Filed Under Rule 424(b)(2) Registration File No. 333-32311 PRICING SUPPLEMENT NO. 1 Dated March 17, 1998 to Prospectus dated August 4, 1997. BALTIMORE GAS AND ELECTRIC COMPANY Medium-Term Notes, Series G This Pricing Supplement describes our sale of Notes through Goldman, Sachs & Co., as agent. Principal Amount: $25,000,000 Interest Rate: 6.36% Original Issue Date: 3/18/98 Stated Maturity: 3/18/2008 Price to Public: $25,000,000 Agent's Commission: $150,000 Net Proceeds to Company: $24,850,000 CUSIP: 05916M AJ 2 We registered a total of $200,000,000 worth of Notes. So far, we have issued $25,000,000, including these $25,000,000. We still have $175,000,000 worth of Notes available to issue.