Filed Under Rule 424(b)(2) Registration File No. 333-19263 PRICING SUPPLEMENT NO. 5 Dated July 21, 1997 to Prospectus dated January 6, 1997. BALTIMORE GAS AND ELECTRIC COMPANY Medium-Term Notes, Series E This Pricing Supplement describes our sale of Notes through Lehman Brothers, as agent. Principal Amount: $25,000,000 Interest Rate: 6.66% Original Issue Date: 7/22/97 Stated Maturity: 5/01/2006 Price to Public: $25,000,000 Agent's Commission: $137,500 Net Proceeds to Company: $24,862,500 We registered $200 million of Notes. Including the $25 million of Notes described above, we have issued $135 million, so $65 million remains available for us to issue.