Exhibit 4
                                   
                  (Form of Common Stock Certificate)
                                   
                     (Form of Face of Certificate)
     NUMBER                                                 SHARES
CEN _________                                              _________
     COMMON                                                 COMMON

                   CONSTELLATION ENERGY CORPORATION
                                   
INCORPORATED  UNDER  THE  LAWS  OF  THE  STATE  OF  MARYLAND  AND  THE
COMMONWEALTH  OF  VIRGINIA.  THIS CERTIFICATE  MAY  BE  PRESENTED  FOR
TRANSFER IN NEW YORK CITY OR WASHINGTON, D.C.
                                   
                                             CUSIP ______________
(SEE REVERSE FOR KEY TO ABBREVIATIONS)

This Certifies that _____________________ is the owner of ____________
SHARES  WITHOUT PAR VALUE OF THE COMMON STOCK OF Constellation  Energy
Corporation, full-paid and non-assessable, transferable in  person  or
by  attorney on surrender of this certificate properly endorsed.  This
certificate and the shares represented hereby are issued and shall  be
held  subject to all the provisions of the Charter of the  corporation
as  amended  and  supplemented, a copy of which is on  file  with  the
Transfer Agent.  This certificate is not valid until countersigned and
registered by the Transfer Agent and Registrar.

      Witness the seal of the corporation and the facsimile signatures
of its duly authorized officers.

Dated: ____________

/s/ William T. Torgerson                     /s/ John M. Derrick
_________________________                 __________________________
     SECRETARY                                    PRESIDENT
                                   
                   CONSTELLATION ENERGY CORPORATION
                          CORPORATE SEAL 1995
                         VIRGINIA AND MARYLAND
                                   
COUNTERSIGNED AND REGISTERED:
ChaseMellon Shareholder Services, L.L.C.
TRANSFER AGENT AND REGISTRAR
BY __________________________ AUTHORIZED SIGNATURE
                                   

                   (Form of Reverse of Certificate)
                                   
                   CONSTELLATION ENERGY CORPORATION

      The corporation will furnish to any shareholder upon request and
without  charge  a  full  statement of the designations,  preferences,
limitations, and relative rights of the shares of each class of  stock
authorized  to  be  issued and, with respect to the classes  of  stock
which  may be issued in series, the variations in the relative  rights
and  preferences between the shares of each such series, so far as the
same have been fixed and determined, and the authority of the Board of
Directors to fix and determine the relative rights and preferences  of
subsequent series.  Such request may be made to the Treasurer  of  the
Corporation at its principal office or to the Transfer Agent.
                             ____________
                                   
KEEP  THIS  CERTIFICATE IN A SAFE PLACE.  IF IT  IS  LOST,  STOLEN  OR
DESTROYED  THE  CORPORATION WILL REQUIRE A  BOND  OF  INDEMNITY  AS  A
CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.
                            ______________
                                   
      The following abbreviations, when used in the inscription on the
face  of  this  certificate, shall be construed as  though  they  were
written out in full according to applicable laws or regulations:

      TEN COM   -    as tenants in common
      TEN ENT   -    as tenants by the entireties
      JT TEN    -    as joint tenants with right of
                     survivorship and not as tenants common
      TOD       -    transfer on death

      UNIF GIFT MIN ACT - ___________ Custodian _________
                            (Cust)               (Minor)
          under Uniform Gifts to Minors Act ______________
                                               (State)

      UNIF TRF MIN ACT - ___________ Custodian __________
                           (Cust)                (Minor)
                           (until age _____ )
          under Uniform Transfers to Minor Act ___________
                                                 (State)

Additional abbreviations may also be used though not in the above
list.

                                 - 2 -



For value received, ___________ hereby sell, assign and transfer unto


[please insert social security or other
identifying number of assignee]
_______________________________

______________________________________________________________________
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
ASSIGNEE)
______________________________________________________________________

_______________________________________________________________shares
of  the  capital stock represented by the within Certificate,  and  do
hereby  irrevocably constitute and appoint ___________________________
Attorney  to transfer the said stock on the books of the within  named
Corporation with full power of substitution in the premises.

Dated _______________


     _________________________________________
     NOTICE:   THE  SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND  WITH
     THE  NAME  AS WRITTEN UPON THE FACE OF THE CERTIFICATE  IN  EVERY
     PARTICULAR,  WITHOUT  ALTERATION OR ENLARGEMENT,  OR  ANY  CHANGE
     WHATEVER.
                            
                            
Signature(s)Guaranteed



By _________________________________

THE  SIGNATURE(S)  SHOULD  BE  GUARANTEED  BY  AN  ELIGIBLE  GUARANTOR
INSTITUTION  (BANKS, STOCKBROKERS, SAVINGS AND LOAN  ASSOCIATIONS  AND
CREDIT  UNIONS  WITH  MEMBERSHIP IN AN  APPROVED  SIGNATURE  GUARANTEE
MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.











                                 - 3 -