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

1

•

2009 earnings guidance of $2.90 to $3.30 per share

•

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

to 8%

•

Key drivers include:

–

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

the Nuclear Joint Venture

–

Debt reduction and capital expenditure reductions

–

Higher BGE earnings resulting from increased investment

•

Recommending reduction in dividend by 50% to 60%

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

Exhibit 99.1

Note: The

information

included

herein

is

subject

to

the

paragraph

titled

“Forward

Looking

Statements”

in

the

Current

Report

on

Form

8-K/A

of

which

this Exhibit 99.1 is a part.

December 17, 2008

2009 and Beyond