Exhibit 4

                       (Form of Common Stock Certificate)

                          (Form of Face of Certificate)

      NUMBER                                                            SHARES
CEG   ________                                                        _________
      COMMON                                                            COMMON

                        CONSTELLATION ENERGY GROUP, INC.



INCORPORATED  UNDER THE LAWS OF THE STATE OF MARYLAND.  THIS  CERTIFICATE MAY BE
PRESENTED FOR TRANSFER IN NEW YORK CITY, CHICAGO, IL OR BALTIMORE, MD.

                                                           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 Group, Inc.,
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/ David A. Brune                                /s/ C. H. Poindexter
      -------------------------                      --------------------------
              SECRETARY                                        PRESIDENT

                        CONSTELLATION ENERGY GROUP, INC.
                               CORPORATE SEAL 1995
                                    MARYLAND

COUNTERSIGNED AND REGISTERED:
Constellation Energy Group, Inc.
TRANSFER AGENT AND REGISTRAR


BY________________________       AUTHORIZED SIGNATURE





                        (Form of Reverse of Certificate)


                        CONSTELLATION ENERGY GROUP, INC.

         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.

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