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Business Description
Constellation Energy Group, Inc. is an energy company that conducts its business through a merchant energy business that generates and markets wholesale electricity, and Baltimore Gas and Electric Company (BGE), a regulated electric and gas public transmission and distribution utility company. The Company's merchant energy business includes fossil, nuclear and hydroelectric generating facilities, interests in domestic power projects and nuclear consulting services, and power marketing, origination transactions and risk management services. The Company's other non-regulated businesses include energy products and services; home products; commercial building systems; residential and small commercial electric and gas retail marketing; a general partnership that provides cooling services for commercial customers in Baltimore; financial investments; real estate holdings and senior-living facilities; and interests in Latin American power generation and distribution projects and investments.

Financial Information
CEG is a holding company for a group of energy businesses focused on wholesale power marketing, merchant generation and portfolio management, and the Baltimore Gas and Electric Company, a regulated gas and electric delivery company. For the six months ended 6/30/02, revenues rose 5% to $2.06 billion. Net income before acct. change rose 73% to $310 million. Results reflect growth in the merchant energy business, offset by a $255.5 million gain from the sale of Orion investment.