Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2011

Fair Value of Financial Instruments

We show the carrying amounts and fair values of financial instruments included in our Consolidated Balance Sheets in the following table:

At June 30, 2011		Carrying Amount		Fair Value


		(In millions)
Investments and other assets—Constellation Energy		$	179.5	$	179.8
Fixed-rate long-term debt:
	Constellation Energy (including BGE)		3,843.0		4,187.5
	BGE		2,113.9		2,284.1
Variable-rate long-term debt:
	Constellation Energy (including BGE)		671.8		671.8
	BGE		—		—

We discuss our valuation techniques and assumptions for estimating the fair value of financial instruments in Note 13 of our 2010 Annual Report on Form 10-K. There have been no changes in these techniques and assumptions during the quarter and six months ended June 30, 2011.

- Definition

This item represents certain of the disclosures concerning the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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