EX-99 2 a06-10606_1ex99.htm EX-99

EXHIBIT NO. 99

 

 

 

News Release

 

Media Line: 410 234-7433

www.constellation.com

 

 

Constellation Energy Generation Group

Constellation NewEnergy

Constellation Energy Commodities Group

Baltimore Gas and Electric Company

Constellation Energy Control & Dispatch Group

BGE HOME

Constellation Energy Projects & Services Group

Fellon-McCord & Associates

 

 

 

Media Contacts:

Robert L. Gould

 

Angelique Rewers

 

410 234-7433

 

 

Investor Contact:

Kevin Hadlock

 

410 783-3647

 

Constellation Energy Reports Strong First Quarter 2006 Earnings

 

Significant growth in wholesale competitive supply and continued productivity
gains in generation and headquarters

 

Introduces 2008 guidance of $5.25 to $5.75 per share

 

BALTIMORE, April 28, 2006 - Constellation Energy (NYSE: CEG) today reported first quarter adjusted earnings per share of 70 cents, compared to 71 cents per share for the first quarter last year and above the company’s guidance range of 53 to 68 cents per share. Adjusted earnings exclude the impact of special items and certain economic hedges that do not qualify for hedge accounting. On a GAAP basis, the company earned 63 cents per share, compared to 68 cents per share for the same time period last year.

 

“Constellation Energy delivered yet another strong performance during the first quarter, demonstrating that we are squarely focused on execution,” said Mayo A. Shattuck III, chairman, president and chief executive officer of Constellation Energy. “Constellation Energy Commodities Group delivered exceptional results, driven by the growing scale of our wholesale competitive supply activities and superior portfolio management and trading results. The Commodities Group made substantial progress toward meeting the new business goals we set out for the year, achieving nearly half of its total gross margin new business objective in the first quarter. In addition, Constellation Energy Generation Group set a site record for the shortest refueling outage at our Nine Mile Point nuclear plant and completed the planned reactor vessel head replacement at our Calvert

 

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Cliffs nuclear plant, which will improve reliability and reduce the length and cost of future refueling outages.

 

“We also delivered $10 million of incremental productivity gains at generation and headquarters, putting us on track to achieve our 2006 productivity target of $40 million. I congratulate the entire Constellation Energy team on these accomplishments and I’m confident that we will achieve our business objectives for the year,” said Shattuck.

 

“Rising oil prices create uncertainty in synfuel-related earnings. In an effort to make the growth of ongoing operations more clear, we will report adjusted earnings and provide earnings guidance excluding synfuel earnings,” said Shattuck. Excluding synfuel earnings of 2 cents per share, first quarter adjusted earnings were 68 cents per share, compared to adjusted earnings excluding synfuel earnings of 64 cents per share in the same period last year. Guidance excluding synfuel earnings for the first quarter of 2006 was 46 to 61 cents per share.

 

Constellation Energy provided second quarter 2006 guidance excluding synfuel earnings of 30 to 45 cents per share and affirmed earnings guidance excluding synfuel earnings of $3.35 to $3.65 per share for 2006 and $4.40 to $4.65 per share for 2007. “The bottom line is that the expectation for 2006 and 2007 performance excluding synfuel earnings is unchanged,” said Shattuck. “In addition, we have provided more specific 2008 guidance of $5.25 to $5.75 per share, which is equal to a 19 to 24 percent increase over 2007 adjusted earnings guidance excluding synfuel earnings.”

 

The following tables summarize adjusted earnings per share, adjusted earnings per share excluding synfuels, and earnings per share reported in accordance with GAAP for the company’s business segments and provide a reconciliation to total company reported earnings:

 

 

 

Three Months Ended March 31,

 

 

 

2006

 

2005

 

 

 

Reported

 

 

 

Adjusted

 

Reported

 

 

 

Adjusted

 

 

 

GAAP

 

Adjusted

 

EPS Excluding

 

GAAP

 

Adjusted

 

EPS Excluding

 

DILUTED EARNINGS PER COMMON SHARE

 

EPS*

 

EPS

 

Synfuel Earnings

 

EPS*

 

EPS

 

Synfuel Earnings

 

Baltimore Gas and Electric

 

$

0.38

 

$

0.38

 

$

0.38

 

$

0.40

 

$

0.40

 

$

0.40

 

Merchant Energy

 

0.24

 

0.31

(1)

0.29

(2)

0.28

 

0.32

(3)

0.25

(4)

Other Nonregulated

 

0.01

 

0.01

 

0.01

 

(0.01

)

(0.01

)

(0.01

)

Diluted Earnings Per Share from Continuing Operations

 

0.63

 

0.70

 

0.68

 

0.67

 

0.71

 

0.64

 

Income from Discontinued Operations Assuming Dilution

 

—

 

—

 

—

 

0.01

 

—

 

—

 

Diluted Earnings Per Share

 

$

0.63

 

$

0.70

 

$

0.68

 

$

0.68

 

$

0.71

 

$

0.64

 

 

* Unaudited.

Prior period amounts reclassified to conform with the current period’s presentation.

 

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

(1) Addition for mark-to-market losses on certain non-qualifying hedges on gas transportation contracts of $0.06 per share and the combined effect of merger-related and workforce reduction costs of $0.01 per share.

(2) Subtraction to remove the impact of the results from our synthetic fuel processing facilities of $0.02 per share.

(3) Addition for mark-to-market losses on certain non-qualifying hedges on fuel adjustment clauses and gas transportation contracts of $0.04 per share.

(4) Subtraction to remove the impact of the results from our synthetic fuel processing facilities of $0.07 per share.

 

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Baltimore Gas and Electric

 

Baltimore Gas and Electric Company reported adjusted earnings of 38 cents per share in the first quarter of 2006, consistent with management’s earnings guidance range of 38 to 43 cents per share. These results compare to adjusted earnings of 40 cents per share in the first quarter of 2005. Earnings were lower in 2006 than 2005 due to milder January termperatures and storm-related costs in February 2006.

 

Merchant

 

On an adjusted basis, the merchant segment earned 31 cents per share during the first quarter of 2006. Excluding synfuel earnings, the merchant earned 29 cents per share. These results compare to guidance excluding synfuel earnings of 5 to 20 cents per share and last year’s first quarter adjusted earnings excluding synfuel earnings of 25 cents per share.

 

Wholesale competitive supply was the primary growth driver for the quarter, with a higher realization of backlog transactions originated in prior years and strong portfolio management and trading results compared to the prior year’s level. As expected, growth in competitive supply was partially offset by lower Mid-Atlantic fleet earnings, as fixed-price revenues from BGE residential service, combined with rising purchased fuel, energy and emissions costs to erode margins.

 

“We’ve created a fundamentally more powerful platform to meet our growth objectives,” said E. Follin Smith, executive vice president, chief financial officer and chief administrative officer of Constellation Energy. “This has allowed us to continue to deliver solid quarterly results and make considerable progress toward achieving our new business targets. We have also made significant progress toward hedging fuel purchases and fleet output in 2008. Additions to the backlog and a more highly hedged portfolio increase our confidence in our ability to meet future earnings commitments.”

 

Other Non-Regulated

 

Constellation Energy’s other non-regulated businesses reported adjusted earnings of 1 cent per share for the first quarter of 2006, compared to a loss of 1 cent per share in the first quarter of 2005.

 

3


 

Constellation Energy / FPL Group Merger Update

 

On Dec. 19, 2005, Constellation Energy and FPL Group, Inc. (NYSE: FPL) announced their pending merger, which will create the nation’s largest competitive energy supplier and its second-largest electric utility portfolio. The merger remains subject to other closing requirements, including review and approval by various state and federal regulatory agencies, and shareholders of both Constellation Energy and FPL Group.

 

 

The March 2006 financial statements and selected supplemental information are attached.

 

 

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 the impact of certain economic, non-qualifying hedges. This quarter we also provided adjusted EPS excluding synfuel earnings due to the potential for oil-price volatility to result in a difficult-to-forecast phase-out of tax credits. Adjusted EPS presented in future quarters will exclude synfuel earnings.

 

Constellation Energy has excluded from adjusted earnings two categories of non-qualifying hedges: hedges against the Commodities Group New England fuel adjustment clauses and hedges on gas transportation and storage contracts. The mark-to-market impact of these hedges was significant to 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 and adjusted EPS excluding synfuel earnings 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 measures provide a picture of our results that is more 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

 

4


 

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 guidance 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 March 31, 2006, on or about May 9, 2006.

 

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 and risk factors sections.

 

Conference Call April 28, 2006

 

Constellation Energy will host a conference call at 8:30 a.m. (EDT) on April 28, 2006, to review its first quarter 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 by dialing (800) 216-4452 (U.S.) or (402) 220-3879 (international). The replay password is ENERGY.

 

A live audio webcast of the conference call, presentation slides and the earnings press release will be available on the Investor Relations page of Constellation Energy’s Web site at:

 

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http://www.constellation.com/investors/index.asp. The call will also be recorded and archived on the site. 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 with 2005 revenues of $17.1 billion, 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.

 

6


 

Addendum – Amounts Excluded From GAAP EPS To Arrive At Adjusted EPS

 

Income from Discontinued Operations - after-tax gain of $0.9 million, or $0.00 per share

 

In the fourth quarter of 2005, we completed the sale of our interest in a Panamanian electric distribution company and an investment in a fund that holds interests in two South American energy projects. During the first quarter of 2006, we recognized an after-tax gain of approximately $0.9 million related to the resolution of an outstanding contingency related to the sale.

 

Non-qualifying Hedges – after-tax loss of $(9.7) million, or $(0.06) per share

 

During the quarter ended March 31, 2006, we recognized a $(9.7) million after-tax loss related to certain non-qualifying hedges of gas transportation rights, which are economic hedges that do not meet the criteria for hedge accounting under FAS No. 133, Accounting for Derivative Instruments and Hedging Activities, as amended, and thus are required to be marked-to-market. This mark-to-market loss is essentially a timing difference that is expected to be offset as we realize the related accrual gas transportation contracts in cash in future periods.

 

Synfuel Earnings – after-tax earnings of $3.6 million, or $0.02 per share

 

We have removed the $3.6 million of income generated during the first quarter of 2006 from our adjusted results.

 

Special Item: Merger Costs – after-tax charge of $(1.5) million, or $(0.01) per share

 

In the first quarter of 2006, we recorded a $(1.5) million after-tax charge relating to costs associated with our pending merger with FPL Group, Inc. We expect to incur additional expenses in 2006 in connection with our pending merger.

 

Special Item: Workforce Reduction Costs - after-tax charge of $(1.3) million, or $(0.00) per share

 

In March 2006, we approved a restructuring of the workforce at our R.E. Ginna Nuclear Power Plant. In connection with this restructuring, 32 employees will be terminated. During the quarter ended March 31, 2006, we recognized costs of $(1.3) million after-tax related to recording a liability for severance and other benefits under our existing benefit programs.

 

7


 

Additional Information

 

This communication is not a solicitation of a proxy from any security holder of FPL Group, Inc. or Constellation Energy. Constellation Energy intends to file with the Securities and Exchange Commission a registration statement that will include the joint proxy statement/prospectus of Constellation Energy and FPL Group and other relevant documents to be mailed to security holders in connection with the proposed transaction. WE URGE INVESTORS TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FPL GROUP, INC., CONSTELLATION ENERGY AND THE PROPOSED TRANSACTION. A definitive proxy statement will be sent to security holders of FPL Group and Constellation Energy seeking approval of the proposed transaction. Investors and security holders will be able to obtain these materials (when they are available) and other documents filed with the SEC free of charge at the SEC’s Web site, www.sec.gov. In addition, a copy of the joint proxy statement/prospectus (when it becomes available) may be obtained free of charge from FPL Group Shareholder Services (700 Universe Blvd., P.O. Box 14000, Juno Beach, FL 33408-0420), or from Constellation Energy, Shareholder Services, 750 East Pratt St., Baltimore, MD 21202.

 

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

 

FPL Group, Constellation Energy and their respective directors and executive officers of FPL Group and Constellation Energy and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding FPL Group’s directors and executive officers is available in its proxy statement filed with the SEC by FPL Group on April 5, 2005, and information regarding Constellation Energy’s directors and executive officers is available in its proxy statement filed with the SEC by Constellation Energy on April 13, 2005. Information regarding J. Brian Ferguson, a director of FPL Group elected since the date of the filing of the 2005 definitive proxy statement, can be found in FPL Group’s filing on Form 10-Q dated Aug. 4, 2005. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy

 

8


 

statement/prospectus and other relevant materials to be filed with the SEC when they become available.

 

# # #

 

9


 

Constellation Energy Group and Subsidiaries

 

Consolidated Statements of Income (Unaudited)

 

 

 

Three Months Ended
March 31,

 

 

2006

 

2005

 

 

 

(In Millions, Except Per Share Amounts)

 

Revenues

 

 

 

 

 

Nonregulated revenues

 

$

3,975.2

 

$

2,715.9

 

Regulated electric revenues

 

504.0

 

491.5

 

Regulated gas revenues

 

418.3

 

364.6

 

Total revenues

 

4,897.5

 

3,572.0

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

Fuel and purchased energy expenses

 

3,924.2

 

2,677.6

 

Operating expenses

 

521.0

 

458.3

 

Workforce reduction costs

 

2.2

 

—

 

Merger-related costs

 

1.9

 

—

 

Depreciation, depletion, and amortization

 

134.3

 

130.6

 

Accretion of asset retirement obligations

 

16.5

 

15.1

 

Taxes other than income taxes

 

74.9

 

68.5

 

Total expenses

 

4,675.0

 

3,350.1

 

Income from Operations

 

222.5

 

221.9

 

Other Income

 

14.2

 

12.9

 

Fixed Charges

 

 

 

 

 

Interest expense

 

77.0

 

79.7

 

Interest capitalized and allowance for borrowed funds used during construction

 

(2.8

)

(2.9

)

BGE preference stock dividends

 

3.3

 

3.3

 

Total fixed charges

 

77.5

 

80.1

 

Income from Continuing Operations Before Income Taxes

 

159.2

 

154.7

 

Income Tax Expense

 

46.2

 

36.1

 

Income from Continuing Operations

 

113.0

 

118.6

 

Income from discontinued operations, net of income taxes of $0.5 and $3.3, respectively

 

0.9

 

2.1

 

Net Income

 

$

113.9

 

$

120.7

 

Earnings Applicable to Common Stock

 

$

113.9

 

$

120.7

 

 

 

 

 

 

 

Average Shares of Common Stock Outstanding - Basic

 

178.6

 

176.8

 

Average Shares of Common Stock Outstanding - Diluted

 

180.4

 

178.6

 

 

 

 

 

 

 

Earnings Per Common Share from Continuing Operations -Basic

 

$

0.63

 

$

0.67

 

Income from discontinued operations - Basic

 

0.01

 

0.01

 

Earnings Per Common Share - Basic

 

$

0.64

 

$

0.68

 

 

 

 

 

 

 

Earnings Per Common Share from Continuing Operations - Diluted

 

$

0.63

 

$

0.67

 

Income from discontinued operations - Diluted

 

—

 

0.01

 

Earnings Per Common Share - Diluted

 

$

0.63

 

$

0.68

 

 

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

 


 

Constellation Energy Group and Subsidiaries

 

Consolidated Balance Sheets (Unaudited)

 

 

 

March 31,

 

December 31,

 

 

 

2006

 

2005

 

ASSETS

 

(In Millions)

 

Current Assets

 

 

 

 

 

Cash and cash equivalents

 

$

424.8

 

$

813.0

 

Accounts receivable (net of allowance for uncollectibles of $51.6 and $47.4, respectively)

 

2,657.5

 

2,727.9

 

Fuel stocks

 

427.8

 

489.5

 

Materials and supplies

 

195.3

 

197.0

 

Mark-to-market energy assets

 

938.4

 

1,339.2

 

Risk management assets

 

438.9

 

1,244.3

 

Unamortized energy contract assets

 

50.6

 

55.6

 

Deferred income taxes

 

193.6

 

—

 

Other

 

640.3

 

555.3

 

Total current assets

 

5,967.2

 

7,421.8

 

Investments And Other Assets

 

 

 

 

 

Nuclear decommissioning trust funds

 

1,140.5

 

1,110.7

 

Investments in qualifying facilities and power projects

 

307.9

 

306.2

 

Regulatory assets (net)

 

121.9

 

154.3

 

Goodwill

 

146.5

 

147.1

 

Mark-to-market energy assets

 

858.5

 

1,089.3

 

Risk management assets

 

459.8

 

626.0

 

Unamortized energy contract assets

 

144.8

 

141.2

 

Other

 

367.1

 

410.6

 

Total investments and other assets

 

3,547.0

 

3,985.4

 

Property, Plant And Equipment

 

 

 

 

 

Nonregulated property, plant and equipment

 

8,766.2

 

8,580.8

 

Regulated property, plant and equipment

 

5,573.0

 

5,520.5

 

Nuclear fuel (net of amortization)

 

295.5

 

302.0

 

Accumulated depreciation

 

(4,419.3

)

(4,336.6

)

Net property, plant and equipment

 

10,215.4

 

10,066.7

 

Total Assets

 

$

19,729.6

 

$

21,473.9

 

LIABILITIES AND EQUITY

 

 

 

 

 

Current Liabilities

 

 

 

 

 

Short-term borrowings

 

$

425.0

 

$

0.7

 

Current portion of long-term debt

 

612.8

 

491.3

 

Accounts payable and accrued liabilities

 

1,657.6

 

1,667.9

 

Customer deposits and collateral

 

304.7

 

458.9

 

Mark-to-market energy liabilities

 

801.4

 

1,348.7

 

Risk management liabilities

 

654.2

 

483.5

 

Unamortized energy contract liabilities

 

459.6

 

489.5

 

Deferred income taxes

 

—

 

151.4

 

Accrued expenses and other

 

537.1

 

780.4

 

Total current liabilities

 

5,452.4

 

5,872.3

 

Deferred Credits And Other Liabilities

 

 

 

 

 

Deferred income taxes

 

1,064.2

 

1,180.8

 

Asset retirement obligations

 

924.7

 

908.0

 

Mark-to-market energy liabilities

 

635.9

 

912.3

 

Risk management liabilities

 

968.6

 

1,035.5

 

Unamortized energy contract liabilities

 

997.4

 

1,118.7

 

Postretirement and postemployment benefits

 

384.2

 

382.6

 

Net pension liability

 

368.5

 

401.4

 

Deferred investment tax credits

 

62.3

 

64.1

 

Other

 

108.4

 

101.0

 

Total deferred credits and other liabilities

 

5,514.2

 

6,104.4

 

Long-Term Debt

 

 

 

 

 

Long-term debt of nonregulated businesses

 

3,385.2

 

3,406.6

 

Long-term debt of BGE

 

1,204.3

 

1,204.3

 

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

 

(7.6

)

(8.0

)

Current portion of long-term debt

 

(612.8

)

(491.3

)

Total long-term debt

 

4,226.8

 

4,369.3

 

Minority Interests

 

22.2

 

22.4

 

BGE Preference Stock Not Subject To Mandatory Redemption

 

190.0

 

190.0

 

Common Shareholders' Equity

 

 

 

 

 

Common stock

 

2,645.5

 

2,620.8

 

Retained earnings

 

2,856.5

 

2,810.2

 

Accumulated other comprehensive loss

 

(1,178.0

)

(515.5

)

Total common shareholders' equity

 

4,324.0

 

4,915.5

 

Total Liabilities And Equity

 

$

19,729.6

 

$

21,473.9

 

 


 

Constellation Energy Group and Subsidiaries

 

Merchant Energy Operating Statistics (Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

 

Hydro &

 

 

 

 

 

 

 

Nuclear

 

Coal

 

Oil

 

Gas

 

Other

 

Total

 

Generation by Fuel Type (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

2006

 

49.3

 

33.6

 

—

 

15.1

 

2.0

 

100.0

 

2005

 

52.5

 

33.1

 

0.6

 

11.9

 

1.9

 

100.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thousands of MWH

 

 

 

 

 

 

 

 

 

 

 

 

 

2006

 

6,972

 

4,755

 

6

 

2,132

 

274

 

14,139

 

2005

 

7,391

 

4,659

 

76

 

1,683

 

272

 

14,081

 

 

Utility Operating Statistics (Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2006

 

2005

 

 

 

 

 

 

 

ELECTRIC

 

 

 

 

 

Revenues (In Millions)

 

 

 

 

 

Residential

 

$

249.2

 

$

262.9

 

Commercial

 

 

 

 

 

Excluding Delivery Service Only

 

200.2

 

176.1

 

Delivery Service Only

 

20.2

 

23.2

 

Industrial

 

 

 

 

 

Excluding Delivery Service Only

 

15.2

 

12.6

 

Delivery Service Only

 

5.7

 

5.9

 

System Sales

 

490.5

 

480.7

 

Other

 

13.5

 

10.8

 

Total

 

$

504.0

 

$

491.5

 

 

 

 

 

 

 

Distribution Volumes (In Thousands) - MWH

 

 

 

 

 

Residential

 

3,461

 

3,726

 

Commercial

 

 

 

 

 

Excluding Delivery Service Only

 

2,082

 

2,142

 

Delivery Service Only

 

1,621

 

1,646

 

Industrial

 

 

 

 

 

Excluding Delivery Service Only

 

163

 

157

 

Delivery Service Only

 

708

 

736

 

Total

 

8,035

 

8,407

 

 

 

 

 

 

 

GAS

 

 

 

 

 

Revenues (In Millions)

 

 

 

 

 

Residential

 

 

 

 

 

Excluding Delivery Service Only

 

$

243.1

 

$

214.3

 

Delivery Service Only

 

8.1

 

9.5

 

Commercial

 

 

 

 

 

Excluding Delivery Service Only

 

79.0

 

66.9

 

Delivery Service Only

 

11.2

 

11.6

 

Industrial

 

 

 

 

 

Excluding Delivery Service Only

 

4.4

 

4.0

 

Delivery Service Only

 

4.6

 

2.8

 

System Sales

 

350.4

 

309.1

 

Off-System Sales

 

66.4

 

54.4

 

Other

 

3.4

 

2.3

 

Total

 

$

420.2

 

$

365.8

 

 

 

 

 

 

 

Distribution Volumes (In Thousands) - DTH

 

 

 

 

 

Residential

 

 

 

 

 

Excluding Delivery Service Only

 

15,991

 

19,130

 

Delivery Service Only

 

1,999

 

2,749

 

Commercial

 

 

 

 

 

Excluding Delivery Service Only

 

5,605

 

6,762

 

Delivery Service Only

 

8,659

 

11,290

 

Industrial

 

 

 

 

 

Excluding Delivery Service Only

 

317

 

420

 

Delivery Service Only

 

5,736

 

4,270

 

System Sales

 

38,307

 

44,621

 

Off-System Sales

 

5,967

 

7,357

 

Total

 

44,274

 

51,978

 

 

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

 

Heating Degree Days (Calendar-Month Basis)

 

Heating Degree Days - Actual

 

2,126

 

2,532

 

                                   - Normal

 

2,450

 

2,442

 

 


 

Constellation Energy Group and Subsidiaries

 

Supplemental Financial Statistics (Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2006

 

2005

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.86

 

2.74

 

 

 

 

 

 

 

Effective Tax Rate

 

28.5

%

22.8

%

 

 

 

 

 

 

Equity Investment In Nonregulated Businesses -- End of Period

 

$

2,720.1

 

$

3,419.0

 

 

 

 

 

 

 

Equity Investment In Regulated Business -- End of Period

 

$

1,603.9

 

$

1,609.2

 

 

 

Common Stock Data

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2006

 

2005

 

 

 

 

 

 

 

Common Stock Dividends - Per Share

 

 

 

 

 

—Declared

 

$

0.3775

 

$

0.3350

 

—Paid

 

$

0.3350

 

$

0.2850

 

 

 

 

 

 

 

Market Value Per Share

 

 

 

 

 

—High

 

$

60.55

 

$

53.55

 

—Low

 

$

54.01

 

$

43.01

 

—Close

 

$

54.71

 

$

51.70

 

 

 

 

 

 

 

Shares Outstanding--End of Period (In Millions)

 

178.8

 

177.4

 

 

 

 

 

 

 

Book Value per Share--End of Period

 

$

24.18

 

$

28.34