8-K

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 17, 2008

Commission File Number	Exact name of registrant as specified in its charter	IRS Employer Identification No.
1-12869	CONSTELLATION ENERGY GROUP, INC.	52-1964611

                        MARYLAND                         

(State of Incorporation of registrant)

        100 CONSTELLATION WAY,            BALTIMORE, MARYLAND             21202        

                                    (Address of principal executive offices)                                                                          (Zip Code)    

410-470-2800

(Registrant’s telephone number, including area code)

                                                             NOT APPLICABLE                                                             

(Former name, former address

and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events

Constellation Energy Group, Inc. (“Constellation”) held a webcast teleconference on December 17, 2008. A slide used in the webcast teleconference relating to Constellation’s 2009 earnings guidance is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit No.	Description
99.1	Slide from Investor Webcast Teleconference.

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, hereunto duly authorized.

		CONSTELLATION ENERGY GROUP, INC.
		(Registrant)
Date:	December 17, 2008	/s/ Charles A. Berardesco
		Charles A. Berardesco         Senior Vice President and General Counsel

EX-99.1

1

2009 and Beyond

Note: Earnings impact of winding down commodities could result in earnings per share impact of ($1.00) to $0.00

See Appendix

•

2009 earnings guidance of $2.90 to $3.30 per share

•

Projecting five-year compound annual EPS growth rate of 6%

to 8%

•

Key drivers include:

–

Reset of generation hedges at higher market prices offset by impact of

the Nuclear Joint Venture

–

Debt reduction and capital expenditure reductions

–

Higher BGE earnings resulting from increased investment

•

Recommending reduction in dividend by 50% to 60%

Exhibit 99.1