Constellation Energy 8-K 2009 earnings guidance of $2.90 to $3.30 per share

1

2009 and Beyond

Note: Earnings impact of winding down commodities could result in earnings per share impact of ($1.00) to $0.00

See Appendix

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2009 earnings guidance of $2.90 to $3.30 per share

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Projecting five-year compound annual EPS growth rate of 6%

to 8%

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Key drivers include:

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Reset of generation hedges at higher market prices offset by impact of

the Nuclear Joint Venture

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Debt reduction and capital expenditure reductions

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Higher BGE earnings resulting from increased investment

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Recommending reduction in dividend by 50% to 60%

Exhibit 99.1