Exhibit No. 99.2

News Release
Contacts: Charles Welsh (media)
          410 234-5076

          Brian Stanton (investors)
          410 783-3670                             FOR RELEASE 6:00 AM 1/30/2002

                  CONSTELLATION ENERGY GROUP INCREASES DIVIDEND


BALTIMORE, January 30, 2002 -- Directors of Constellation Energy Group (NYSE:
CEG) declared a quarterly dividend of 24 cents per share on the common stock
payable April 1, 2002 to holders of record on March 11, 2002. This is
equivalent to an annual rate of 96 cents per share. The Company has been
paying quarterly dividends on the common stock at the rate of 12 cents per
share, equivalent to an annual rate of 48 cents per share, which was
established April 3, 2000.

Baltimore Gas and Electric Company declared quarterly dividends at the specified
rates for all of its outstanding preference stock, payable April 1, 2002, to
holders of record at the close of business on March 11, 2002.

Constellation Energy Group owns energy-related businesses, including a
North American wholesale power marketing and merchant generation company
and the Baltimore Gas and Electric Company (BGE), a regulated energy delivery
company in Central Maryland. BGE provides service to more than 1.1 million
electric customers and more than 600,000 natural gas customers in Central
Maryland. Constellation Energy Group had $3.9 billion in revenues in 2001 and
assets of $13.7 billion at December 31, 2001.



                                      # # #