Capitalization (Tables)

12 Months Ended

Dec. 31, 2011

Capitalization

Schedule of total capitalization, which includes long-term debt, common stock, noncontrolling interests, and preference stock

At December 31,	2011			2010
	(In millions)
Long-Term Debt
Long-term debt of Constellation Energy
8.625% Series A Junior Subordinated Debentures, due June 15, 2063	$	450.0		$	450.0
7.00% Fixed-Rate Notes, due April 1, 2012		—			213.5
4.55% Fixed-Rate Notes, due June 15, 2015		550.0			550.0
5.15% Fixed-Rate Notes, due December 1, 2020		550.0			550.0
7.60% Fixed-Rate Notes, due April 1, 2032		700.0			700.0
Fair Value of Interest Rate Swaps		44.1			36.2
Total long-term debt of Constellation Energy		2,294.1			2,499.7
Long-term debt of nonregulated businesses
Tax-exempt debt transferred from BGE effective July 1, 2000
4.10% Pollution control loan, due July 1, 2014		20.0			20.0
Tax-exempt variable rate notes, due April 1, 2024		75.0			75.0
7.3% Fixed Rate Note, due June 1, 2012		1.6			1.7
Upstream Gas Property asset-based lending agreement due July 16, 2016		83.0			18.0
Secured Solar Credit Lending Agreement due July 7, 2014		130.0			—
Sacramento Solar Project Financing Agreement due December 31, 2030		40.7			—
Denver International Airport Solar Loan Agreement due June 30, 2031		7.5			—
Holyoke Solar, LLC Loan Agreement due December 31, 2031		11.0			—
Total long-term debt of nonregulated businesses		368.8			114.7
Other long-term debt of BGE
3.50% Notes, due November 15, 2021		300.0			—
6.125% Notes, due July 1, 2013		400.0			400.0
5.90% Notes, due October 1, 2016		300.0			300.0
5.20% Notes, due June 15, 2033		200.0			200.0
6.35% Notes, due October 1, 2036		400.0			400.0
Medium-term notes, Series E		109.6			131.5
Total other long-term debt of BGE		1,709.6			1,431.5
6.20% deferrable interest subordinated debentures due October 15, 2043 to BGE wholly owned BGE Capital Trust II relating to trust preferred securities		257.7			257.7
Rate stabilization bonds		394.6			454.4
Unamortized discount and premium		(5.1	)		(3.9	)
Current portion of long-term debt		(174.9	)		(305.3	)
Total long-term debt	$	4,844.8		$	4,448.8
Equity:
Noncontrolling Interests	$	116.9		$	88.8
BGE Preference Stock
Cumulative preference stock not subject to mandatory redemption, 6,500,000 shares authorized 7.125%, 1993 Series, 400,000 shares outstanding, callable at $100.71 per share until June 30, 2012, and at lesser amounts thereafter		40.0			40.0
6.97%, 1993 Series, 500,000 shares outstanding, callable at $100.70 per share until September 30, 2012, and at lesser amounts thereafter		50.0			50.0
6.70%, 1993 Series, 400,000 shares outstanding, callable at $100.67 per share until December 31, 2012, and at lesser amounts thereafter		40.0			40.0
6.99%, 1995 Series, 600,000 shares outstanding, callable at $101.40 per share until September 30, 2012, and at lesser amounts thereafter		60.0			60.0
Total BGE preference stock not subject to mandatory redemption		190.0			190.0
Common Shareholders' Equity
Common stock without par value, 600,000,000 shares authorized; 201,686,291 and 199,788,658 shares issued and outstanding at December 31, 2011 and 2010, respectively. (At December 31, 2011, 10,143,863 shares were reserved for the long-term incentive plans, 8,542,059 shares were reserved for the shareholder investment plan, and 1,223,050 shares were reserved for the employee savings plan.)		3,292.2			3,231.7
Retained earnings		4,738.0			5,270.8
Accumulated other comprehensive (loss) income:
Hedging instruments		(404.0	)		(228.7	)
Available-for-sale securities		38.9			34.5
Defined benefit plans		(558.3	)		(481.1	)
Foreign currency translation and other		(12.9	)		2.0
Total accumulated other comprehensive loss		(936.3	)		(673.3	)
Total common shareholders' equity		7,093.9			7,829.2
Total Equity		7,400.8			8,108.0
Total Capitalization	$	12,245.6		$	12,556.8

BGE Common Shareholder Equity

At December 31,	2011		2010
	(In millions)
Common Stock	$	1,293.1	$	1,293.1
Retained Earnings		817.0		779.5
Accumulated other comprehensive income		0.6		0.6
Total BGE common shareholder equity	$	2,110.7	$	2,073.2

Schedule disclosing details of rate stabilization bonds

Below are the details of the rate stabilization bonds at December 31, 2011:

Principal	Interest Rate			Scheduled Maturity Date
$55.4		5.47	%	October 2012
220.0		5.72		April 2016
119.2		5.82		April 2017

Schedule disclosing maturities of long-term debt

As of December 31, 2011, our long-term borrowings mature on the following schedule:

Year	Constellation Energy		Nonregulated Businesses		BGE		Total
	(In millions)
2012	$	—	$	2.4	$	172.5	$	174.9
2013		—		2.5		466.6		469.1
2014		—		152.5		70.4		222.9
2015		594.1		2.6		74.5		671.2
2016		—		84.2		378.9		463.1
Thereafter		1,700.0		124.6		1,199.0		3,023.6
Total	$	2,294.1	$	368.8	$	2,361.9	$	5,024.8

Schedule disclosing weighted-average interest rates for variable rate debt

At December 31,	2011			2010
Nonregulated Businesses (including Constellation Energy)
Loans under credit agreements		2.88	%		4.50	%
Tax-exempt debt		0.21	%		0.30	%
Fixed-rate debt converted to floating (1)		1.55	%		1.23	%

(1)

Includes $150 million of floating rate swaps related to fixed rate debt maturing in 2020 for four years of the 10-year term note.