CEG Constellation Energy Grp. Common Stock

Constellation NewEnergy Comments on Michigan PSC's Ruling in Detroit Edison Rate Case BALTIMORE, Nov. 23 /PRNewswire-FirstCall/ -- The following statement can be attributed to Robert J. Korandovich, Vice President, Constellation NewEnergy: The Michigan Public Service Commission's (MPSC) ruling today in the Detroit Edison rate case represents the first steps toward addressing a number of outstanding issues affecting the future of the Electric Choice law passed in Michigan over three years ago. Under the Leadership of Chairman J. Peter Lark and with Commissioners Laura Chappelle and Robert B. Nelson - the MPSC should be credited for its thorough review of the facts in this case and their attempt to deliver a balanced approach for all parties. The MPSC took a positive step in reaching a determination on stranded costs. This unresolved issue had cast a cloud over the entire market and caused many customers to delay decisions about entering the competitive market. Today's ruling allows customers to make economic decisions on selecting a competitive supplier using known variables. Secondly, the cost recovery and rate increases granted to Detroit Edison recognizes the utility's legitimate expenses but serves notice that going forward DTE cannot expect rate subsidies and must be prepared to compete. CNE however is disappointed there was no specific ruling on metering issues and is further concerned with the MPSC's ruling on the required notification period for customers wishing to return to regulated utility service. This Order begins laying the groundwork for the long-term viability of Electric Competition in Michigan. 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 10,000 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.constellation.com/ Web site: http://www.newenergy.com/ Company News On-Call: http://www.prnewswire.com/comp/084087.html

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