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