-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EQTRXpTJYB/CAH4eqDQysLCGQfDT8NoY1ZtW8xqLhTlasmwH1pJICD4lGQXkMsRs uQeQvpn186sR8bCBFTs3Yw== 0001104659-05-050729.txt : 20051028 0001104659-05-050729.hdr.sgml : 20051028 20051027213433 ACCESSION NUMBER: 0001104659-05-050729 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20051027 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051028 DATE AS OF CHANGE: 20051027 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BALTIMORE GAS & ELECTRIC CO CENTRAL INDEX KEY: 0000009466 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 520280210 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01910 FILM NUMBER: 051161216 BUSINESS ADDRESS: STREET 1: 39 WEST LEXINGTON STREET CITY: BALTIMORE STATE: MD ZIP: 21201 BUSINESS PHONE: 4107833624 MAIL ADDRESS: STREET 1: 39 WEST LEXINGTON STREET CITY: BALTIMORE STATE: MD ZIP: 21201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONSTELLATION ENERGY GROUP INC CENTRAL INDEX KEY: 0001004440 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 521964611 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25931 FILM NUMBER: 051161215 BUSINESS ADDRESS: STREET 1: 750 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4107832800 MAIL ADDRESS: STREET 1: 750 E PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: CONSTELLATION ENERGY CORP DATE OF NAME CHANGE: 19951220 FORMER COMPANY: FORMER CONFORMED NAME: RH ACQUISITION CORP DATE OF NAME CHANGE: 19951205 8-K 1 a05-19146_18k.htm CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): October 27, 2005

Commission

File Number

 

Exact name of registrant as specified in its charter

 

IRS Employer

Identification No.

 

 

 

 

 

1-12869

 

CONSTELLATION ENERGY GROUP, INC.

 

52-1964611

 

 

 

 

 

1-1910

 

BALTIMORE GAS AND ELECTRIC COMPANY

 

52-0280210

 

 

MARYLAND

 

 

(State of Incorporation of both registrants)

 

 

 

750 E. PRATT STREET,

 

BALTIMORE, MARYLAND

 

21202

(Address of principal executive offices)

 

(Zip Code)

 

 

410-783-2800

 

(Registrants’ telephone number, including area code)

 

 

 

 

NOT APPLICABLE

 

 (Former name, former address

and former fiscal year, if changed since last report)

 

                Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 



 

ITEM 2.02.  Results of Operations and Financial Condition

 

Pursuant to the requirements of Item 2.02 of Form 8-K, the registrants are furnishing (and not filing) on Form 8-K the press release attached hereto as Exhibit No. 99.

 

 

ITEM 9.01.  Financial Statements and Exhibits

 

 

(d)

Exhibit No. 99

Press Release of Constellation Energy Group, Inc. issued on October 28, 2005.

 

 

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934 each registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

 

 

CONSTELLATION ENERGY GROUP, INC.

 

(Registrant)

 

 

 

BALTIMORE GAS AND ELECTRIC COMPANY

 

(Registrant)

 

Date:

 

October 27, 2005

 

/s/ E. Follin Smith

 

 

 

 

E. Follin Smith, Executive Vice President of Constellation Energy Group, Inc. and Senior Vice President of Baltimore Gas and Electric Company, and as Principal Financial Officer of each Registrant

 

 

 

2



 

EXHIBIT INDEX

 

Exhibit No. 99

 

Press Release of Constellation Energy Group, Inc. issued on October 28, 2005.

 

 

3


EX-99 2 a05-19146_1ex99.htm EXHIBIT 99

Exhibit 99

                                               News Release

                            

 

 

Media Line: 410 234-7433

 

 

 

 

www.constellation.com

 

 

 

 

 

 

 

 

 

Constellation Generation Group

 

Constellation NewEnergy

 

 

Constellation Energy Commodities Group

 

BGE HOME

 

 

Baltimore Gas and Electric Company

 

Fellon-McCord & Associates

 

 

Constellation Energy Projects & Services Group

 

 

 

 

 

 

Media Contacts:                           Robert L. Gould

                                                        Angelique Rewers

                                                        410 234-7433

 

Investor Contact:                         Kevin Hadlock

                                                        410 783-3647

 

 

Constellation Energy Reports Third Quarter 2005 Earnings

Delivers solid results amid a significant increase in commodity prices and extreme weather

Reaffirms 2005 guidance for adjusted earnings of $3.35 to $3.60 per share

                BALTIMORE, Oct. 28, 2005 - Constellation Energy (NYSE: CEG) today reported third quarter 2005 adjusted earnings of $1.16 per share, at the top of management’s guidance range of $1.02 to $1.17 per share. Adjusted earnings exclude the impact of special items and certain economic hedges that do not qualify for hedge accounting. Compared to the third quarter of last year, adjusted earnings per share were four cents lower.  On a GAAP basis, the company’s reported earnings were $1.03 per share in the third quarter of 2005, compared to $1.19 per share during the same quarter last year. Constellation Energy also reaffirmed 2005 guidance for adjusted earnings of $3.35 to $3.60 per share.

                “Constellation Energy delivered strong financial results despite a third quarter in which hot weather in many regions drove strong load demand and Gulf Coast hurricanes fueled a significant rise in commodity prices,” said Mayo A. Shattuck III, chairman, president and chief executive officer of Constellation Energy. “We once again demonstrated that our strong risk management capabilities enable us to succeed in this type of environment.

                “The past quarter also was marked by the formation of UniStar Nuclear, a joint enterprise with AREVA Inc. that provides the business framework through which the first fleet of advanced nuclear power plants in America in nearly three decades could be developed and deployed,” added Shattuck.

 



 

                Also in the third quarter, Constellation Energy reached an agreement to sell its Panama operations. The transaction closed on October 3, 2005, which will result in an eight cent gain in the fourth quarter.

                The following table summarizes both adjusted earnings per share (which excludes the impact of special items and certain economic hedges that do not qualify for hedge accounting) and earnings per share reported in accordance with generally accepted accounting principles (GAAP) for the three and nine months ended Sept. 30, 2005:

 

 

 

 

 

Three Months Ended September 30,

 

 

 

2005

 

2004

 

 

 

Reported

 

 

 

Reported

 

 

 

 

 

GAAP

 

Adjusted

 

GAAP

 

Adjusted

 

EARNINGS PER COMMON SHARE

 

EPS*

 

EPS

 

EPS*

 

EPS

 

Baltimore Gas and Electric

 

$

0.24

 

$

0.24

 

$

0.16

 

$

0.16

 

Merchant Energy

 

0.78

 

0.92

(1)

1.05

 

1.06

(2)

Other Nonregulated

 

 

 

(0.05

)

(0.02)

(3)

Diluted Earnings Per Share from Continuing Operations

 

1.02

 

1.16

 

1.16

 

1.20

 

Income from Discontinued Operations Assuming Dilution

 

0.01

 

 

0.03

 

 

Diluted Earnings Per Share

 

$

1.03

 

$

1.16

 

$

1.19

 

$

1.20

 

 


* Unaudited.

Prior period amounts reclassified to conform with current period presentation.

 

GAAP EPS was adjusted by the following amounts to calculate Adjusted EPS

(1) Workforce reduction costs of $0.01 per share and non-qualifying hedges on fuel adjustment clauses and gas transportation contracts

of $0.13 per share

(2) Non-qualifying hedges on fuel adjustment clauses of $0.01 per share.

(3) Net loss on sales of investments and other assets of $0.03 per share.

 

 

 

 

Nine Months Ended September 30,

 

 

 

2005

 

2004

 

 

 

Reported

 

 

 

Reported

 

 

 

 

 

GAAP

 

Adjusted

 

GAAP

 

Adjusted

 

EARNINGS PER COMMON SHARE

 

EPS*

 

EPS

 

EPS*

 

EPS

 

Baltimore Gas and Electric

 

$

0.76

 

$

0.76

 

$

0.72

 

$

0.72

 

Merchant Energy

 

1.57

 

1.77

(1)

1.90

 

1.72

(2)

Other Nonregulated

 

0.01

 

0.01

 

(0.06

)

(0.04)

(3)

Diluted Earnings Per Share from Continuing Operations

 

2.34

 

2.54

 

2.56

 

2.40

 

Income (Loss) from Discontinued Operations Assuming Dilution

 

0.04

 

 

(0.20

)

 

Diluted Earnings Per Share

 

$

2.38

 

$

2.54

 

$

2.36

 

$

2.40

 


* Unaudited.

Prior period amounts reclassified to conform with current period presentation.

 

GAAP EPS was adjusted by the following amounts to calculate Adjusted EPS

(1) Workforce reduction costs of $0.01 per share and non-qualifying hedges on fuel adjustment clauses and gas transportation contracts

of $0.19 per share.

(2) Synfuel tax credits associated with 2003 production at SC facility of ($0.21) per share and non-qualifying hedges on fuel adjustment

clauses of $0.03 per share.

(3) Net loss on sales of investments and other assets of $0.01 per share and impairment of a financial investment of $0.01 per share.

 

 



 

Baltimore Gas & Electric

                BGE delivered a strong performance in the third quarter, earning 24 cents per share. These results were seven cents above the top end of management’s guidance range and eight cents higher than the same period last year. The positive variance was due primarily to hot weather in Central Maryland in the third quarter, which was the third warmest since 1950, when BGE began tracking weather.

Merchant Energy

                Constellation Energy’s merchant energy business recorded adjusted earnings of 92 cents per share. This result was in line with management’s guidance and 14 cents lower than the adjusted EPS of $1.06 per share earned in the third quarter last year.

                As expected in the third quarter, the Company received lower competitive transition charge (CTC) revenue as some commercial customers completed their CTC obligation. Weather-driven demand increased costs for the load serving businesses as customers consumed more fixed-price power. This phenomenon combined with the sharp rise in power prices increased NewEnergy’s costs to serve customers in their expanding retail business.

                “We delivered incremental productivity in the third quarter, driven primarily by our generation group. Year to date, we have realized about $72 million, or 90 percent of our 2005 productivity target of $80 million. As you can see, we are delivering on our promise that 2008 pretax earnings would be $150 to $180 million higher than 2003’s via productivity,” said E. Follin Smith, executive vice president, chief financial officer and chief administrative officer of Constellation Energy. “These gains will create a lower cost structure, which is an annuity for our shareholders in our deregulated environment and which increases the return on investment in Constellation Energy.”

Adjusted Earnings

                Constellation Energy presents adjusted earnings per share (adjusted EPS) in addition to its reported earnings per share in accordance with generally accepted accounting principles (reported GAAP EPS).  Adjusted EPS is a non-GAAP financial measure that differs from reported GAAP EPS because it excludes the cumulative effects of changes in accounting principles, discontinued operations, special items (which we define as significant items that are not related to our ongoing, underlying business or which distort comparability of results) included in operations, and impacts of certain economic, non-qualifying hedges.

                For the third quarter, Constellation Energy has for the first time determined to exclude from adjusted earnings two categories of non-qualifying hedges: hedges against the Commodities Group New

 



 

England fuel adjustment clauses and hedges on gas transport contracts. The mark-to-market impact of these hedges was significant on reported results, but economically neutral to the company in that offsetting gains on underlying accrual positions will be recognized in the future.

                We present adjusted EPS because we believe that it is appropriate for investors to consider results excluding these items in addition to our results in accordance with GAAP.  We believe such a measure provides a picture of our results that is comparable among periods since it excludes the impact of items such as workforce reduction costs or gains and losses on the sale of a business, which may recur occasionally, but tend to be irregular as to timing, thereby distorting comparisons between periods.  However, investors should note that these non-GAAP measures involve judgments by management (in particular, judgments as to what is classified as a special item or an economic, non-qualifying hedge to be excluded from adjusted earnings).  These non-GAAP measures are also used to evaluate management’s performance and for compensation purposes.

                Constellation Energy also provides its earnings guidance in terms of adjusted EPS.  Constellation Energy is unable to reconcile its 2005 adjusted EPS to GAAP earnings per share because we do not predict the future impact of special items and economic, non-qualifying hedges due to the difficulty of doing so.  The impact of special items and economic, non-qualifying hedges could be material to our operating results computed in accordance with GAAP.

SEC Filings

                The company plans to file its Form 10-Q for the three months ended Sept. 30, 2005 on or about Nov. 8, 2005.

Forward-Looking Statements

                We make statements in this news release that are considered forward-looking statements within the meaning of the Securities Exchange Act of 1934.  These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project.  For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our Form 10-K under the forward-looking statements section.

 



 

Conference Call Oct. 28, 2005

                Constellation Energy will host a conference call at 8:30 a.m. EDT on Oct. 28, 2005, to review its third quarter 2005 financial results. To participate, analysts, investors, media and the public in the U.S. may dial (888) 455-2894 shortly before 8:30 a.m. The international phone number is (773) 681-5899. The conference password is ENERGY. A replay will be available approximately one hour after the end of the call. The replay number is (800) 925-4871 (U.S.) or (402) 220-4325 (international). A live audio webcast of the conference call, as well as presentation slides, will be available on the Investor Relations page of the company Web site, www.constellation.com. The reference to our Web site is an active textual reference and the contents of our Web site are not part of this press release.

                Constellation Energy (http://www.constellation.com), a FORTUNE 200 company based in Baltimore, is the nation’s largest competitive supplier of electricity to large commercial and industrial customers and the nation’s largest wholesale power seller. Constellation Energy also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns a diversified fleet of more than 100 generating units located throughout the United States, totaling approximately 12,000 megawatts of generating capacity. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. In 2004, the combined revenues of the integrated energy company totaled $12.5 billion.

Addendum — Economic, Non-qualifying Hedges and Special Items Recognized in Third Quarter 2005

Economic, Non-qualifying Hedges — after-tax loss of $(22.8) million, or $(0.13) per share

In the third quarter of 2005, we recognized a $(22.8) million after-tax loss related to certain non-qualifying hedges, which are economic hedges that do not meet the criteria for hedge accounting under Statement of Financial Accounting Standards (SFAS) No. 133, Accounting for Derivative Instruments and Hedging Activities, as amended, and thus are required to be marked-to-market. These non-qualifying hedges relate to New England load contracts fuel adjustment clauses (FACs) and gas transport contracts. This mark-to-market loss is expected to be offset as we realize the related accrual load-serving and gas transport contracts in future periods.

Workforce Reduction Costs — after-tax charge of $(2.3) million, or $(0.01) per share

In the fourth quarter of 2004, we announced our plans to restructure the work forces of the Nine Mile Point and Calvert Cliffs nuclear generating stations effective in 2005. As a result of the restructuring, in the third quarter of 2005 we were required to record a settlement charge for one of our qualified pension

 



 

plans under SFAS No. 88, Employers’ Accounting for Settlements and Curtailments of Defined Benefit Pension Plans and for Termination Benefits. This charge reflects recognition of the portion of deferred actuarial gains and losses associated with employees who were terminated as part of the restructuring or retired in 2005 and who elected to receive their pension benefit in the form of a lump-sum payment. In accordance with SFAS No. 88, a settlement charge must be recognized at the point in time when lump-sum payments exceed annual pension plan service and interest cost, which occurred in the third quarter.  We expect to incur a small incremental SFAS No. 88 settlement charge in the fourth quarter of 2005 as additional lump-sum payments are made.

Income from Discontinued Operations — after-tax gain of $1.4 million, or $0.01 per share

                In September 2005, we reached an agreement to sell Constellation Power International Investments, Ltd., which includes a controlling financial interest in a Panamanian electric distribution facility. As of Sept. 30, 2005, we classified these investments, reflected in other non-regulated, as held for sale and reclassified their financial results to discontinued operations. The transaction was closed on Oct. 3, 2005. During the fourth quarter of 2005, we will recognize a pre-tax gain of approximately $15 million, or 8 cents per share, in discontinued operations from the sale of these non-core international investments. The gain will be classified as a special item.

 


 


Constellation Energy Group and Subsidiaries

Consolidated Statements of Income (Unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2005

 

2004

 

2005

 

2004

 

 

 

(In Millions, Except Per Share Amounts)

 

Revenues

 

 

 

 

 

 

 

 

 

Nonregulated revenues

 

$

4,183.4

 

$

2,702.2

 

$

9,771.0

 

$

7,018.0

 

Regulated electric revenues

 

626.8

 

582.0

 

1,583.4

 

1,543.6

 

Regulated gas revenues

 

112.2

 

74.6

 

618.5

 

504.0

 

Total revenues

 

4,922.4

 

3,358.8

 

11,972.9

 

9,065.6

 

Expenses

 

 

 

 

 

 

 

 

 

Fuel and purchased energy expenses

 

3,953.2

 

2,317.3

 

9,218.0

 

6,372.7

 

Operating expenses

 

415.4

 

445.3

 

1,339.3

 

1,296.6

 

Workforce reduction costs

 

3.9

 

 

3.9

 

 

Depreciation and amortization

 

143.3

 

132.5

 

407.4

 

376.1

 

Accretion of asset retirement obligations

 

15.8

 

14.5

 

46.2

 

38.1

 

Taxes other than income taxes

 

73.8

 

67.0

 

209.4

 

192.5

 

Total expenses

 

4,605.4

 

2,976.6

 

11,224.2

 

8,276.0

 

Income from Operations

 

317.0

 

382.2

 

748.7

 

789.6

 

Other Income (Expense)

 

16.1

 

(0.6

)

43.0

 

15.1

 

Fixed Charges

 

 

 

 

 

 

 

 

 

Interest expense

 

75.7

 

79.9

 

230.2

 

246.4

 

Interest capitalized and allowance for borrowed funds used during construction

 

(2.1

)

(2.2

)

(7.6

)

(8.0

)

BGE preference stock dividends

 

3.3

 

3.3

 

9.9

 

9.9

 

Total fixed charges

 

76.9

 

81.0

 

232.5

 

248.3

 

Income from Continuing Operations Before Income Taxes

 

256.2

 

300.6

 

559.2

 

556.4

 

Income Tax Expense

 

72.1

 

95.8

 

138.7

 

115.8

 

Income from Continuing Operations

 

184.1

 

204.8

 

420.5

 

440.6

 

Income (Loss) from discontinued operations, net of income taxes of $4.1, $5.7, $12.0, and ($11.4), respectively

 

1.4

 

5.6

 

7.4

 

(35.8

)

Net Income

 

$

185.5

 

$

210.4

 

$

427.9

 

$

404.8

 

Earnings Applicable to Common Stock

 

$

185.5

 

$

210.4

 

$

427.9

 

$

404.8

 

Average Shares of Common Stock Outstanding - Basic

 

178.1

 

175.5

 

177.5

 

170.7

 

Average Shares of Common Stock Outstanding - Diluted

 

180.5

 

176.4

 

179.6

 

171.8

 

Earnings Per Common Share from Continuing Operations -Basic

 

$

1.03

 

$

1.17

 

$

2.37

 

$

2.58

 

Income (Loss) from discontinued operations - Basic

 

0.01

 

0.03

 

0.04

 

(0.21

)

Earnings Per Common Share - Basic

 

$

1.04

 

$

1.20

 

$

2.41

 

$

2.37

 

Earnings Per Common Share from Continuing Operations - Diluted

 

$

1.02

 

$

1.16

 

$

2.34

 

$

2.56

 

Income (Loss) from discontinued operations - Diluted

 

0.01

 

0.03

 

0.04

 

(0.20

)

Earnings Per Common Share - Diluted

 

$

1.03

 

$

1.19

 

$

2.38

 

$

2.36

 

 

Certain prior-period amounts have been reclassified to conform with the current period’s presentation.

 



 

 

Constellation Energy Group and Subsidiaries

Consolidated Balance Sheets (Unaudited)

 

 

 

September 30,

 

December 31,

 

 

 

2005

 

2004

 

 

 

(In Millions)

 

ASSETS

 

 

 

Current Assets

 

 

 

 

 

Cash and cash equivalents

 

$

1,135.0

 

$

706.3

 

Accounts receivable (net of allowance for uncollectibles of $38.1 and $43.1, respectively)

 

2,819.1

 

1,979.3

 

Mark-to-market energy assets

 

1,845.8

 

567.3

 

Risk management assets

 

1,963.2

 

471.5

 

Fuel stocks

 

361.3

 

298.3

 

Materials and supplies

 

200.8

 

203.8

 

Assets held for sale

 

326.8

 

 

Other

 

487.5

 

262.9

 

Total current assets

 

9,139.5

 

4,489.4

 

Investments And Other Assets

 

 

 

 

 

Nuclear decommissioning trust funds

 

1,091.4

 

1,033.7

 

Mark-to-market energy assets

 

1,003.0

 

359.8

 

Risk management assets

 

661.5

 

306.2

 

Investments in qualifying facilities and power projects

 

308.1

 

318.4

 

Regulatory assets (net)

 

148.8

 

195.4

 

Goodwill

 

147.1

 

144.8

 

Other

 

511.1

 

412.8

 

Total investments and other assets

 

3,871.0

 

2,771.1

 

Property, Plant And Equipment

 

 

 

 

 

Nonregulated property, plant and equipment

 

8,453.9

 

8,638.4

 

Regulated property, plant and equipment

 

5,502.4

 

5,412.7

 

Nuclear fuel (net of amortization)

 

250.2

 

264.3

 

Accumulated depreciation

 

(4,288.8

)

(4,228.8

)

Net property, plant and equipment

 

9,917.7

 

10,086.6

 

Total Assets

 

$

22,928.2

 

$

17,347.1

 

LIABILITIES AND EQUITY

 

 

 

 

 

Current Liabilities

 

 

 

 

 

Current portion of long-term debt

 

$

200.8

 

$

480.4

 

Accounts payable and accrued liabilities

 

2,033.0

 

1,424.9

 

Customer deposits and collateral

 

791.0

 

223.8

 

Mark-to-market energy liabilities

 

1,801.5

 

559.7

 

Risk management liabilities

 

643.7

 

304.3

 

Liabilities held for sale

 

274.6

 

 

Deferred income taxes

 

602.4

 

95.0

 

Accrued expenses and other

 

642.2

 

574.3

 

Total current liabilities

 

6,989.2

 

3,662.4

 

Deferred Credits And Other Liabilities

 

 

 

 

 

Deferred income taxes

 

1,093.3

 

1,303.3

 

Asset retirement obligations

 

876.4

 

825.0

 

Mark-to-market energy liabilities

 

932.5

 

315.0

 

Risk management liabilities

 

1,563.7

 

472.2

 

Postretirement and postemployment benefits

 

381.0

 

375.3

 

Net pension liability

 

265.5

 

269.7

 

Deferred investment tax credits

 

65.8

 

71.2

 

Other

 

292.9

 

232.0

 

Total deferred credits and other liabilities

 

5,471.1

 

3,863.7

 

Long-Term Debt

 

 

 

 

 

Long-term debt of nonregulated businesses

 

3,406.1

 

3,800.5

 

Long-term debt of BGE

 

1,222.4

 

1,245.9

 

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

 

Unamortized discount and premium

 

(8.5

)

(10.5

)

Current portion of long-term debt

 

(200.8

)

(480.4

)

Total long-term debt

 

4,676.9

 

4,813.2

 

Minority Interests

 

22.7

 

90.9

 

BGE Preference Stock Not Subject To Mandatory Redemption

 

190.0

 

190.0

 

Common Shareholders’ Equity

 

 

 

 

 

Common stock

 

2,597.0

 

2,502.5

 

Retained earnings

 

2,674.9

 

2,425.9

 

Accumulated other comprehensive income (loss)

 

306.4

 

(201.5

)

Total common shareholders’ equity

 

5,578.3

 

4,726.9

 

Total Liabilities And Equity

 

$

22,928.2

 

$

17,347.1

 

 

 



 

 

Constellation Energy Group and Subsidiaries

Merchant Energy Operating Statistics (Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

 

 

 

 

 

 

Hydro &

 

 

 

 

 

 

 

Nuclear

 

Coal

 

Oil

 

Gas

 

Other

 

Total

 

Generation by Fuel Type (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

2005

 

51.5

 

30.7

 

1.3

 

14.9

 

1.6

 

100.0

 

2004

 

49.9

 

33.3

 

2.0

 

12.7

 

2.1

 

100.0

 

Thousands of MWH

 

 

 

 

 

 

 

 

 

 

 

 

 

2005

 

23,036

 

13,734

 

593

 

6,686

 

721

 

44,770

 

2004

 

20,664

 

13,798

 

817

 

5,262

 

867

 

41,408

 

 

 

Utility Operating Statistics (Unaudited)

 

 

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

 

 

 

2005

 

2004

 

2005

 

2004

 

ELECTRIC

 

 

 

 

 

 

 

 

 

 

 

Revenues (In Millions)

 

 

 

 

 

 

 

 

 

Residential

 

—with househeating

 

$

108.4

 

$

97.3

 

$

311.8

 

$

310.7

 

 

 

—other

 

231.5

 

203.0

 

520.6

 

490.6

 

 

 

—total

 

339.9

 

300.3

 

832.4

 

801.3

 

Commercial

 

—excluding delivery service

 

206.5

 

221.8

 

560.1

 

556.9

 

 

 

—delivery service

 

35.4

 

19.8

 

83.4

 

52.8

 

Industrial

 

—excluding delivery service

 

14.7

 

19.3

 

40.9

 

80.1

 

 

 

—delivery service

 

8.9

 

6.7

 

21.4

 

15.2

 

System Sales

 

 

 

605.4

 

567.9

 

1,538.2

 

1,506.3

 

Other

 

 

 

21.4

 

14.1

 

45.2

 

37.3

 

Total

 

 

 

$

626.8

 

$

582.0

 

$

1,583.4

 

$

1,543.6

 

Sales (In Thousands) - MWH

 

 

 

 

 

 

 

 

 

Residential

 

—with househeating

 

1,323

 

1,183

 

4,184

 

4,255

 

 

 

—other

 

2,699

 

2,385

 

6,358

 

6,096

 

 

 

—total

 

4,022

 

3,568

 

10,542

 

10,351

 

Commercial

 

—excluding delivery service

 

1,920

 

2,479

 

5,983

 

7,429

 

 

 

—delivery service

 

2,611

 

1,713

 

6,109

 

4,037

 

Industrial

 

—excluding delivery service

 

145

 

222

 

465

 

1,269

 

 

 

—delivery service

 

867

 

854

 

2,370

 

1,904

 

Total System Sales

 

 

 

9,565

 

8,836

 

25,469

 

24,990

 

GAS

 

 

 

 

 

 

 

 

 

 

 

Revenues (In Millions)

 

 

 

 

 

 

 

 

 

Residential

 

—excluding delivery service

 

$

51.3

 

$

48.6

 

$

344.5

 

$

332.9

 

 

 

—delivery service

 

3.1

 

0.8

 

16.6

 

10.0

 

 

 

—total

 

54.4

 

49.4

 

361.1

 

342.9

 

Commercial

 

—excluding delivery service

 

17.2

 

14.3

 

108.8

 

98.2

 

 

 

—delivery service

 

5.2

 

3.7

 

22.2

 

19.7

 

Industrial

 

—excluding delivery service

 

1.1

 

1.1

 

6.5

 

7.0

 

 

 

—delivery service

 

3.2

 

1.6

 

8.7

 

5.6

 

System Sales

 

 

 

81.1

 

70.1

 

507.3

 

473.4

 

Off-System Sales

 

 

 

33.6

 

4.0

 

114.1

 

28.6

 

Other

 

 

 

1.2

 

1.2

 

5.5

 

5.4

 

Total

 

 

 

$

115.9

 

$

75.3

 

$

626.9

 

$

507.4

 

Sales (In Thousands) - DTH

 

 

 

 

 

 

 

 

 

Residential

 

—excluding delivery service

 

2,488

 

2,633

 

27,054

 

27,741

 

 

 

—delivery service

 

318

 

362

 

3,821

 

4,398

 

 

 

—total

 

2,806

 

2,995

 

30,875

 

32,139

 

Commercial

 

—excluding delivery service

 

1,170

 

1,056

 

9,989

 

9,644

 

 

 

—delivery service

 

5,030

 

5,759

 

22,201

 

24,375

 

Industrial

 

—excluding delivery service

 

80

 

77

 

632

 

635

 

 

 

—delivery service

 

4,899

 

3,090

 

13,927

 

10,903

 

System Sales

 

 

 

13,985

 

12,977

 

77,624

 

77,696

 

Off-System Sales

 

 

 

3,623

 

594

 

14,501

 

4,005

 

Total

 

 

 

17,608

 

13,571

 

92,125

 

81,701

 

 

 

 

 

 

 

 

 

 

 

 

 

Utility operating statistics do not reflect the elimination of intercompany transactions.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heating/Cooling Degree Days (Calendar-Month Basis)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heating Degree Days

 

— Actual

 

39

 

49

 

3,129

 

3,111

 

 

 

— Normal

 

87

 

87

 

3,054

 

3,078

 

Cooling Degree Days

 

— Actual

 

686

 

538

 

896

 

831

 

 

 

— Normal

 

581

 

581

 

822

 

818

 

 



 

Constellation Energy Group and Subsidiaries

Supplemental Financial Statistics (Unaudited)

 

 

 

 

 

 

 

 

Nine Months Ended

September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2005

 

2004

Ratio of Earnings to Fixed Charges

 

 

 

 

 

3.12

 

3.05

Effective Tax Rate

 

 

 

 

 

24.4%

 

20.4%

Equity Investment In Nonregulated Businesses

— End of Period

 

 

 

 

 

$

3,902.8

 

$

3,377.8

Equity Investment In Regulated Business

— End of Period

 

 

 

 

 

$

1,675.5

 

$

1,442.5

Common Stock Data

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

 

 

 

 

 

2005

 

2004

 

2005

 

2004

Common Stock Dividends - Per Share

 

 

 

 

 

 

 

 

 

—Declared

 

$

0.335

 

$

0.285

 

$

1.005

 

$

0.855

 

—Paid

 

$

0.335

 

$

0.285

 

$

0.955

 

$

0.830

Market Value Per Share

 

 

 

 

 

 

 

 

 

—High

 

$

62.09

 

$

41.18

 

$

62.09

 

$

41.47

 

—Low

 

$

56.50

 

$

36.76

 

$

43.01

 

$

35.89

 

—Close

 

$

61.60

 

$

39.84

 

$

61.60

 

$

39.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Outstanding—End of Period (In Millions)

 

178.4

 

175.7

 

178.4

 

175.7

 

 

 

 

 

 

 

 

 

Book Value per Share—End of Period

 

$

31.27

 

$

27.43

 

$

31.27

 

$

27.43

 

Prior-period statistics have been adjusted for discontinued operations.

 


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