Exhibit 99
| News Release |
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| Media Line: 410 470-7433 |
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| 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 |
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Investor Contact: | Kevin Hadlock |
| 410 470-3647 |
| Janet Mosher |
| 410 470-1884 |
Constellation Energy Reports Solid First Quarter 2008 Results
| - Earnings driven by strong generation performance |
| - Affirms guidance for 2008 at $5.25 to $5.75 per share |
| - Reaffirms 2009 outlook of 15 to 20 percent growth over 2008 earnings |
BALTIMORE, April 30, 2008 - Constellation Energy (NYSE: CEG) today reported adjusted earnings of $0.95 per share for the first quarter of 2008, 8 percent lower than the $1.03 adjusted earnings per share earned in the same period last year. Adjusted earnings exclude the impact of special items, discontinued operations, certain economic, non-qualifying hedges and synfuel earnings. On a Generally Accepted Accounting Principles (GAAP) basis, the company earned $0.81 per share in the first quarter of 2008, compared to $1.07 per share in the same period last year.
Constellation Energy reaffirmed earnings guidance for 2008 at $5.25 to $5.75 per share, and for 2009, the company expects to grow earnings 15 to 20 percent over projected 2008 earnings.
“We are pleased with our first quarter results, which were in line with our expectations and reflect solid operating performance,” said Mayo A. Shattuck III, chairman, president and chief executive officer of Constellation Energy. “We achieved several operational successes during the first quarter of 2008, including strong results from our generation fleet, driven by the roll-off of below-market hedges. Our Nuclear Group delivered particularly strong operating results, as we successfully completed planned outages and limited nuclear fleet forced outages to less than 3 days.
“During the first quarter, we continued to transact opportunistically. We purchased the Hillabee Energy Center for approximately $155 million, which should be completed in 2010 at about 45 percent of the cost to build a new plant. This acquisition complements our roughly 3,100 megawatts of peak load in the Southeast, a growing area of our business. The addition of this generation asset continues to expand our growth strategy beyond competitive markets into regulated markets, while capitalizing on our expertise and extensive background in building and operating generating facilities. Consistent with our ‘Invest—Develop—Harvest’ strategy in upstream gas, we executed the sale of a non-operating interest in producing wells to Constellation Energy Partners, recognizing a gain of approximately $14 million.
“Lastly, during the first quarter, we announced a comprehensive settlement with political and regulatory leaders in Maryland,” said Shattuck. “We believe the agreement provides far-reaching benefits for our customers, our investors and Maryland. All parties gain meaningfully in this carefully crafted settlement, and the overarching value is a return to regulatory stability and normalcy. There is commitment to putting the past behind us and focusing on discussions around the many energy-related challenges and opportunities that lie in Maryland’s future. We fully recognize that the expression of many different views and concerns about Maryland’s future energy policy will continue and is likely to spark rather intensive debates. However, we are confident that we can go about these discussions in a constructive manner now that the past has been laid to rest.”
The following table summarizes adjusted earnings per share and earnings per share reported in accordance with GAAP for the company’s business segments and provides a reconciliation to total company reported earnings.
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| Three Months Ended March 31, |
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| 2008 |
| 2007 |
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| Reported GAAP EPS* |
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Adjusted EPS |
| Reported GAAP EPS* |
| Adjusted EPS |
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EARNINGS PER COMMON SHARE |
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Baltimore Gas and Electric |
| $ | 0.41 |
| $ | 0.37 | (1) | $ | 0.36 |
| $ | 0.36 |
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Merchant Energy |
| 0.40 |
| 0.58 | (2) | 0.67 |
| 0.62 | (3) | ||||
Other Nonregulated |
| — |
| — |
| 0.05 |
| 0.05 |
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Diluted Earnings Per Share from Continuing Operations |
| 0.81 |
| 0.95 |
| 1.08 |
| 1.03 |
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Loss from Discontinued Operations Assuming Dilution |
| — |
| — |
| (0.01 | ) | — |
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Diluted Earnings Per Share |
| $ | 0.81 |
| $ | 0.95 |
| $ | 1.07 |
| $ | 1.03 |
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* Unaudited.
GAAP EPS was adjusted by the following amounts to calculate Adjusted EPS
(1) Subtraction of effective tax rate impact related to Maryland settlement agreement of $0.04 per share.
(2) Addition of mark-to-market losses on certain non-qualifying hedges of $0.19 per share. Subtraction of earnings from our synthetic fuel processing facilities of $0.01 per share.
(3) Subtraction of earnings from our synthetic fuel processing facilities of $0.10 per share. Addition of mark-to-market losses on certain non-qualifying hedges of $0.05 per share.
Baltimore Gas and Electric
Baltimore Gas and Electric (BGE) reported adjusted earnings of 37 cents per share in the first quarter of 2008. Compared to the first quarter of 2007, BGE’s first quarter 2008 adjusted EPS was up 1 cent per share, due to higher transmission revenue, favorable gas supply revenue, favorable storm expenses and share accretion. These positive items were partially offset by higher interest expense and other costs.
Merchant
On an adjusted basis, the Merchant segment earned 58 cents per share during the first quarter of 2008, down 4 cents per share from the first quarter last year. On the positive side, Generation was up 12 cents, which benefited from higher energy and capacity prices as below-market hedges continue to roll off and a shorter planned refueling outage at Calvert Cliffs. Customer Supply was unfavorable 2 cents per share, primarily driven by lower wholesale backlog and reduced retail power margins, offset by an increase in retail gas margins. Global Commodities was down 7 cents, compared with the first quarter of 2007, due to the negative impact of hedge ineffectiveness, isolated coal supplier defaults and lower portfolio management and trading results, partially offset by strong gains in structured products and energy investments. Higher net interest expense and other items reduced earnings by 7 cents per share, compared to the first quarter of last year.
Financial Statements
The March 31, 2008, 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
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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 have been 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 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 March 31, 2008, on or about May 9, 2008.
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
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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 April 30, 2008
Constellation Energy will host a conference call at 8:30 a.m. (EDT) on April 30, 2008, to review the 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 (866) 514-3171 or (203) 369-2004 (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. The call will also be recorded and archived on the site.
Constellation Energy (http://www.constellation.com), a FORTUNE 125 company with 2007 revenues of $21 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.
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Addendum — Amounts Excluded from Adjusted EPS
Non-qualifying Hedges — after-tax loss of $(34.6) million, or $(0.19) per share
During the first quarter of 2008, we recognized a $(34.6) million after-tax loss 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 loss is essentially a timing difference that is expected to be offset as we realize the related accrual contracts in cash in future periods.
Effective Tax Rate Impact: Maryland Settlement — after-tax benefit of $6.6 million, or $0.04 per share
As a result of the approximately $187 million in BGE residential electric customer credits provided for in the settlement agreement with the State of Maryland and the Maryland Public Service Commission, we expect our 2008 effective tax rate to be reduced. Pursuant to Accounting Principles Board Opinion No. 28, Interim Financial Reporting, and FASB Interpretation FIN 18, Accounting for Income Taxes in Interim Periods an Interpretation of APB Opinion No. 28, we recorded our first quarter 2008 income tax expense based on an estimate of our full-year 2008 effective tax rate that reflects these credits. We have excluded this reduction to income tax expense from our adjusted first quarter 2008 earnings to be consistent with how we plan to treat the $187 million non-recurring charge we will record in the second quarter of 2008. We will similarly adjust our results for the income tax expense impact of the credits for the remaining three quarters of 2008.
Synfuel Earnings — after-tax gain of $3.6 million, or $0.01 per share
We have removed a $3.6 million gain generated during the first quarter of 2008, primarily related to the final true-up of the estimated tax-credit phase-out that we recorded in 2007 based on oil price and inflation information published by the IRS in the first quarter of 2008.
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Constellation Energy Group and Subsidiaries
Consolidated Statements of Income (Unaudited)
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| Three Months Ended |
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| March 31, |
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| 2008 |
| 2007 |
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| (In Millions, Except Per Share Amounts) |
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Revenues |
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Nonregulated revenues |
| $ | 3,726.9 |
| $ | 4,193.8 |
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Regulated electric revenues |
| 709.3 |
| 514.8 |
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Regulated gas revenues |
| 391.0 |
| 402.5 |
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Total revenues |
| 4,827.2 |
| 5,111.1 |
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Expenses |
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Fuel and purchased energy expenses |
| 3,743.1 |
| 4,016.7 |
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Operating expenses |
| 590.1 |
| 568.7 |
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Depreciation, depletion, and amortization |
| 148.3 |
| 132.4 |
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Accretion of asset retirement obligations |
| 16.6 |
| 17.7 |
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Taxes other than income taxes |
| 74.8 |
| 73.2 |
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Total expenses |
| 4,572.9 |
| 4,808.7 |
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Income from Operations |
| 254.3 |
| 302.4 |
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Other Income |
| 42.3 |
| 42.4 |
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Fixed Charges |
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Interest expense |
| 78.8 |
| 80.3 |
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Interest capitalized and allowance for borrowed funds used during construction |
| (7.1 | ) | (3.8 | ) | ||
BGE preference stock dividends |
| 3.3 |
| 3.3 |
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Total fixed charges |
| 75.0 |
| 79.8 |
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Income from Continuing Operations Before Income Taxes |
| 221.6 |
| 265.0 |
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Income Tax Expense |
| 75.9 |
| 67.7 |
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Income from Continuing Operations |
| 145.7 |
| 197.3 |
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Loss from discontinued operations, net of income taxes of $0.8 |
| — |
| (1.6 | ) | ||
Net Income |
| $ | 145.7 |
| $ | 195.7 |
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Earnings Applicable to Common Stock |
| $ | 145.7 |
| $ | 195.7 |
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Average Shares of Common Stock Outstanding - Basic |
| 178.2 |
| 180.6 |
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Average Shares of Common Stock Outstanding - Diluted |
| 180.2 |
| 182.8 |
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Earnings Per Common Share from Continuing Operations -Basic |
| $ | 0.82 |
| $ | 1.09 |
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Loss from discontinued operations - Basic |
| — |
| (0.01 | ) | ||
Earnings Per Common Share - Basic |
| $ | 0.82 |
| $ | 1.08 |
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Earnings Per Common Share from Continuing Operations - Diluted |
| $ | 0.81 |
| $ | 1.08 |
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Loss from discontinued operations - Diluted |
| — |
| (0.01 | ) | ||
Earnings Per Common Share - Diluted |
| $ | 0.81 |
| $ | 1.07 |
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Certain prior-period amounts have been reclassified to conform with the current period’s presentation.
Constellation Energy Group and Subsidiaries
Consolidated Balance Sheets (Unaudited)
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| March 31, |
| December 31, |
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| 2008 |
| 2007 |
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ASSETS |
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Current Assets |
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Cash and cash equivalents |
| $ | 662.6 |
| $ | 1,095.9 |
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Accounts receivable (net of allowance for uncollectibles of $139.3 and $44.9, respectively) |
| 4,560.5 |
| 4,289.5 |
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Fuel stocks |
| 609.2 |
| 591.3 |
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Materials and supplies |
| 208.9 |
| 207.5 |
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Derivative assets |
| 1,843.0 |
| 760.6 |
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Unamortized energy contract assets |
| 86.5 |
| 32.0 |
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Deferred income taxes |
| — |
| 300.7 |
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Other |
| 445.7 |
| 408.1 |
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Total current assets |
| 8,416.4 |
| 7,685.6 |
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Investments And Other Noncurrent Assets |
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Nuclear decommissioning trust funds |
| 1,274.4 |
| 1,330.8 |
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Other investments |
| 541.1 |
| 542.2 |
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Regulatory assets (net) |
| 548.6 |
| 576.2 |
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Goodwill |
| 261.3 |
| 261.3 |
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Derivative assets |
| 1,472.4 |
| 1,030.2 |
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Unamortized energy contract assets |
| 194.7 |
| 178.3 |
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Other |
| 366.6 |
| 370.6 |
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Total investments and other noncurrent assets |
| 4,659.1 |
| 4,289.6 |
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Property, Plant And Equipment |
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Nonregulated property, plant and equipment |
| 8,454.9 |
| 8,087.0 |
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Regulated property, plant and equipment |
| 6,150.8 |
| 6,051.2 |
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Nuclear fuel (net of amortization) |
| 347.2 |
| 374.3 |
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Accumulated depreciation |
| (4,843.7 | ) | (4,745.4 | ) | ||
Net property, plant and equipment |
| 10,109.2 |
| 9,767.1 |
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Total Assets |
| $ | 23,184.7 |
| $ | 21,742.3 |
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LIABILITIES AND EQUITY |
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Current Liabilities |
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Short-term borrowings |
| $ | — |
| $ | 14.0 |
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Current portion of long-term debt |
| 232.8 |
| 380.6 |
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Accounts payable and accrued liabilities |
| 2,931.8 |
| 2,630.1 |
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Customer deposits and collateral |
| 202.2 |
| 146.6 |
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Derivative liabilities |
| 1,847.4 |
| 1,134.3 |
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Unamortized energy contract liabilities |
| 389.7 |
| 392.2 |
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Deferred income taxes |
| 95.3 |
| — |
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Accrued expenses and other |
| 742.0 |
| 956.0 |
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Total current liabilities |
| 6,441.2 |
| 5,653.8 |
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Deferred Credits And Other Noncurrent Liabilities |
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Deferred income taxes |
| 1,415.7 |
| 1,588.5 |
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Asset retirement obligations |
| 934.5 |
| 917.6 |
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Derivative liabilities |
| 1,480.3 |
| 1,118.9 |
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Unamortized energy contract liabilities |
| 1,132.2 |
| 1,218.6 |
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Defined benefit obligations |
| 762.3 |
| 828.6 |
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Deferred investment tax credits |
| 48.8 |
| 50.5 |
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Other |
| 167.1 |
| 155.9 |
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Total deferred credits and other noncurrent liabilities |
| 5,940.9 |
| 5,878.6 |
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Long-Term Debt |
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Long-term debt of nonregulated businesses |
| 2,853.9 |
| 2,830.8 |
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Long-term debt of BGE |
| 1,189.5 |
| 1,334.2 |
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Rate stabilization securitization bonds of BGE |
| 623.2 |
| 623.2 |
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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 |
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Unamortized discount and premium |
| (4.8 | ) | (4.8 | ) | ||
Current portion of long-term debt |
| (232.8 | ) | (380.6 | ) | ||
Total long-term debt |
| 4,686.7 |
| 4,660.5 |
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Minority Interests |
| 19.9 |
| 19.2 |
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BGE Preference Stock Not Subject To Mandatory Redemption |
| 190.0 |
| 190.0 |
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Common Shareholders’ Equity |
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Common stock |
| 2,544.5 |
| 2,513.3 |
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Retained earnings |
| 3,958.3 |
| 3,919.5 |
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Accumulated other comprehensive loss |
| (596.8 | ) | (1,092.6 | ) | ||
Total common shareholders’ equity |
| 5,906.0 |
| 5,340.2 |
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Total Liabilities And Equity |
| $ | 23,184.7 |
| $ | 21,742.3 |
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Certain prior-period amounts have been reclassified to conform with the current period’s presentation.
Constellation Energy Group and Subsidiaries
Merchant Operating Statistics (Unaudited)
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| Three Months Ended March 31, |
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| Oil & |
| Hydro & |
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| Nuclear |
| Coal |
| Gas |
| Renewables |
| Other |
| Total |
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Generation by Fuel Type (%) |
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2008 |
| 59.4 |
| 35.6 |
| — |
| 3.5 |
| 1.5 |
| 100.0 |
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2007 |
| 56.9 |
| 38.0 |
| 0.9 |
| 2.8 |
| 1.4 |
| 100.0 |
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Thousands of MWH |
|
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2008 |
| 7,804 |
| 4,686 |
| (2 | ) | 456 |
| 192 |
| 13,136 |
|
2007 |
| 7,116 |
| 4,757 |
| 110 |
| 352 |
| 179 |
| 12,514 |
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Utility Operating Statistics (Unaudited)
|
| Three Months Ended |
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|
| March 31, |
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| 2008 |
| 2007 |
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ELECTRIC |
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Revenues (In Millions) |
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Residential |
| $ | 504.7 |
| $ | 298.9 |
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Commercial |
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Excluding Delivery Service Only |
| 120.0 |
| 134.9 |
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Delivery Service Only |
| 52.1 |
| 49.9 |
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Industrial |
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Excluding Delivery Service Only |
| 6.2 |
| 6.8 |
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Delivery Service Only |
| 6.5 |
| 6.6 |
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System Sales |
| 689.5 |
| 497.1 |
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Other |
| 19.9 |
| 17.7 |
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Total |
| $ | 709.4 |
| $ | 514.8 |
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Distribution Volumes (In Thousands) - MWH |
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Residential |
| 3,698 |
| 3,806 |
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Commercial |
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Excluding Delivery Service Only |
| 900 |
| 1,054 |
| ||
Delivery Service Only |
| 2,775 |
| 2,792 |
| ||
Industrial |
|
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|
|
| ||
Excluding Delivery Service Only |
| 51 |
| 65 |
| ||
Delivery Service Only |
| 755 |
| 749 |
| ||
Total |
| 8,179 |
| 8,466 |
| ||
GAS |
|
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Revenues (In Millions) |
|
|
|
|
| ||
Residential |
|
|
|
|
| ||
Excluding Delivery Service Only |
| $ | 240.7 |
| $ | 260.1 |
|
Delivery Service Only |
| 7.3 |
| 7.5 |
| ||
Commercial |
|
|
|
|
| ||
Excluding Delivery Service Only |
| 69.1 |
| 73.2 |
| ||
Delivery Service Only |
| 15.0 |
| 15.4 |
| ||
Industrial |
|
|
|
|
| ||
Excluding Delivery Service Only |
| 3.8 |
| 4.0 |
| ||
Delivery Service Only |
| 4.1 |
| 4.0 |
| ||
System Sales |
| 340.0 |
| 364.2 |
| ||
Off-System Sales |
| 53.3 |
| 40.6 |
| ||
Other |
| 3.1 |
| 2.5 |
| ||
Total |
| $ | 396.4 |
| $ | 407.3 |
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Distribution Volumes (In Thousands) - DTH |
|
|
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| ||
Residential |
|
|
|
|
| ||
Excluding Delivery Service Only |
| 17,948 |
| 19,645 |
| ||
Delivery Service Only |
| 1,951 |
| 2,190 |
| ||
Commercial |
|
|
|
|
| ||
Excluding Delivery Service Only |
| 5,768 |
| 6,110 |
| ||
Delivery Service Only |
| 10,510 |
| 10,649 |
| ||
Industrial |
|
|
|
|
| ||
Excluding Delivery Service Only |
| 334 |
| 343 |
| ||
Delivery Service Only |
| 5,159 |
| 4,164 |
| ||
System Sales |
| 41,670 |
| 43,101 |
| ||
Off-System Sales |
| 5,244 |
| 4,518 |
| ||
Total |
| 46,914 |
| 47,619 |
| ||
Utility operating statistics do not reflect the elimination of intercompany transactions.
Heating Degree Days (Calendar-Month Basis) |
|
|
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| |
|
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Heating Degree Days - Actual |
| 2,329 |
| 2,428 |
| |
| - Normal |
| 2,472 |
| 2,448 |
|
Constellation Energy Group and Subsidiaries
Supplemental Financial Statistics (Unaudited)
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| Three Months Ended |
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| March 31, |
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| 2008 |
| 2007 |
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Effective Tax Rate |
| 33.7 | % | 25.3 | % | ||
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Equity Investment In Nonregulated Businesses — End of Period |
| $ | 4,186.4 |
| $ | 3,681.4 |
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Equity Investment In Regulated Business — End of Period |
| $ | 1,719.6 |
| $ | 1,691.9 |
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Common Stock Data
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| Three Months Ended |
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| March 31, |
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| 2008 |
| 2007 |
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Common Stock Dividends - Per Share |
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—Declared |
| $ | 0.4775 |
| $ | 0.4350 |
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—Paid |
| $ | 0.4350 |
| $ | 0.3775 |
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Market Value Per Share |
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—High |
| $ | 107.97 |
| $ | 88.20 |
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—Low |
| $ | 81.94 |
| $ | 68.78 |
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—Close |
| $ | 88.27 |
| $ | 86.95 |
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Shares Outstanding—End of Period (In Millions) |
| 178.4 |
| 180.2 |
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Book Value per Share—End of Period |
| $ | 33.11 |
| $ | 29.82 |
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