CEG Constellation Energy Grp. Common Stock

Constellation NewEnergy Finalizes Power Agreement With the City of Waco, Texas BALTIMORE, Oct. 11 /PRNewswire-FirstCall/ -- Constellation Energy (NYSE:CEG) today announced that its subsidiary, Constellation NewEnergy, has finalized a two-year electricity purchase agreement with the City of Waco, Texas. The agreement will allow the city to reduce its budgeted electric energy costs by approximately $740,000 for fiscal year 2004 - 2005. The City of Waco will spend roughly $9 million for energy use over the next two years to service most of its municipal facilities. It currently operates approximately 700 metered locations. "Due to the size of our energy use and the number of meters we use, it was imperative that we work with a company capable of conducting the switching process in a timely and seamless manner," said Danny Jackson, energy manager for the City of Waco. Jackson added that Constellation NewEnergy's ability to summarize all of the city's energy use onto one bill was another major factor in the decision. "When you operate as many meters as the city does, it's helpful to have all of its use consolidated onto one bill," said Jackson. In addition to supplying energy to the city, Constellation NewEnergy provides electricity management services for the Midway Independent School District. The company also supplies energy to commercial and industrial customers in deregulated markets across the state. "Today's competitive electricity marketplace can lead to significant savings for municipal energy users such as the City of Waco - and that's good news for taxpayers," said David Bat, vice president for the Texas region of Constellation NewEnergy. "We're pleased to serve the city and appreciate the trust it has placed in us to serve its electricity needs." Constellation NewEnergy (http://www.newenergy.com/), a member of Constellation Energy (NYSE:CEG), is a leading competitive supplier of electricity, natural gas and energy related services to commercial and industrial customers throughout North America. Constellation NewEnergy operates in all competitive energy markets throughout the United States and Canada, providing products that enable customers to effectively manage and control energy costs. Constellation NewEnergy's regional expertise coupled with its national presence provides customers with customized energy products and services while leveraging the assets of one of the strongest integrated energy companies in North America. Constellation NewEnergy, based in Baltimore, serves more than 8,000 commercial and industrial customers throughout 31 states and 3 Canadian provinces representing more than 9,000 megawatts of peak load and more than 300 billion cubic feet of annual natural gas consumption. Constellation Energy (http://www.constellation.com/), a Fortune 500 integrated energy company, is the leading supplier of competitive energy to large commercial and industrial customers in North America. Constellation Energy manages supply and delivery of fuels and power for some of the world's largest producers and consumers of electricity, natural gas, oil and coal. Constellation Energy also owns or holds ownership interests in a diversified fleet of 35 power plants in 11 states, totaling approximately 12,500 megawatts of generating capacity, and delivers safe, economical and reliable electricity and natural gas in Central Maryland through its regulated utility, the Baltimore Gas and Electric Company (BGE). Constellation Energy is headquartered in Baltimore with nearly four dozen corporate and regional offices around the world. Constellation Energy's combined revenues in 2003 totaled $9.7 billion. DATASOURCE: Constellation Energy CONTACT: Larry McDonnell, Constellation Energy, +1-410-234-7433, +1-410-230-9858 Web site: http://www.newenergy.com/ http://www.constellation.com/ Company News On-Call: http://www.prnewswire.com/comp/084087.html

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