EX-99 2 a07-27832_1ex99.htm EX-99

Exhibit No. 99

 

 

 

News Release

 

 

 

 

 

Media Line: 410 470-7433

 

 

www.constellation.com

 

 

 

 

 

Constellation Energy Nuclear 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:

Debra Larsson

 

Diana L. Hayden

 

410 470-7433

 

 

Investor Contacts:

Kevin Hadlock

 

410 470-3647

 

Tonya Cultice

 

410 470-5619

 

Constellation Energy Reports Solid Third Quarter 2007 Results

 

Announces $1 Billion Share Repurchase Program

 

BALTIMORE, Oct. 31, 2007 – Constellation Energy (NYSE: CEG) today reported  third quarter 2007 adjusted earnings of $1.45 per share, compared to $1.46 of adjusted earnings per share (EPS) in the same period last year. These results were in line with management’s guidance range of $1.35 to $1.55 per share. Adjusted earnings exclude the impact of special items, certain economic, non-qualifying hedges and synfuel earnings. On a GAAP basis, the company earned $1.38 per share in the third quarter of 2007, compared to $1.79 per share in the same period last year.

 

In addition, Constellation Energy today announced that its board of directors authorized a $1 billion share repurchase program, which is expected to be executed over the next 24 months. Further, Constellation Energy is executing on $250 million of the program through an accelerated share repurchase agreement. The remainder of the share repurchase program is expected to be implemented in a manner that preserves the flexibility to pursue additional investment opportunities.

 

“We are pleased with another solid performance in the third quarter of 2007, driven by continued growth of our merchant businesses,” said Mayo A. Shattuck III, chairman, president

 

1


 

and chief executive officer, Constellation Energy. “In addition, the announcement of a share repurchase program illustrates continued confidence in our bright future. Given our strong financial profile, we believe this is the right time to implement a share repurchase program. We also believe this program represents the most efficient return of excess capital to our shareholders, while maintaining flexibility to opportunistically pursue higher value-added strategic investments.

 

“In addition, we are making steady progress on our new nuclear initiative through our joint venture with EDF, UniStar Nuclear Energy. The revised federal loan guarantee program that was recently announced was a watershed event that provides more clarity on the financing necessary for new nuclear development. Looking ahead, AREVA, a partner with UniStar Nuclear Energy, is preparing to file the design certification for the U.S. EPR by year-end 2007. Through UniStar Nuclear Energy, we expect to complete our Combined License Application (COLA) for a potential Calvert Cliffs Unit 3 in early 2008,” said Shattuck.

 

“We are also investing in reliability programs across the company. Baltimore Gas and Electric Company (BGE) recently filed aggressive demand response and conservation programs with the Maryland Public Service Commission. These programs are important to encourage customers to better manage their electricity use and to help Maryland meet its reliability and conservation objectives,” said Shattuck. “Lastly, we are mobilizing to respond to high capacity prices through near-term investments, whereby we plan to rejuvenate, uprate and extend the life of existing generation assets. Longer term, we see significant opportunity in creating the option to build new nuclear plants in PJM and New York.”

 

Based on its solid performance and earnings visibility, Constellation Energy raised the bottom end of the range for its full-year 2007 earnings guidance to $4.45 to $4.65 per share from $4.30 to $4.65 per share. For 2008, the company reaffirmed earnings guidance of $5.25 to $5.75 per share and expects to be in the middle to upper half of the guidance range. For 2009, the company expects earnings growth of more than 10 percent over 2008.

 

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

 

2


 

 

 

 

Three Months Ended September 30,

 

 

 

2007

 

2006

 

 

 

Reported

 

 

 

Reported

 

 

 

 

 

GAAP

 

Adjusted

 

GAAP

 

Adjusted

 

 

 

EPS*

 

EPS

 

EPS*

 

EPS

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

 

Baltimore Gas and Electric

 

$

0.14

 

$

0.14

 

$

0.20

 

$

0.20

 

Merchant Energy

 

1.23

 

1.31

(1)

1.47

 

1.24

(2)

Other Nonregulated

 

—

 

—

 

0.02

 

0.02

 

Diluted Earnings Per Share from Continuing Operations

 

1.37

 

1.45

 

1.69

 

1.46

 

 

 

 

 

 

 

 

 

 

 

Income from Discontinued Operations Assuming Dilution

 

0.01

 

—

 

0.10

 

—

 

Diluted Earnings Per Share

 

$

1.38

 

$

1.45

 

$

1.79

 

$

1.46

 

 

* Unaudited.

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

 

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

 

(1) Addition of losses from our synthetic fuel processing facilities of $0.09 per share. Subtraction of mark-to-market gains on certain non-qualifying hedges of $0.01 per share.

(2) Subtraction of mark-to-market gains on certain non-qualifying hedges of $0.20 per share and subtraction of earnings from our synthetic fuel processing facilities of $0.11 per share. Addition for workforce reduction costs of $0.07 per share and addition for merger-related costs of $0.01 per share.

 

 

 

Nine Months Ended September 30,

 

 

 

2007

 

2006

 

 

 

Reported

 

 

 

Reported

 

 

 

 

 

GAAP

 

Adjusted

 

GAAP

 

Adjusted

 

 

 

EPS*

 

EPS

 

EPS*

 

EPS

 

EARNINGS PER COMMON SHARE

 

 

 

 

 

 

 

 

 

Baltimore Gas and Electric

 

$

0.57

 

$

0.57

 

$

0.68

 

$

0.69

(2)

Merchant Energy

 

2.47

 

2.49

(1)

1.94

 

1.80

(3)

Other Nonregulated

 

0.05

 

0.05

 

0.04

 

0.04

 

Diluted Earnings Per Share from Continuing Operations

 

3.09

 

3.11

 

2.66

 

2.53

 

 

 

 

 

 

 

 

 

 

 

Income from Discontinued Operations Assuming Dilution

 

(0.01

)

—

 

0.28

 

—

 

Diluted Earnings Per Share

 

$

3.08

 

$

3.11

 

$

2.94

 

$

2.53

 

 

* Unaudited.

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

 

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

 

(1) Addition of impairment losses and other costs of $0.06 per share, addition of mark-to-market losses on certain non-qualifying hedges of $0.03 per share, and addition for workforce reduction costs of $0.01 per share. Subtraction of earnings from our synthetic fuel processing facilities of $0.08 per share.

(2) Addition for merger-related costs of $0.01 per share.

(3) Subtraction of mark-to-market gains on certain non-qualifying hedges of $0.14 per share and subtraction of earnings from our synthetic fuel processing facilities of $0.12 per share. Addition for workforce reduction costs of $0.08 per share and addition for merger-related costs of $0.04 per share.

 

Baltimore Gas and Electric

 

BGE reported earnings of 14 cents per share in the third quarter of 2007, down 6 cents per share versus the third quarter of 2006, driven by credits to residential customers required by Maryland’s Senate Bill 1 and higher operations and maintenance costs, partially offset by higher electric transmission and demand response revenues.

 

3


 

Merchant

 

On an adjusted basis, the Merchant segment earned $1.31 per share during the third quarter of 2007, up 7 cents per share from the third quarter last year.

 

Compared to the third quarter of 2006, Wholesale Competitive Supply increased 13 cents per share due to higher backlog realization and new business, partially offset by higher operating expenses. Retail Competitive Supply was down 5 cents per share, with NewEnergy Electric delivering higher year-over-year results and with NewEnergy Gas providing an unfavorable comparison to last year’s third quarter.

 

Financial Statements

 

The Sept. 30, 2007, financial statements and 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, the impact of certain economic, non-qualifying hedges and synfuel earnings. The mark-to-market impact of these hedges is significant to reported results, but economically neutral to the company in that offsetting gains or losses on underlying accrual positions will be recognized in the future. Synfuel earnings are excluded due to the potential for oil-price volatility to result in a difficult-to-forecast phase-out of tax credits.

 

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 more comparable among periods since it excludes the impact of items such as workforce reduction costs or gains and losses on the sale of assets, which may recur occasionally, but tend to be irregular as to timing, thereby distorting comparisons between periods. However, investors should note that this non-GAAP measure involves judgment by management (in particular, judgment as to what is classified as a

 

4


 

special item or an economic, non-qualifying hedge to be excluded from adjusted earnings). This non-GAAP measure is 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, economic, non-qualifying hedges and synfuel results due to the difficulty of doing so. The impact of special items, economic, non-qualifying hedges and synfuel results could be material to our operating results computed in accordance with GAAP. We note that such information is not in accordance with GAAP and should not be viewed as a substitute to GAAP information.

 

SEC Filings

 

The company plans to file its Form 10-Q for the three months ended Sept. 30, 2007, on or about Nov. 8, 2007.

 

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 periodic reports under the forward-looking statements and risk factors sections. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

Conference Call Oct. 31, 2007

 

Constellation Energy will host a conference call at 8:30 a.m. (EDT) on Oct. 31, 2007, to review its third 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.

 

5


 

The conference password is ENERGY. A replay will be available approximately one hour after the end of the call by dialing (866) 415-8358 or (203) 369-0699 (international).

 

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 (www.constellation.com). A webcast replay, as well as a replay in downloadable MP3 format, will also be available on the site shortly after the completion of the call.

 

Constellation Energy (www.constellation.com), a FORTUNE 125 company with 2006 revenues of $19.3 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 78 generating units located throughout the United States, totaling approximately 8,700 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 Adjusted EPS

 

Income from Discontinued Operations – after-tax income of $0.7 million, or $0.01 per share

 

In December 2006, we completed the sale of six gas-fired plants, including the High Desert facility, and in June 2004 we completed the sale of a geothermal facility in Hawaii. Both of these facilities had been previously classified as discontinued operations in our financial statements. During the third quarter of 2007, we recorded certain income tax adjustments relating to these facilities totaling $0.7 million, which is reflected in “Income from discontinued operations.”

 

Non-qualifying Hedges – after-tax gain of $1.9 million, or $0.01 per share

 

During the third quarter of 2007, we recognized a $1.9 million after-tax gain related to certain non-qualifying hedges of gas transportation rights and gas storage contracts, which are economic hedges that do not meet the criteria or are not designated for cash-flow 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 gain is essentially a timing difference that is expected to be offset as we realize the related accrual contracts in cash in future periods.

 

Synfuel Earnings – after-tax loss of $(15.6) million, or $(0.09) per share

 

Due to the potential for oil price volatility to result in a difficult-to-forecast phase-out of tax credits at our facilities that produce synfuel, we have removed the $(15.6) million loss generated during the third quarter of 2007 from our results as follows:

 

 

 

September 30,

 

Three Months Ended

 

2007

 

 

 

(In millions)

 

After-tax loss from operations

 

$

(12.2

)

Tax credits before phase-out

 

37.1

 

Current period tax credit phase-out

 

(20.0

)

True-up of phase-out from prior periods

 

(20.5

)

Net loss from synfuel facilities

 

$

(15.6

)

 

7


 

Constellation Energy Group and Subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Income (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2007

 

2006

 

2007

 

2006

 

 

 

 

(In Millions, Except Per Share Amounts)

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

Nonregulated revenues

 

$

4,869.7

 

$

4,631.8

 

$

13,124.7

 

$

12,307.0

 

 

Regulated electric revenues

 

778.2

 

649.9

 

1,837.3

 

1,652.6

 

 

Regulated gas revenues

 

112.8

 

111.7

 

674.4

 

671.8

 

 

Total revenues

 

5,760.7

 

5,393.4

 

15,636.4

 

14,631.4

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

Fuel and purchased energy expenses

 

4,454.0

 

4,096.2

 

12,244.2

 

11,415.5

 

 

Operating expenses

 

653.6

 

514.2

 

1,802.7

 

1,597.6

 

 

Impairment losses and other costs

 

—

 

—

 

20.2

 

—

 

 

Workforce reduction costs

 

—

 

21.7

 

2.3

 

23.9

 

 

Merger-related costs

 

—

 

3.4

 

—

 

12.4

 

 

Depreciation, depletion, and amortization

 

138.3

 

136.4

 

413.5

 

399.9

 

 

Accretion of asset retirement obligations

 

16.0

 

17.0

 

51.9

 

50.2

 

 

Taxes other than income taxes

 

73.7

 

73.6

 

219.7

 

218.7

 

 

Total expenses

 

5,335.6

 

4,862.5

 

14,754.5

 

13,718.2

 

 

Income from Operations

 

425.1

 

530.9

 

881.9

 

913.2

 

 

Gain on Sale of Subsidiary Equity - CEP

 

39.2

 

—

 

52.1

 

—

 

 

Other Income

 

29.1

 

9.5

 

116.7

 

38.6

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

Interest expense

 

80.3

 

83.1

 

231.7

 

239.3

 

 

Interest capitalized and allowance for borrowed funds used during construction

 

(5.2

)

(3.5

)

(13.6

)

(10.0

)

 

BGE preference stock dividends

 

3.3

 

3.3

 

9.9

 

9.9

 

 

Total fixed charges

 

78.4

 

82.9

 

228.0

 

239.2

 

 

Income from Continuing Operations Before Income Taxes

 

415.0

 

457.5

 

822.7

 

712.6

 

 

Income Tax Expense

 

164.3

 

151.2

 

258.4

 

230.6

 

 

Income from Continuing Operations

 

250.7

 

306.3

 

564.3

 

482.0

 

 

Income (Loss) from discontinued operations, net of income taxes of $0.7, $10.1, $1.5 and $27.8, respectively

 

0.7

 

18.1

 

(0.9

)

49.5

 

 

Net Income

 

$

251.4

 

$

324.4

 

$

563.4

 

$

531.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Applicable to Common Stock

 

$

251.4

 

$

324.4

 

$

563.4

 

$

531.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Shares of Common Stock Outstanding — Basic

 

180.5

 

179.7

 

180.5

 

179.1

 

 

Average Shares of Common Stock Outstanding — Diluted

 

182.8

 

181.6

 

182.8

 

180.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share from Continuing Operations —Basic

 

$

1.39

 

$

1.70

 

$

3.13

 

$

2.69

 

 

Income (Loss) from discontinued operations — Basic

 

—

 

0.11

 

(0.01

)

0.28

 

 

Earnings Per Common Share — Basic

 

$

1.39

 

$

1.81

 

$

3.12

 

$

2.97

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share from Continuing Operations — Diluted

 

$

1.37

 

$

1.69

 

$

3.09

 

$

2.66

 

 

Income (Loss) from discontinued operations — Diluted

 

0.01

 

0.10

 

(0.01

)

0.28

 

 

Earnings Per Common Share — Diluted

 

$

1.38

 

$

1.79

 

$

3.08

 

$

2.94

 

 

 

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,
2007

 

December 31,
2006

 

 

 

 

 

 

 

(In Millions)

 

ASSETS

 

 

Current Assets

 

 

 

 

 

Cash and cash equivalents

 

$

1,551.7

 

$

2,289.1

 

Accounts receivable (net of allowance for uncollectibles of $45.9 and $48.9, respectively)

 

3,642.8

 

3,248.3

 

Fuel stocks

 

510.9

 

599.5

 

Materials and supplies

 

208.9

 

200.2

 

Mark-to-market energy assets

 

963.8

 

1,294.8

 

Risk management assets

 

165.1

 

261.7

 

Unamortized energy contract assets

 

52.0

 

35.2

 

Deferred income taxes

 

220.8

 

674.3

 

Other

 

514.4

 

497.0

 

Total current assets

 

7,830.4

 

9,100.1

 

Investments And Other Assets

 

 

 

 

 

Nuclear decommissioning trust funds

 

1,308.7

 

1,240.1

 

Other investments

 

524.2

 

308.6

 

Regulatory assets (net)

 

606.0

 

389.0

 

Goodwill

 

273.8

 

157.6

 

Mark-to-market energy assets

 

699.9

 

623.4

 

Risk management assets

 

449.2

 

325.7

 

Unamortized energy contract assets

 

186.2

 

123.6

 

Other

 

316.4

 

311.4

 

Total investments and other assets

 

4,364.4

 

3,479.4

 

Property, Plant And Equipment

 

 

 

 

 

Nonregulated property, plant and equipment

 

7,936.9

 

7,587.6

 

Regulated property, plant and equipment

 

5,968.4

 

5,752.9

 

Nuclear fuel (net of amortization)

 

382.1

 

339.9

 

Accumulated depreciation

 

(4,729.9

)

(4,458.3

)

Net property, plant and equipment

 

9,557.5

 

9,222.1

 

Total Assets

 

$

21,752.3

 

$

21,801.6

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

Current Liabilities

 

 

 

 

 

Current portion of long-term debt

 

$

295.5

 

$

878.8

 

Accounts payable and accrued liabilities

 

2,301.5

 

2,137.2

 

Customer deposits and collateral

 

402.3

 

347.2

 

Mark-to-market energy liabilities

 

687.1

 

1,071.7

 

Risk management liabilities

 

840.8

 

1,340.0

 

Unamortized energy contract liabilities

 

415.7

 

378.3

 

Accrued expenses and other

 

868.3

 

969.5

 

Total current liabilities

 

5,811.2

 

7,122.7

 

Deferred Credits And Other Liabilities

 

 

 

 

 

Deferred income taxes

 

1,310.7

 

1,435.8

 

Asset retirement obligations

 

903.1

 

974.8

 

Mark-to-market energy liabilities

 

406.8

 

392.4

 

Risk management liabilities

 

802.3

 

707.3

 

Unamortized energy contract liabilities

 

1,279.8

 

958.0

 

Defined benefit obligations

 

849.5

 

928.3

 

Deferred investment tax credits

 

52.1

 

57.2

 

Other

 

167.8

 

109.0

 

Total deferred credits and other liabilities

 

5,772.1

 

5,562.8

 

Long-Term Debt

 

 

 

 

 

Long-term debt of nonregulated businesses

 

2,778.0

 

3,390.3

 

Long-term debt of BGE

 

1,334.2

 

1,459.0

 

Rate stabilization securitization bonds of BGE

 

623.2

 

—

 

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

 

(5.1

)

(5.9

)

Current portion of long-term debt

 

(295.5

)

(878.8

)

Total long-term debt

 

4,692.5

 

4,222.3

 

Minority Interests

 

19.9

 

94.5

 

BGE Preference Stock Not Subject To Mandatory Redemption

 

190.0

 

190.0

 

Common Shareholders’ Equity

 

 

 

 

 

Common stock

 

2,749.7

 

2,738.6

 

Retained earnings

 

3,763.4

 

3,474.3

 

Accumulated other comprehensive loss

 

(1,246.5

)

(1,603.6

)

Total common shareholders’ equity

 

5,266.6

 

4,609.3

 

Total Liabilities And Equity

 

$

21,752.3

 

$

21,801.6

 

 

 

Constellation Energy Group and Subsidiaries

 

Merchant Energy Operating Statistics (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

 

 

 

 

Oil &

 

Hydro &

 

 

 

 

 

 

 

Nuclear

 

Coal

 

Gas

 

Renewables

 

Other

 

Total

 

Generation by Fuel Type (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

2007

 

60.2

 

35.3

 

1.1

 

1.9

 

1.5

 

100.0

 

2006*

 

50.5

 

30.1

 

16.2

 

2.0

 

1.2

 

100.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thousands of MWH

 

 

 

 

 

 

 

 

 

 

 

 

 

2007

 

23,419

 

13,730

 

440

 

747

 

540

 

38,876

 

2006*

 

22,808

 

13,576

 

7,316

 

897

 

548

 

45,145

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Includes generation output from our gas-fired plants until their sale in December 2006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Utility Operating Statistics (Unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2007

 

2006

 

2007

 

2006

 

ELECTRIC

 

 

 

 

 

 

 

 

 

Revenues (In Millions)

 

 

 

 

 

 

 

 

 

Residential

 

$

513.4

 

$

365.0

 

$

1,124.8

 

$

845.4

 

Commercial

 

 

 

 

 

 

 

 

 

Excluding Delivery Service Only

 

166.1

 

196.7

 

443.0

 

602.2

 

Delivery Service Only

 

57.8

 

52.1

 

160.9

 

99.7

 

Industrial

 

 

 

 

 

 

 

 

 

Excluding Delivery Service Only

 

9.5

 

10.7

 

24.1

 

39.4

 

Delivery Service Only

 

7.1

 

7.3

 

20.7

 

19.4

 

System Sales

 

753.9

 

631.8

 

1,773.5

 

1,606.1

 

Other

 

24.3

 

18.1

 

63.8

 

46.5

 

Total

 

$

778.2

 

$

649.9

 

$

1,837.3

 

$

1,652.6

 

Distribution Volumes (In Thousands) — MWH

 

 

 

 

 

 

 

 

 

Residential

 

3,766

 

3,754

 

10,497

 

9,965

 

Commercial

 

 

 

 

 

 

 

 

 

Excluding Delivery Service Only

 

1,183

 

1,403

 

3,303

 

5,287

 

Delivery Service Only

 

3,234

 

3,080

 

8,950

 

6,662

 

Industrial

 

 

 

 

 

 

 

 

 

Excluding Delivery Service Only

 

77

 

91

 

215

 

395

 

Delivery Service Only

 

833

 

799

 

2,373

 

2,262

 

Total

 

9,093

 

9,127

 

25,338

 

24,571

 

GAS

 

 

 

 

 

 

 

 

 

Revenues (In Millions)

 

 

 

 

 

 

 

 

 

Residential

 

 

 

 

 

 

 

 

 

Excluding Delivery Service Only

 

$

47.5

 

$

48.3

 

$

390.5

 

$

361.0

 

Delivery Service Only

 

2.7

 

2.8

 

13.6

 

15.0

 

Commercial

 

 

 

 

 

 

 

 

 

Excluding Delivery Service Only

 

15.1

 

14.4

 

114.3

 

112.8

 

Delivery Service Only

 

7.2

 

5.7

 

30.0

 

25.3

 

Industrial

 

 

 

 

 

 

 

 

 

Excluding Delivery Service Only

 

0.6

 

0.6

 

5.8

 

5.7

 

Delivery Service Only

 

4.3

 

5.1

 

12.8

 

15.0

 

System Sales

 

77.4

 

76.9

 

567.0

 

534.8

 

Off-System Sales

 

39.7

 

36.5

 

115.2

 

136.5

 

Other

 

1.6

 

1.2

 

6.6

 

7.1

 

Total

 

$

118.7

 

$

114.6

 

$

688.8

 

$

678.4

 

Distribution Volumes (In Thousands) — DTH

 

 

 

 

 

 

 

 

 

Residential

 

 

 

 

 

 

 

 

 

Excluding Delivery Service Only

 

2,496

 

2,548

 

27,403

 

22,843

 

Delivery Service Only

 

251

 

273

 

3,012

 

2,772

 

Commercial

 

 

 

 

 

 

 

 

 

Excluding Delivery Service Only

 

1,184

 

1,073

 

9,363

 

8,346

 

Delivery Service Only

 

5,850

 

5,053

 

22,865

 

18,911

 

Industrial

 

 

 

 

 

 

 

 

 

Excluding Delivery Service Only

 

45

 

46

 

491

 

438

 

Delivery Service Only

 

4,300

 

4,651

 

12,701

 

15,463

 

System Sales

 

14,126

 

13,644

 

75,835

 

68,773

 

Off-System Sales

 

5,952

 

5,110

 

14,697

 

15,763

 

Total

 

20,078

 

18,754

 

90,532

 

84,536

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

Heating/Cooling Degree Days (Calendar-Month Basis)

 

Heating Degree Days

— Actual

 

61

 

81

 

3,061

 

2,642

 

 

— Normal

 

84

 

85

 

3,055

 

3,061

 

Cooling Degree Days

— Actual

 

593

 

622

 

851

 

845

 

 

— Normal

 

585

 

581

 

823

 

821

 

 


Constellation Energy Group and Subsidiaries

 

Supplemental Financial Statistics (Unaudited)

 

 

 

Nine Months Ended
September 30,

 

 

 

 

 

 

2007

 

2006

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

4.21

 

3.69

 

 

 

 

 

 

 

Effective Tax Rate

 

31.0

%

31.9

%

 

 

 

 

 

 

Equity Investment In Nonregulated Businesses — End of Period

 

$

3,589.5

 

$

2,671.7

 

 

 

 

 

 

 

Equity Investment In Regulated Business — End of Period

 

$

1,677.1

 

$

1,657.9

 

 

 

 

 

 

 

 

Common Stock Data

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2007

 

2006

 

2007

 

2006

 

 

 

 

 

 

 

 

 

 

 

Common Stock Dividends - Per Share

 

 

 

 

 

 

 

 

 

—Declared

 

$

0.4350

 

$

0.3775

 

$

1.3050

 

$

1.1325

 

—Paid

 

$

0.4350

 

$

0.3775

 

$

1.2475

 

$

1.0900

 

 

 

 

 

 

 

 

 

 

 

Market Value Per Share

 

 

 

 

 

 

 

 

 

—High

 

$

98.20

 

$

60.79

 

$

98.20

 

$

60.79

 

—Low

 

$

76.64

 

$

53.70

 

$

68.78

 

$

50.55

 

—Close

 

$

85.79

 

$

59.20

 

$

85.79

 

$

59.20

 

 

 

 

 

 

 

 

 

 

 

Shares Outstanding—End of Period (In Millions)

 

180.6

 

179.9

 

180.6

 

179.9

 

 

 

 

 

 

 

 

 

 

 

Book Value per Share—End of Period

 

$

29.16

 

$

24.07

 

$

29.16

 

$

24.07