Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2011

Fair Value of Financial Instruments

Fair Value of Financial Instruments

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 September 30, 2011		Carrying Amount		Fair Value
		(In millions)
Investments and other assets—Constellation Energy		$	233.5	$	233.8
Fixed-rate long-term debt:
	Constellation Energy (including BGE)		3,843.0		4,301.2
	BGE		2,113.9		2,365.3
Variable-rate long-term debt:
	Constellation Energy (including BGE)		907.3		907.3
	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 nine months ended September 30, 2011.