Baltimore Gas and Electric Customers to Receive a $170 Credit

Baltimore Gas and Electric Residential Electric Customers
To Receive $170 Bill Credit This SummerCredit is part of a comprehensive settlement reached with the State of Maryland and Maryland Public Service Commission and Approved by the General Assembly. Information is Provided as a Service from Robert McArtor, REALTOR in Baltimore and Auctioneer with Long and Foster Real Estate, Inc. and Advantage Real Estate Auction Sales, LLC.
BALTIMORE, May 29, 2008 – Baltimore Gas and Electric Company (BGE), a subsidiary of
Constellation Energy (NYSE: CEG), today announced that residential electric distribution customers with active accounts on Aug. 29, 2008 will receive a one-time credit of $170 on their Sept. 2008 bill, the result of a comprehensive settlement reached on March 27, 2008 with BGE, Constellation Energy, Gov. Martin O’Malley, the State of Maryland and the Maryland Public Service Commission (PSC). The agreement was approved during the 2008 Maryland General Assembly and signed by Gov. Martin O’Malley. “During the past several months, BGE has worked aggressively to develop a process for applying the bill credits to more than one million residential electric customer accounts in an equitable and efficient fashion,” said Kenneth W. DeFontes, president of BGE. “The credits, which total at least $187 million, are required under the settlement agreement and are but one part of a more comprehensive package, which has
a total estimated value of $2 billion for our customers. “For more than 50 percent of BGE’s residential electric customers, the credit is expected to result in a greater than 10 percent reduction in electricity bills this year,” said DeFontes. “Importantly, during the period from now until Aug. 29th, BGE will make a special allowance for its certified low-income customers to ensure that service is not interrupted due solely to the fact that the bill credit has not yet been
issued.” In addition to the bill credits, the settlement affects BGE customers in the following ways:
• Residential and business electric customers will be relieved of liability for the decommissioning of the Calvert Cliffs Nuclear Power Plant, which has a value of about $1.5 billion, according to the Maryland PSC. Media Line: 410 470-7433 http://www.constellation.com/ Constellation Generation Group Constellation Energy Source Constellation Energy Commodities Group BGE HOME
Baltimore Gas and Electric Company Fellon-McCord & Associates Constellation NewEnergy
• Residential electric customers will receive about 90 percent of the cumulative $386 million in
bill credits that were ordered by the Maryland Legislature in 2006 and subject to litigation.
• All customers will benefit from limitations on electric distribution rate case filings. BGE will
not file an electric distribution rate case in 2008. Any electric distribution rate increase filed in
2009 will not be effective prior to Oct. 2009 and will be capped at no more than five percent
(equal to about 1.5 percent of the total electric bill). BGE will not file a subsequent electric
distribution rate case before August 2010.
• The settlement will not impact rate changes relating to the cost of electric supply or Standard
Offer Service (SOS), except that BGE will recover the return component of the SOS
administrative fee for a two-year period beginning in June 2008. Presently, SOS rates reflect
the lowest prices paid by BGE for wholesale power, which is obtained through competitive
bids, and BGE does not earn a return on SOS to residential customers. Effective June 1, 2008
through May 31, 2010, residential SOS rates will include a return of 15/100 of a cent per
kilowatt-hour, after which the charge will be eliminated from June 1, 2010 through December
31, 2016 as a result of the settlement.

Additional information about the settlement can be found at www.bge.com.
BGE (www.bge.com) headquartered in Baltimore, is Maryland’s largest gas and electric utility,
delivering power to more than 1.2 million electric customers and more than 640,000 natural gas customers in Central Maryland. The company’s approximately 3,000 employees are committed to the safe and reliable delivery of gas and electricity, as well as enhanced energy management, conservation, environmental stewardship and community assistance. BGE is a wholly-owned subsidiary of Constellation Energy (www.constellation.com) a FORTUNE 125 company also headquartered in Baltimore with subsidiaries that generate, sell and deliver energy and provide other energy-related services to customers throughout North America.