Constellation Energy (NYSE: CEG) today reported adjusted
earnings of $0.48 per share for the third quarter of 2010, compared
with adjusted earnings of $1.23 per share in the same period last
year. Adjusted earnings exclude the cumulative effects of changes
in accounting principles, discontinued operations and special items
(which are defined as significant items that are not related to the
company’s ongoing, underlying business or which distort
comparability of results). On a Generally Accepted Accounting
Principles (GAAP) basis, Constellation Energy reported a loss of
$6.99 per share in the third quarter of 2010, compared with
earnings of $0.69 per share in the third quarter of 2009. The 2010
GAAP results include noncash impairment charges of $7.29 per share
related to our nuclear joint ventures, Constellation Energy Nuclear
Group, LLC (CENG), and UniStar Nuclear Energy, LLC, and certain
other equity method investments.
Constellation Energy reaffirmed its 2010 earnings guidance range
of $3.05 to $3.45 per share and its 2011 guidance range of $3.25 to
$3.65 per share.
“Earlier this week, we were pleased to announce a comprehensive
agreement with EDF Group on terms that are very favorable to our
company,” said Mayo A. Shattuck III, chairman, president and chief
executive officer of Constellation Energy. “This agreement resolves
the contractual put option and transfers full ownership of the
UniStar nuclear development business to EDF.
“During the third quarter, we continued to see solid results
from our core businesses and we advanced on several key
acquisitions and objectives,” Shattuck said. “Our NewEnergy
platform performed well, as our customer-facing power and gas
businesses exceeded many of our plan metrics in an environment of
low commodity prices and heightened competition.
“We’ve made significant progress on our strategy to grow our
generation portfolio in key markets, with a court naming
Constellation Energy as the leading bidder for Boston Generating’s
fleet of natural gas plants in New England,” Shattuck said. “We
continued to grow our customer-facing retail platform with the
acquisition of CPower, which expands our demand response product
capabilities and adds 850 megawatts of demand response capacity. In
addition, we continued to expand our presence in the growing solar
market, announcing multiple installations across the country
through our NewEnergy business.
“Our regulated utility, Baltimore Gas and Electric Company
(BGE), also received Maryland Public Service Commission (PSC)
approval for its smart grid project and is now able to apply the
$200 million federal stimulus grant from the Department of Energy
(DOE) to this transformative initiative,” Shattuck said. “BGE’s
smart grid effort reinforces our commitment under EmPOWER Maryland,
while leading to reliability and customer service enhancements, as
well as expected customer savings of at least $2.5 billion over the
life of the program. In addition, BGE’s request for an increase in
the distribution portion of electric and natural gas rates charged
to its customers -- the first such electric distribution request in
17 years -- is pending before the PSC and we anticipate a final
order in December.”
The following table summarizes adjusted earnings per share and
earnings per share reported in accordance with GAAP for the
company’s business segments and provides a reconciliation to total
company reported earnings.
Three Months Ended September 30,
2010 2009 Reported Reported GAAP
Adjusted GAAP Adjusted EARNINGS (LOSS) PER
COMMON SHARE EPS* EPS EPS*
EPS Baltimore Gas and Electric $ 0.14 $ 0.14 $ 0.14 $ 0.14
NewEnergy (0.07 ) (0.07 ) (0.22 ) 0.16
(2)
Generation (7.06 ) 0.41
(1)
0.78 0.94
(3)
Other - - (0.01 )
(0.01 ) Diluted (Loss) Earnings Per Share $ (6.99 ) $ 0.48
$ 0.69 $ 1.23 * Unaudited.
Reported GAAP EPS was adjusted by the following amounts to
calculate Adjusted EPS (1) Addition of impairment losses
and other costs of $7.29 per share, addition of amortization of
CENG joint venture basis difference of $0.15 per share, addition of
economic value of CENG power purchase agreement (PPA) amortization
of $0.14 per share and addition of credit facility amendment fees
incurred in connection with the EDF transaction of $0.01 per share.
Subtraction of gain on sale of Mammoth Lakes geothermal generating
facility of $(0.12) per share. (2) Addition of net losses from
divested operations of $0.31 per share, addition of impairment
losses and other costs of $0.04 per share, addition of credit
facility amendment fees incurred in connection with the EDF
transaction of $0.02 per share and addition of workforce reduction
costs of $0.01 per share. (3) Addition of impairment losses and
other costs of $0.10 per share, addition of merger termination and
other strategic alternative costs of $0.02 per share, addition of
credit facility amendment fees incurred in connection with the EDF
transaction of $0.02 per share and addition of losses on UniStar
Nuclear Energy, LLC (UNE) of $0.02 per share.
Nine
Months Ended September 30, 2010 2009
Reported Reported GAAP
Adjusted GAAP Adjusted EARNINGS (LOSS) PER
COMMON SHARE EPS* EPS EPS*
EPS Baltimore Gas and Electric $ 0.51 $ 0.53
(1)
$ 0.61 $ 0.61 NewEnergy 0.68 0.69
(2)
(1.77 ) 0.65
(5)
Generation (6.86 ) 1.41
(3)
1.30 1.81
(6)
Other (0.02 ) 0.01
(4)
(0.03 ) (0.01 )
(7)
Diluted (Loss) Earnings Per Share $ (5.69 ) $ 2.64 $ 0.11 $
3.06 * Unaudited.
Reported GAAP EPS was
adjusted by the following amounts to calculate Adjusted EPS
(1) Addition of deferred income tax expense associated with
Medicare Part D prescription drug subsidies of $0.02 per share. (2)
Addition of credit facility amendment fees incurred in connection
with the EDF transaction of $0.01 per share. (3) Addition of
impairment losses and other costs of $7.30 per share, addition of
amortization of the CENG joint venture basis difference of $0.47
per share, addition of economic value of CENG PPA amortization of
$0.42 per share, addition of loss due to early retirement of 7.00%
Notes due April 1, 2012, of $0.15 per share, addition of credit
facility amendment fees incurred in connection with the EDF
transaction of $0.03 per share and addition of losses on UNE of
$0.02 per share. Subtraction of gain on sale of Mammoth Lakes
geothermal generating facility of $(0.12) per share. (4) Addition
of deferred income tax expense associated with Medicare Part D
prescription drug subsidies of $0.03 per share. (5) Addition of net
losses from divested operations of $1.85 per share, addition of
impairment losses and other costs of $0.41 per share, addition of
merger termination and other strategic alternative costs of $0.09
per share, addition of credit facility amendment fees incurred in
connection with the EDF transaction of $0.04 per share and addition
of workforce reduction costs of $0.03 per share. (6) Addition of
impairment losses and other costs of $0.24 per share, addition of
merger termination and other strategic alternative costs of $0.17
per share, addition of credit facility amendment fees incurred in
connection with the EDF transaction of $0.05 per share and addition
of losses on UNE of $0.05 per share. (7) Addition of impairment
losses and other costs of $0.02 per share.
BGE
BGE reported adjusted earnings of $0.14 per share in the third
quarter of 2010, unchanged from the $0.14 per share reported in the
third quarter of 2009.
Generation
The Generation segment reported adjusted earnings of $0.41 per
share in the third quarter of 2010, compared with adjusted earnings
of $0.94 per share in the third quarter of 2009. The decline was
driven primarily by our sale of a 49.99 percent interest in
Constellation Energy’s nuclear business to EDF Group in November
2009. The sale of power at lower hedged prices also contributed to
the segment’s decline in third-quarter earnings.
NewEnergy
The NewEnergy segment reported an adjusted loss of $0.07 per
share in the third quarter of 2010, compared with third-quarter
2009 adjusted earnings of $0.16 per share. The year-over-year
variance is largely attributable to the assignment of contracts
linked to our legacy London-based coal and freight business, which
resulted in a loss of about $0.20 per share in the quarter. As
indicated earlier this year, the loss offsets contract assignments
completed in the first quarter of 2010, which resulted in a $0.20
gain. The company does not expect any further material contract
assignments related to its legacy coal and freight business.
Financial Statements
The Sept. 30, 2010, financial statements and supplemental
information are attached.
Adjusted Earnings
Constellation Energy presents adjusted earnings per share
(adjusted EPS) in addition to 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 and 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.
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
impairment losses, 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 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 due to the difficulty of doing
so. In the past, the impact of special items has been material to
our operating results computed in accordance with GAAP. Our
earnings guidance excludes the results of the UniStar Nuclear
Energy joint venture and any impact from the operations and
divestiture of our international commodities and Houston-based gas
trading operations, in addition to any other special items that may
occur. We note that such information is not in accordance with GAAP
and should not be viewed as a substitute to GAAP information.
SEC Filings
Constellation Energy plans to file its Form 10-Q for the three
months ended Sept. 30, 2010, on or about Nov. 5, 2010.
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 Oct. 29, 2010
Constellation Energy will host a conference call at 8:30 a.m.
(EDT) on Friday, Oct. 29, 2010, to review the results. Analysts,
investors, media and the public may participate by dialing in
shortly before 8:30 a.m. using the following information:
U.S. – (888) 455-2894International – (773)
681-5899Password – ENERGY
A replay will be available approximately one hour after the end
of the call by dialing (800) 790-2024 or (203) 369-3338
(international). The replay will be available for 90 days.
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 website
(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. The call will be recorded and
archived on the site.
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 in the United States and Canada, totaling
approximately 9,000 megawatts of generating capacity, and is among
the leading advocates for the development of new nuclear plants in
the United States. The company delivers electricity and natural gas
through Baltimore Gas and Electric Company (BGE), its regulated
utility in Central Maryland. A FORTUNE 500 company headquartered in
Baltimore, Constellation Energy had revenues of $15.6 billion in
2009.
Addendum – Amounts Excluded to Arrive
at Adjusted EPS
Quarter Ended September 30, 2010 After-Tax
Income (Expense) Impact ($ millions) (Per Share)
Impairment Losses and Other Costs: Investment in CENG Joint
Venture $ 1,346.5 $ 6.70 Investment in UniStar Nuclear Energy 86.3
0.43 Other Equity Investments 32.5 0.16
CENG Joint
Venture Results: Amortization of Basis Difference 31.5 0.15
Transaction-Related Costs 2.9 0.01
Gain on Sale of
Mammoth Lakes (24.7 ) (0.12 )
Total Special Items Excluding CENG PPA
Amortization
1,475.0 7.33
CENG PPA Amortization 28.8 0.14
Total Special Items $ 1,503.8 $
7.47
Impairment Losses and Other Costs
We recorded impairment charges related to certain of our equity
method investments based on declines in the fair value of our
ownership interests below their carrying value as of Sept. 30,
2010, that we considered to be other than temporary:
- Investment in
CENG – We determined that the fair value of our investment
had declined below its book value, which reflected the fair value
of our retained interest at the inception of our joint venture with
EDF in November 2009. This was primarily the result of significant
declines in forward power prices, particularly in the third quarter
of 2010, due to substantial changes in natural gas supply
fundamentals and a lack of any certainty around potential carbon
legislation.
- Investment in
UniStar Nuclear Energy – As a result of deteriorating
economics for new nuclear generation and our decision not to move
forward with a loan guarantee from the DOE, we evaluated the
recoverability of our investment and reduced its value to zero at
Sept. 30, 2010.
- Other Equity
Investments – As a result of the market conditions cited
above with respect to our investment in CENG, we evaluated our
other equity method investments in independent power producers for
other-than-temporary declines in value and determined that our
investments in three coal-fired power generating facilities in
California were impaired.
CENG Joint Venture Results
- Amortization of
Basis Difference - We have a basis difference between the
carrying value of our investment in CENG and our underlying equity
in CENG. This basis difference was caused by the requirement to
record our investment in CENG at fair value at closing, while
CENG’s assets and liabilities retained their carrying value. We are
amortizing this basis difference over the respective useful lives
of the assets of CENG or as those assets impact the earnings of
CENG.
- Transaction-Related Costs - In the third quarter,
we continued to record the amortization of credit facility
amendment fees associated with closing the EDF transaction.
Gain on Sale of Mammoth Lakes
In August 2010, we completed the sale of our 50 percent equity
interest in the Mammoth Lakes geothermal generating facility in
California and recorded a $38.0 million pre-tax gain.
CENG PPA Amortization
Based on energy prices at the time of the closing of the EDF
transaction, we recorded an approximately $0.8 billion “Unamortized
energy contract asset” for the value of our PPA with CENG, and CENG
recorded an approximately ($0.8) billion “Unamortized energy
contract liability.” Both entities are amortizing these amounts in
2010 and 2011, with the total net economic value to be realized by
us in the form of lower purchased power costs equal to
approximately $0.4 billion as a result of our 50.01 percent
ownership interest in CENG. During the third quarter of 2010, we
realized approximately $47.2 million pre-tax in economic value
relating to the amortization of the PPA with CENG.
Constellation Energy Group and
Subsidiaries
Consolidated Statements of Income
(Loss) (Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30, 2010 2009
2010 2009 (In Millions, Except Per Share
Amounts) Revenues Nonregulated revenues $ 3,114.9 $
3,161.7 $ 8,192.3 $ 9,371.3 Regulated electric revenues 776.3 788.3
2,178.7 2,250.8 Regulated gas revenues 77.7
77.7 494.4 573.1
Total revenues 3,968.9 4,027.7 10,865.4 12,195.2
Expenses Fuel and purchased energy expenses 2,977.0 2,650.4
7,606.8 8,555.2 Fuel and purchased energy expenses from affiliate
254.7 - 675.3 - Operating expenses 417.6 587.7 1,227.7 1,730.6
Merger termination and strategic alternatives costs - 4.9 - 51.2
Impairment losses and other costs 2,468.4 7.5 2,468.4 103.3
Workforce reduction costs - 0.4 - 11.6 Depreciation, depletion, and
amortization 122.5 149.3 379.2 446.8 Accretion of asset retirement
obligations 0.5 18.5 1.4 54.6 Taxes other than income taxes
66.6 74.4 199.0
224.7 Total expenses 6,307.3 3,493.1 12,557.8
11,178.0
Equity Investment Gains (Losses) 53.4 - (0.8 ) -
Net Gain (Loss) on Divestitures 38.3
(0.3 ) 43.5 (464.4 )
(Loss)
Income from Operations (2,246.7 ) 534.3 (1,649.7 ) 552.8
Other (Expense) Income (18.4 ) 11.6 (49.6 ) (59.7 )
Fixed
Charges Interest expense 62.6 102.6 244.5 323.8 Interest
capitalized and allowance for borrowed funds used during
construction (5.7 ) (22.5 ) (30.0 )
(65.7 ) Total fixed charges 56.9
80.1 214.5 258.1
(Loss) Income from Continuing Operations Before Income Taxes
(2,322.0 ) 465.8 (1,913.8 ) 235.0
Income Tax (Benefit)
Expense (947.0 ) 298.4
(813.9 ) 159.0
Net (Loss) Income
(1,375.0 ) 167.4 (1,099.9 ) 76.0
Less: Net Income Attributable
to Noncontrolling Interests and BGE Preference Stock Dividends
31.5 29.8 42.5
53.8
Net (Loss) Income Applicable to Common
Stock $ (1,406.5 ) $ 137.6 $ (1,142.4 ) $
22.2
Average Shares of Common Stock
Outstanding - Basic 201.1 199.6 200.7 199.1
Average Shares
of Common Stock Outstanding - Diluted 201.1 200.8 200.7 199.9
(Loss) Earnings Per Common Share - Basic $ (6.99 )
$ 0.69 $ (5.69 ) $ 0.11
(Loss) Earnings Per Common Share - Diluted $ (6.99 )
$ 0.69 $ (5.69 ) $ 0.11
Certain prior-period amounts have been
reclassified to conform with the current period's presentation.
Constellation Energy Group and Subsidiaries
Consolidated Balance Sheets (Unaudited)
September 30, December 31, 2010 2009
ASSETS (In Millions) Current Assets Cash and
cash equivalents $ 1,295.2 $ 3,440.0
Accounts receivable (net of allowance for
uncollectibles of $78.8 and $80.4, respectively)
1,986.9 1,778.2 Accounts receivable – consolidated variable
interest entities (net of allowance for
uncollectibles of $99.1 and $80.2,
respectively)
298.1 359.4 Fuel stocks 319.8 314.9 Materials and supplies 105.5
93.3 Derivative assets 546.1 639.1 Unamortized energy contract
assets (includes $391.5 and $371.3, respectively, related to CENG)
538.3 436.5 Restricted cash 52.2 2.7 Restricted cash – consolidated
variable interest entities 72.7 24.3 Deferred income taxes 14.5
127.9 Other 285.4 244.4 Total
current assets 5,514.7 7,460.7
Investments And Other Noncurrent Assets Investment in CENG
2,970.4 5,222.9 Other investments 201.6 424.3 Regulatory assets
(net) 375.9 414.4 Goodwill 25.5 25.5 Derivative assets 456.5 633.9
Unamortized energy contract assets (includes $106.4 and $400.9,
respectively, related to CENG) 244.0 604.7 Other 241.8
304.2 Total investments and other
noncurrent assets 4,515.7 7,629.9
Property, Plant And Equipment Nonregulated property,
plant and equipment 6,405.8 5,784.6 Regulated property, plant and
equipment 7,040.1 6,749.9 Accumulated depreciation (4,310.7
) (4,080.7 ) Net property, plant and equipment
9,135.2 8,453.8
Total Assets $
19,165.6 $ 23,544.4
LIABILITIES AND
EQUITY Current Liabilities Short-term borrowings $ 37.0
$ 46.0 Current portion of long-term debt - 0.4 Current portion of
long-term debt – consolidated variable interest entities 58.1 56.5
Accounts payable 979.5 916.3 Accounts payable – consolidated
variable interest entities 155.3 234.2 Derivative liabilities 567.0
632.6 Unamortized energy contract liabilities 166.2 390.1 Accrued
taxes 68.4 877.3 Accrued expenses 365.9 409.8 Other 416.1
477.5 Total current liabilities
2,813.5 4,040.7
Deferred Credits And
Other Noncurrent Liabilities Deferred income taxes 2,177.5
3,205.5 Asset retirement obligations 30.8 29.3 Derivative
liabilities 583.9 674.1 Unamortized energy contract liabilities
436.3 653.7 Defined benefit obligations 729.0 743.9 Deferred
investment tax credits 28.7 32.0 Other 298.6
388.8 Total deferred credits and other noncurrent
liabilities 4,284.8 5,727.3
Long-Term Debt Long-term debt, net of current portion
3,772.2 4,359.6 Long-term debt, net of current portion –
consolidated variable interest entities 424.7 454.4
Equity
Common shareholders' equity: Common stock 3,297.0 3,229.6 Retained
earnings 5,159.4 6,461.0 Accumulated other comprehensive loss
(863.0 ) (993.5 ) Total common shareholders'
equity 7,593.4 8,697.1 BGE preference stock not subject to
mandatory redemption 190.0 190.0 Noncontrolling interests
87.0 75.3 Total equity 7,870.4
8,962.4
Total Liabilities And
Equity $ 19,165.6 $ 23,544.4
Certain prior-period amounts have been reclassified to conform with
the current period's presentation.
Constellation Energy Group and Subsidiaries
Generation Operating Statistics (Unaudited)
Nine Months Ended September 30, Oil & Hydro &
Nuclear
* Coal Gas Renewables
Other Total Generation by Fuel Type (%) 2010 43.7 39.0 12.6
2.6 2.1 100.0 2009 65.1 30.2 1.0
2.1 1.6 100.0 Thousands of MWH 2010 11,528 10,279 3,330 692
561 26,390 2009 23,871 11,076 373 796 574 36,690
* Nuclear statistics shown as 100 percent owned prior to Nov. 6,
2009, and 50.01 percent subsequently due to the formation of the
CENG joint venture.
Utility Operating Statistics
(Unaudited) Three Months Ended Nine Months Ended
September 30, September 30, 2010 2009
2010 2009 ELECTRIC Revenues (In
Millions) Residential $ 532.7 $ 541.2 $ 1,492.8 $ 1,524.3
Commercial Excluding Delivery Service Only 129.6 138.9 371.9 420.2
Delivery Service Only 66.1 64.5 186.0 182.3 Industrial Excluding
Delivery Service Only 7.7 7.9 22.9 23.6 Delivery Service Only
6.5 7.9 19.6 22.1 System
Sales 742.6 760.4 2,093.2 2,172.5 Other 33.8
27.9 85.6 78.3 Total $ 776.4 $ 788.3 $
2,178.8 $ 2,250.8
Distribution Volumes (In
Thousands) - MWH Residential 3,928 3,450 10,673 9,761 Commercial
Excluding Delivery Service Only 1,007 1,051 2,898 3,043 Delivery
Service Only 3,502 3,206 9,551 8,943 Industrial Excluding Delivery
Service Only 70 67 210 203 Delivery Service Only 657
687 1,990 2,079 Total 9,164
8,461 25,322 24,029
GAS Revenues (In Millions) Residential Excluding
Delivery Service Only $ 41.3 $ 41.2 $ 295.7 $ 350.4 Delivery
Service Only 3.0 2.7 15.1 13.8 Commercial Excluding Delivery
Service Only 11.3 10.8 77.9 99.4 Delivery Service Only 6.4 7.1 28.4
29.8 Industrial Excluding Delivery Service Only 0.6 0.5 3.8 5.1
Delivery Service Only 3.6 2.7 11.9
10.2 System Sales 66.2 65.0 432.8 508.7 Off-System
Sales 12.1 12.2 57.8 62.8 Other 1.4 1.0
7.5 5.3 Total $ 79.7 $ 78.2 $ 498.1 $
576.8
Distribution Volumes (In Thousands) - DTH
Residential Excluding Delivery Service Only 2,197 2,430 24,788
26,054 Delivery Service Only 250 250 3,036 2,841 Commercial
Excluding Delivery Service Only 987 1,024 8,079 8,913 Delivery
Service Only 4,030 4,265 17,111 19,300 Industrial Excluding
Delivery Service Only 55 46 422 475 Delivery Service Only
4,350 4,567 16,044 14,761 System
Sales 11,869 12,582 69,480 72,344 Off-System Sales 2,445
3,170 10,198 13,903 Total
14,314 15,752 79,678 86,247
Utility operating statistics do not
reflect the elimination of intercompany transactions.
Heating and Cooling Degree Days (Calendar-Month
Basis)
Heating Degree Days
- Actual
42 77 2,885 3,134 - Normal 83 84 3,032 3,034
Cooling Degree Days
- Actual
707 499 1,101 716 - Normal 584 588 824 827
Constellation Energy Group and Subsidiaries
Supplemental Financial Statistics (Unaudited) Nine Months
Ended September 30, 2010 2009
Effective Tax Rate 42.5% 67.7%
Equity Investment
In Nonregulated Businesses -- End of Period (In Millions) $
5,551.2 $ 2,409.7
Equity Investment In Regulated Business
-- End of Period (In Millions) $ 2,042.2 $ 1,623.3
Common Stock Data Three Months Ended Nine
Months Ended September 30, September 30,
2010 2009 2010 2009 Common
Stock Dividends - Per Share --Declared $ 0.2400 $ 0.2400 $
0.7200 $ 0.7200 --Paid $ 0.2400 $ 0.2400 $ 0.7200 $ 0.9575
Market Value Per Share --High $ 35.10 $ 33.37 $ 38.73 $
33.37 --Low $ 28.21 $ 25.76 $ 28.21 $ 15.05 --Close $ 32.24 $ 32.37
$ 32.24 $ 32.37
Shares Outstanding - End of Period (In
Millions) 202.1 200.8 202.1 200.8
Book Value per
Share - End of Period $ 37.57 $ 20.08 $ 37.57 $ 20.08
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