UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                    FORM 8-K
                                   -----------



                                 CURRENT REPORT



                         PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934



     Date of Report (Date of earliest event reported): December 23, 1997
                                                      (December 19, 1997)




                        CONSTELLATION ENERGY CORPORATION
             (Exact name of registrant as specified in its charter)




      Maryland and Virginia        Not Assigned             52-1964611
     ---------------------------------------------------------------------
     (State of incorporation)      (Commission            (IRS Employer
                                   File Number)        Identification No.)




           39 W. Lexington Street   Baltimore, Maryland    21201
          ------------------------------------------------------------
               (Address of principal executive offices) (Zip Code)




                                 410-234-5685
             (Registrant's telephone number, including area code)




                                 Not Applicable
  (Former name, former address and former fiscal year, if changed since last
                                   report)

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ITEM 5.  Other Events
- ---------------------

     As  announced in  September  1995,  BGE and Pepco had planned to merge into
Constellation Energy Corporation as soon as all conditions to closing the merger
were  satisfied.  On  December  22,  1997,  BGE and  Pepco  announced  they were
terminating  the  merger  agreement.  Specific  details  about the  decision  to
terminate the merger  agreement are included in Pepco's Report on Form 8-K dated
December 22, 1997 and BGE's Report on Form 8-K dated December 23, 1997.

     Constellation  Energy  Corporation  filed several  registration  statements
under the  Securities  Act of 1933 to  register  securities  needed for  various
Constellation Energy Corporation shareholder,  employee, and executive plans and
financing  programs  if the merger had  closed.  No  securities  were  issued by
Constellation  Energy  Corporation  under those  registration  statements.  As a
result of the announcement by both companies to terminate the merger  agreement,
Constellation  Energy  Corporation will deregister all securities  registered on
the registration statements.




                                    SIGNATURE


      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                                CONSTELLATION ENERGY CORPORATION
                                                           (Registrant)


Date  December 23, 1997                                  /s/  D. A. Brune
     -------------------                         -----------------------------

                                                   D. A. Brune, Vice President
                                                 on behalf of the Registrant and
                                                  as Principal Financial Officer


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