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Constellation Energy and Baltimore Gas and Electric Company Announce Their Intent to Increase Available Funds to $26 Million for Financial Assistance and Energy Conservation Programs in Response to Rising Energy Costs

Posted on: Tuesday, 8 November 2005, 12:00 CST

BALTIMORE, Nov. 8 /PRNewswire-FirstCall/ -- Constellation Energy and its regulated utility, Baltimore Gas and Electric Company (BGE), today announced their intent to increase funds available for financial assistance and energy conservation programs to a total of $26 million. The effort is designed to help limited-income customers manage what is expected to be unusually high costs associated with both the upcoming heating season and the summers and winters ahead.

"Our announcement today that Constellation Energy and BGE intend to significantly increase available funds to limited-income charities, including the Fuel Fund of Maryland and the Baltimore Community Foundation, takes on added significance given this year's spike in global energy prices," said Mayo A. Shattuck III, chairman, president and chief executive officer of Constellation Energy. "Growing worldwide demand, combined with the impact of this year's Gulf Coast hurricanes and the associated impact on oil and gas production, are fueling significant increases in costs for all forms of energy, including natural gas and electricity. Given that energy costs are expected to be unusually high in coming months and years, Constellation Energy is taking this unprecedented step so as to help ease the financial strain for many of its customers, particularly in the limited-income community."

Financial assistance monies totaling $20 million will be available over the next few years to various charities and programs, including the Fuel Fund of Maryland and BGE's Community Assistance Fund, which was created in 2003 and is administered through the Baltimore Community Foundation. As part of this assistance, BGE will make a special $2 million direct cash contribution to the Fuel Fund of Maryland for customer assistance.

In addition, BGE intends to earmark $6 million in spending over a three- year period for energy conservation programs to promote the use of energy efficient products and other cost-effective ways of saving energy.

"We feel strongly that as part of our continued commitment to the communities we serve, we must do what we can to help ease the financial impact that the rise in global energy prices is sure to have on our limited-income customers," said Kenneth W. DeFontes, president of BGE. "It is our sincere hope that through a combination of direct financial assistance and energy conservation programs, we will in some measure help to lessen their financial burden."

Over and above the $26 million commitment, BGE will be enhancing a number of existing programs to further assist its customers. To that end, BGE intends to increase the level of matching credits to the Fuel Fund from $1 million to $2 million during the upcoming year. The utility also has begun a proactive customer communications campaign, which will run through next year, designed to encourage programs such as budget billing and energy conservation and weatherization. Finally, BGE will continue to engage in a host of community outreach activities, with an emphasis on educating customers about energy assistance and weatherization opportunities.

Constellation Energy (http://www.constellation.com/), a FORTUNE 200 company based in Baltimore, 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 more than 100 generating units located throughout the United States, totaling approximately 12,000 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. In 2004, the combined revenues of the integrated energy company totaled $12.5 billion.

Constellation Energy

CONTACT: Robert L. Gould or Linda J. Foy, both of Constellation Energy,+1-410-234-7433

Web site: http://www.constellation.com/

Company News On-Call: http://www.prnewswire.com/comp/084087.html

Source: PRNewswire-FirstCall

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