energy market:

�We continue to be strong supporters of competitive energy markets and are intensely focused on all ideas that can help customers manage their bills, especially during these tough economic times. To that end, we have made great strides on energy efficiency and demand response programs. We have been working constructively with the Maryland Public Service Commission (PSC) and the Maryland Energy Administration on EmPower Maryland goals, and together, we have made real progress toward improving these important programs and getting them into the field. The PSC should continue to have the responsibility and authority to balance the needs of consumers and energy providers.

�We will be interested to see the policy proposal that the Governor described today and welcome a responsible approach to planning for the state�s energy needs, particularly where it concerns the opportunity of a third nuclear unit at Calvert Cliffs and the essential development of renewable and low carbon generation in Maryland.

�From what we have heard today, but have not yet had a chance to see in detail, the Governor�s approach differs greatly from the other proposed legislation that we have seen in recent weeks. These proposed laws are unworkable attempts to reach into the past, change the regulatory assumptions surrounding existing ownership of power plants and would lead to further destabilization of the Maryland energy markets. Based on what we heard today, we expect to be engaged in a new and different form of dialogue about the state�s energy future, a dialogue we welcome and one that we hope can lead to a constructive outcome for all stakeholders.�

About Constellation Energy

Constellation Energy (www.constellation.com) is a leading supplier of energy products and services to wholesale and retail electric and natural gas customers. It owns a diversified fleet of generating units located throughout the United States, totaling approximately 9,000 megawatts of generating capacity, and is among the leaders pursuing the development of new nuclear plants in the United States. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. A FORTUNE 500 company headquartered in Baltimore, Constellation Energy had revenues of $19.8 billion in 2008.

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