-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001181431-05-068813.txt : 20051223
<SEC-HEADER>0001181431-05-068813.hdr.sgml : 20051223
<ACCEPTANCE-DATETIME>20051223170427
ACCESSION NUMBER:		0001181431-05-068813
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20051221
FILED AS OF DATE:		20051223
DATE AS OF CHANGE:		20051223

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONSTELLATION ENERGY GROUP INC
		CENTRAL INDEX KEY:			0001004440
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				521964611
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		750 E PRATT ST
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
		BUSINESS PHONE:		4107832800

	MAIL ADDRESS:	
		STREET 1:		750 E PRATT STREET
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONSTELLATION ENERGY CORP
		DATE OF NAME CHANGE:	19951220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RH ACQUISITION CORP
		DATE OF NAME CHANGE:	19951205

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WALLACE MICHAEL J
		CENTRAL INDEX KEY:			0001164695

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25931
		FILM NUMBER:		051285855

	BUSINESS ADDRESS:	
		STREET 1:		C/O CONSTELLATION ENERGY GROUP INC
		STREET 2:		750  E PRATT STREET
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
		BUSINESS PHONE:		4107832877

	MAIL ADDRESS:	
		STREET 1:		C/O CONSTELLATION ENERGY GROUP INC
		STREET 2:		750 E PRATT ST
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd101131.xml
<TEXT>
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<ownershipDocument>

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    <periodOfReport>2005-12-21</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001004440</issuerCik>
        <issuerName>CONSTELLATION ENERGY GROUP INC</issuerName>
        <issuerTradingSymbol>CEG</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
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            <rptOwnerCik>0001164695</rptOwnerCik>
            <rptOwnerName>WALLACE MICHAEL J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>750 E. PRATT STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BALTIMORE</rptOwnerCity>
            <rptOwnerState>MD</rptOwnerState>
            <rptOwnerZipCode>21202</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Pres. CGG, Exec. VP CEG</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
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                <value>Common Stock</value>
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            <transactionAmounts>
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        <nonDerivativeHolding>
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            <ownershipNature>
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                <natureOfOwnership>
                    <value>By 401(k) Plan</value>
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            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
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            <securityTitle>
                <value>Stock Options (right to buy)</value>
                <footnoteId id="F5"/>
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            <conversionOrExercisePrice>
                <value>27.93</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-12-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
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                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>354000</value>
                    <footnoteId id="F1"/>
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                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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            <expirationDate>
                <value>2012-02-05</value>
            </expirationDate>
            <underlyingSecurity>
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                <footnoteId id="F5"/>
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            </conversionOrExercisePrice>
            <transactionDate>
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            </transactionDate>
            <transactionCoding>
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                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
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                    <footnoteId id="F7"/>
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                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
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            <expirationDate>
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            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
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                </underlyingSecurityTitle>
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                </underlyingSecurityShares>
            </underlyingSecurity>
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                <value>Stock Options (right to buy)</value>
                <footnoteId id="F5"/>
            </securityTitle>
            <conversionOrExercisePrice>
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            </conversionOrExercisePrice>
            <transactionDate>
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            </transactionDate>
            <transactionCoding>
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                <transactionAcquiredDisposedCode>
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                <transactionCode>M</transactionCode>
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                    <value>0</value>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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            <exerciseDate>
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                <directOrIndirectOwnership>
                    <value>D</value>
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                <footnoteId id="F5"/>
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                <value>58.33</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-12-21</value>
            </transactionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                <transactionShares>
                    <value>17038</value>
                    <footnoteId id="F7"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
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                <transactionAcquiredDisposedCode>
                    <value>A</value>
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                <value>2005-12-21</value>
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                <value>2014-02-26</value>
            </expirationDate>
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                <underlyingSecurityShares>
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    <footnotes>
        <footnote id="F1">At the request of the issuer, the officer has exercised all vested options held by such officer for purposes of minimizing the amount of excise taxes and tax gross-up payable by the issuer on behalf of the officer pursuant to Section 4999 of the Internal Revenue Code.</footnote>
        <footnote id="F2">Shares were withheld to pay exercise prices and taxes due on the total of 414,534 stock options exercised on 12/21/05.</footnote>
        <footnote id="F3">This amount includes shares obtained through reinvested dividends since the Form 4 filed on 5/3/05.</footnote>
        <footnote id="F4">This amount includes 35.3305 shares acquired since the Form 4 filed on 5/3/05.</footnote>
        <footnote id="F5">These are employee stock options.</footnote>
        <footnote id="F6">Options vested in three installments on 12/31/02, 12/31/03, and 12/31/04.</footnote>
        <footnote id="F7">Represents replacement options granted to the officer following exercise of existing vested options on 12/21/05.  The aggregate number of replacement options received is equal to the total number of options exercised less the actual shares received by the officer upon exercise of the options.</footnote>
        <footnote id="F8">Options vest in three installments beginning on 5/2/04.  The second installment vested on 5/2/05, and the third installment will vest on 5/2/06.</footnote>
        <footnote id="F9">Options vest in three installments beginning on 2/26/05.  The second and third installments will vest on 2/26/06 and 2/26/07, respectively.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Charles A. Berardesco, Attorney-In-Fact</signatureName>
        <signatureDate>2005-12-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----