Constellation Energy Reports First Quarter 2011
Results
Company reaffirms 2011 earnings guidance
range of $3.10 to $3.40 per share and 2012 guidance of $2.40
to $2.70 per share
BALTIMORE--(BUSINESS WIRE)-- Constellation
Energy (NYSE: CEG) today reported adjusted earnings of $0.63
per share for the first quarter of 2011, compared with adjusted earnings of $1.43
per share in the same period last year. Adjusted earnings exclude the
cumulative effects of changes in accounting principles, discontinued
operations and special items (which are defined as significant items that are
not related to the company's ongoing, underlying business or which distort
comparability of results). On a Generally Accepted Accounting Principles
(GAAP) basis, Constellation Energy reported earnings of $0.35
per share in the first quarter of 2011, compared with earnings of $0.95
per share in first quarter 2010.
Constellation
Energy reaffirmed its 2011 earnings guidance range of $3.10 to
$3.40 per share and its 2012 guidance range of $2.40 to $2.70
per share.
"Our
continuing strategy to grow assets and expand our industry-leading,
customer-driven business got off to a fast start in 2011, beginning with our
integration of Boston Generating's fleet of gas
plants in January and continuing with our recent expansion into the
residential competitive electric market in Illinois," said Mayo
A. Shattuck III, chairman, president and chief executive officer of Constellation
Energy.
"During
the quarter, our NewEnergy segment continued to win
new business with its integrated approach to serving customers' energy needs,
and included a significant expansion of our public-sector operation serving
state and federal institutions," Shattuck said. "In March, we
announced a 20-year agreement to provide electricity to the U.S.
Department of State that will encourage substantial investments in
solar and wind energy. The first-of-its-kind agreement is structured to help
the federal government achieve its clean-energy goals set by statute and
executive order. This transaction demonstrates the value that new and
existing customers are finding in our ability to deliver multi-product energy
solutions.
"In
Maryland, Baltimore Gas and
Electric (BGE), our regulated utility, continues its strong track
record of safe and reliable electricity service," Shattuck said.
"During the quarter, BGE invested $160 million on
critical infrastructure that will lead to improvements in reliability and
efficiency, as well as contribute to future earnings growth. In addition, BGE
residential customers continue to benefit from declining energy prices, with
utility electric rates projected to fall by 11 percent starting in June.
"Looking
ahead, we see significant opportunity to accelerate the growth of our
customer base and build enterprise value as we execute the proposed merger we
announced last week with Exelon," Shattuck said. "This transaction
marks the beginning of a new chapter in the history of both our companies and
will combine our leading customer-facing businesses with one of the nation's
cleanest and lowest-cost power generation fleets. We'll make our initial
filings in the coming weeks as part of the regulatory review process and
begin integration planning to ensure a smooth transition for all of our
stakeholders."
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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2011
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2010
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Reported
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Reported
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GAAP
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Adjusted
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GAAP
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Adjusted
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EARNINGS (LOSS) PER COMMON
SHARE
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EPS*
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�
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EPS
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EPS*
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�
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EPS
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Baltimore Gas and Electric
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$
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0.39
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$
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0.39
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$
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0.30
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$
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0.32
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(3)
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NewEnergy
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(0.09
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(0.08
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(1)
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0.53
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0.54
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(4)
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Generation
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0.07
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0.34
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(2)
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0.14
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0.57
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(5)
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Other
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�
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(0.02
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)
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�
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�
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(0.02
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�
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(0.02
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)
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�
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-
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(6)
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Diluted Earnings Per Share
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$
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0.35
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$
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0.63
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$
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0.95
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$
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1.43
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* Unaudited.
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Reported GAAP EPS was adjusted
by the following amounts to calculate Adjusted EPS
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(1) Addition of credit facility
amendment fees incurred in connection with the 2009 EDF transaction of
$0.01 per share.
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(2) Addition of economic value
of Constellation Energy Nuclear Group, LLC (CENG) joint venture power
purchase agreement (PPA) amortization of $0.14 per share, addition of
amortization of CENG joint venture basis difference of $0.08 per share,
addition of transaction fees in connection with the Boston Generating
acquisition of $0.05 per share.
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(3) Addition of deferred income
tax expense associated with Medicare Part D prescription drug subsidies of
$0.02 per share.
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(4) Addition of credit facility
amendment fees incurred in connection with the 2009 EDF transaction of
$0.01 per share.
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(5) Addition of loss due to
early retirement of 7.00% Notes due April 1, 2012, of $0.15 per share,
addition of amortization of the CENG joint venture basis difference of
$0.13 per share, addition of economic value of CENG PPA amortization of
$0.13 per share, addition of credit facility amendment fees incurred in
connection with the 2009 EDF transaction of $0.01 per share, and addition
of losses on UniStar Nuclear Energy of $0.01 per
share.
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(6) Addition of deferred income
tax expense associated with Medicare Part D prescription drug subsidies of
$0.02 per share.
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BGE
BGE
reported adjusted earnings of $0.39 per share, an increase of $0.07
per share compared with first-quarter 2010 adjusted earnings of $0.32
per share. The improved year-over-year earnings are the result of higher
transmission revenue and the deferral of storm-related costs, which will be
recovered through customer rates in accordance with the detailed rate case
order issued by the Maryland Public Service Commission in March.
Generation
The
Generation segment reported adjusted earnings of $0.34 per
share, down from adjusted earnings of $0.57 per share in the
first quarter of 2010. The decline was partly the result of the February ice
storms and severe weather in Texas,
which caused our Colorado Bend and Quail Run gas plants to go offline. The
units were unavailable to hedge NewEnergy, resulting
in a loss of $0.06 per share. The remaining year-over-year
variance is primarily the result of lower realized prices on our generation
output and higher operating expenses associated with our recently acquired
generation assets.
NewEnergy
Our NewEnergy segment reported an adjusted loss of $0.08
per share in first quarter 2011, down from adjusted earnings of $0.54
per share in the first quarter of 2010. The decline in adjusted 2011 earnings
is due primarily to the timing of certain contract assignments related to our
divested international commodities operation, which resulted in a
year-over-year loss of $0.24 per share. In addition, our
earnings were impacted by lower realized margins and the extreme weather
event in Texas,
which resulted in losses of $0.11 and $0.08 per
share, respectively.
Financial
Statements
The March
31, 2011, financial statements and supplemental information are
attached.
Adjusted
Earnings
Constellation
Energy presents adjusted earnings per share (adjusted EPS) in addition
to 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 and 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.
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 impairment losses, work force 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 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 due to the
difficulty of doing so. In the past, the impact of special items has been
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
Constellation
Energy plans to file its Form 10-Q on or about May 9, 2011.
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 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 May 6, 2011
Constellation
Energy will host a conference call at 8:30 a.m. (EDT) on
Friday, May 6, 2011, to review the results. Analysts,
investors, media and the public may participate by dialing in shortly before 8:30
a.m. using the following information:
�
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U.S. � (888) 455-2894
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International � (773) 681-5899
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Password � ENERGY
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A
replay will be available approximately one hour after the end of the call by
dialing (800) 216-4439 or (402) 220-3877 (international). The replay passcode is 3426. The replay will be available for 90
days.
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 website (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 be recorded and archived on the
site.
About Constellation
Energy
Constellation
Energy (www.constellation.com) is a leading competitive supplier of
power, natural gas and energy products and services for homes and businesses
across the continental United
States. It owns a diversified fleet of generating units, totaling
approximately 12,000 megawatts of generating capacity, and is a leading
advocate for clean, environmentally sustainable energy sources, such as solar
power and nuclear energy. The company delivers electricity and natural gas
through the Baltimore Gas and
Electric Company (BGE), its regulated utility in Central
Maryland. A FORTUNE 500 company headquartered in Baltimore,
Constellation Energy had revenues of $14.3 billion
in 2010.
Additional
Information and Where to Find it
This
communication does not constitute an offer to sell or the solicitation of an
offer to buy any securities, or a solicitation of any vote or approval, nor
shall there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction. Exelon
intends to file with the SEC a registration statement on Form S-4
that will include a joint proxy statement/prospectus and other relevant
documents to be mailed by Exelon and Constellation Energy
to their respective security holders in connection with the proposed merger
of Exelon and Constellation Energy. WE URGE INVESTORS
AND SECURITY HOLDERS TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY
OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION about Exelon, Constellation
Energy and the proposed merger. Investors and security holders will be
able to obtain these materials (when they are available) and other documents
filed with the SEC free of charge at the SEC's website,
www.sec.gov. In addition, a copy of the joint proxy
statement/prospectus (when it becomes available) may be obtained free of
charge from Exelon Corporation, Investor Relations, 10
South Dearborn Street, P.O. Box 805398, Chicago,
Illinois 60680-5398, or from Constellation
Energy Group, Inc., Investor Relations, 100 Constellation Way,
Baltimore, MD
21202. Investors and security holders may also read and copy any reports,
statements and other information filed by Exelon, or Constellation
Energy, with the SEC, at the SEC public reference
room at 100 F Street, N.E., Washington,
D.C. 20549. Please call the SEC at 1-800-SEC-0330
or visit the SEC's website for further information on its public reference
room.
Participants
in the Merger Solicitation
Exelon,
Constellation Energy, and their respective directors, executive
officers and certain other members of management and employees may be deemed
to be participants in the solicitation of proxies in respect of the proposed
transaction. Information regarding Exelon's directors and executive officers
is available in its proxy statement filed with the SEC by Exelon
on March 24, 2011, in connection with its 2011 annual meeting
of shareholders, and information regarding Constellation Energy's directors
and executive officers is available in its proxy statement filed with the SEC
by Constellation Energy on April 15, 2011, in
connection with its 2011 annual meeting of shareholders. Other information
regarding the participants in the proxy solicitation and a description of
their direct and indirect interests, by security holdings or otherwise, will
be contained in the joint proxy statement/prospectus and other relevant
materials to be filed with the SEC when they become available.
Addendum
� Amounts Excluded to Arrive at Adjusted EPS
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Quarter
Ended March 31, 2011
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After-Tax Income
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(Expense) Impact
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($
millions)
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(Per Share)
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CENG Joint Venture Results:
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Amortization of Basis
Difference
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$
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17.6
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$
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0.08
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Transaction-Related Costs
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1.5
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0.01
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�
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Transaction-Related Costs - Boston Gen.
Acquisition
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�
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10.0
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�
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�
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0.05
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Total Special Items Excluding
CENG PPA Amortization
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29.1
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0.14
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CENG PPA Amortization
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27.0
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0.14
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�
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�
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�
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Total Special Items
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$
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56.1
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�
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$
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0.28
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�
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CENG
Joint Venture Results
- Amortization
of Basis Difference - We have a basis difference between the
carrying value of our investment in CENG and our underlying equity in
CENG. This basis difference was caused by the requirement to record our
investment in CENG at fair value at closing, while CENG's assets and liabilities
retained their carrying value. We are amortizing this basis difference
over the respective useful lives of the assets of CENG or as those
assets impact the earnings of CENG. The impairment charge we recognized
on our investment in CENG in the third quarter of 2010 reduced this
basis difference.
- Transaction-Related
Costs - In the first quarter of 2011, we continued
to record the amortization of credit facility amendment fees associated
with closing the sale of a 49.99 percent interest in CENG to EDF.
Transaction-Related
Costs � Boston Gen. Acquisition
In the
first quarter of 2011, we incurred $15.3 million of pre-tax
expense for one-time fees in connection with our $1.1 billion acquisition
of Boston Generating's 2,950-megawatt fleet of
generating plants.
CENG
PPA Amortization
Based
on energy prices at the time the EDF transaction closed in November
2009, we recorded an approximately $0.8 billion
"unamortized energy contract asset" for the value of our PPA with
CENG, and CENG recorded an approximately ($0.8) billion
"unamortized energy contract liability." Both entities are
amortizing these amounts in 2010 and 2011, with the total net economic value
to be realized by us in the form of lower purchased power costs equal to
approximately $0.4 billion as a result of our 50.01 percent
ownership interest in CENG. During the first quarter of 2011, we realized
approximately $44.9 million pre-tax in economic value relating
to the amortization of the PPA with CENG.
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Constellation Energy Group and Subsidiaries
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Consolidated Statements of Income (Unaudited)
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Three Months
Ended
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March 31,
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2011
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2010
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(In Millions, Except Per Share Amounts)
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Revenues
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Nonregulated revenues
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$
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2,613.9
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$
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2,518.2
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Regulated electric revenues
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|
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650.1
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|
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751.3
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Regulated gas revenues
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�
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306.2
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�
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�
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�
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317.1
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�
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Total revenues
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3,570.2
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3,586.6
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Expenses
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Fuel and purchased energy expenses
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2,478.2
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2,362.1
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Fuel and purchased energy expenses from affiliate
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194.8
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198.5
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Operating expenses
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438.2
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396.4
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Depreciation, depletion, accretion, and
amortization
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154.1
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131.9
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Taxes other than income taxes
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�
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77.7
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�
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�
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66.8
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Total expenses
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3,343.0
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3,155.7
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Equity Investment Losses
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(9.6
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)
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(20.7
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)
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Net Gain on Divestitures
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-
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4.9
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Income from Operations
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217.6
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415.1
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Other Expenses
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(19.0
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)
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(22.3
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)
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Fixed Charges
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Interest expense
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71.3
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121.5
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Interest capitalized and allowance for borrowed
funds used during construction
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(2.2
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)
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�
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�
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(15.6
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)
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Total fixed
charges
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�
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69.1
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�
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�
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�
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105.9
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�
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Income from Continuing Operations Before Income
Taxes
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|
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129.5
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|
|
|
286.9
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Income Tax Expense
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�
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50.1
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�
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�
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�
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95.6
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�
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Net Income
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79.4
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|
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191.3
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Less: Net Income (Loss) Attributable to Noncontrolling Interests and BGE Preference Stock
Dividends
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�
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9.0
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�
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�
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�
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(0.2
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)
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Net Income Applicable to Common Stock
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$
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70.4
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�
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�
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$
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191.5
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�
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�
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�
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Average Shares of Common Stock Outstanding - Basic
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199.4
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200.3
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Average Shares of Common Stock Outstanding -
Diluted
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200.7
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|
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201.9
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�
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Earnings Per Common Share - Basic
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$
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0.35
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�
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�
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$
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0.96
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�
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�
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�
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Earnings Per Common Share - Diluted
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$
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0.35
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�
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�
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$
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0.95
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�
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�
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�
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�
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Constellation Energy Group and Subsidiaries
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�
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Consolidated Balance Sheets (Unaudited)
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�
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March 31,
|
|
December 31,
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|
|
2011
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|
2010
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ASSETS
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(In
Millions)
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Current Assets
|
|
|
|
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Cash and cash equivalents
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$
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1,157.5
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$
|
2,028.5
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Accounts receivable (net of allowance for uncollectibles of $79.5 and $85.0, respectively)
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|
|
1,813.1
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|
|
|
2,059.2
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|
Accounts receivable �
consolidated variable interest entities (net of allowance for uncollectibles of $90.3 and $87.9, respectively)
|
|
|
295.8
|
|
|
|
308.9
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|
Income taxes receivable
|
|
|
|
33.5
|
|
|
|
152.7
|
|
Fuel stocks
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|
|
|
355.9
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|
|
|
361.1
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|
Materials and
supplies
|
|
|
|
128.7
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|
|
|
104.3
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|
Derivative assets
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|
|
|
350.0
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|
|
|
534.4
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|
Unamortized energy contract
assets (includes $311.0 and $400.9, respectively, related to CENG)
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|
|
431.4
|
|
|
|
544.7
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Restricted cash
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|
|
|
2.3
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|
|
|
52.0
|
|
Restricted cash � consolidated
variable interest entities
|
|
|
|
75.1
|
|
|
|
52.3
|
|
Other
|
|
|
�
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209.2
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�
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�
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�
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254.5
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�
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Total current assets
|
|
|
�
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4,852.5
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�
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�
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�
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6,452.6
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�
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Investments And Other Noncurrent
Assets
|
|
|
|
|
|
Investment in CENG
|
|
|
|
2,996.5
|
|
|
|
2,991.1
|
|
Other investments
|
|
|
|
194.4
|
|
|
|
189.9
|
|
Regulatory assets (net)
|
|
|
|
377.6
|
|
|
|
374.1
|
|
Goodwill
|
|
|
|
79.9
|
|
|
|
77.0
|
|
Derivative assets
|
|
|
|
234.3
|
|
|
|
258.9
|
|
Unamortized energy contract assets
|
|
|
|
83.1
|
|
|
|
109.8
|
|
Other
|
|
|
�
|
261.0
|
�
|
�
|
�
|
286.3
|
�
|
Total investments and other
noncurrent assets
|
|
|
�
|
4,226.8
|
�
|
�
|
�
|
4,287.1
|
�
|
Property, Plant
And Equipment
|
|
|
|
|
|
Nonregulated property, plant and equipment
|
|
|
|
7,557.8
|
|
|
|
6,387.2
|
|
Regulated property, plant and
equipment
|
|
|
|
7,320.0
|
|
|
|
7,201.7
|
|
Accumulated depreciation
|
|
|
�
|
(4,413.5
|
)
|
�
|
�
|
(4,310.1
|
)
|
Net property, plant and
equipment
|
|
|
�
|
10,464.3
|
�
|
�
|
�
|
9,278.8
|
�
|
Total Assets
|
|
|
$
|
19,543.6
|
�
|
�
|
$
|
20,018.5
|
�
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
Short-term borrowings
|
|
|
$
|
34.1
|
|
|
$
|
32.4
|
|
Current portion of long-term
debt
|
|
|
|
22.0
|
|
|
|
245.6
|
|
Current portion of long-term
debt � consolidated variable interest entities
|
|
|
59.7
|
|
|
|
59.7
|
|
Accounts payable
|
|
|
|
859.6
|
|
|
|
1,072.6
|
|
Accounts payable
� consolidated variable interest
entities
|
|
|
|
179.9
|
|
|
|
189.8
|
|
Derivative liabilities
|
|
|
|
492.8
|
|
|
|
622.3
|
|
Unamortized energy contract liabilities
|
|
|
|
132.9
|
|
|
|
130.5
|
|
Deferred income taxes
|
|
|
|
21.4
|
|
|
|
56.5
|
|
Accrued taxes
|
|
|
|
80.6
|
|
|
|
71.0
|
|
Accrued expenses
|
|
|
|
271.8
|
|
|
|
358.1
|
|
Other
|
|
|
�
|
543.3
|
�
|
�
|
�
|
438.7
|
�
|
Total current liabilities
|
|
|
�
|
2,698.1
|
�
|
�
|
�
|
3,277.2
|
�
|
Deferred Credits And Other
Noncurrent Liabilities
|
|
|
|
|
|
Deferred income taxes
|
|
|
|
2,602.2
|
|
|
|
2,489.8
|
|
Asset
retirement obligations
|
|
|
|
33.0
|
|
|
|
32.3
|
|
Derivative liabilities
|
|
|
|
299.7
|
|
|
|
353.0
|
|
Unamortized energy contract liabilities
|
|
|
|
384.2
|
|
|
|
411.1
|
|
Defined benefit obligations
|
|
|
|
583.3
|
|
|
|
574.7
|
|
Deferred investment tax credits
|
|
|
|
26.5
|
|
|
|
27.6
|
|
Other
|
|
|
�
|
232.7
|
�
|
�
|
�
|
296.0
|
�
|
Total deferred credits and other
noncurrent liabilities
|
|
|
�
|
4,161.6
|
�
|
�
|
�
|
4,184.5
|
�
|
Long-Term Debt
|
|
|
|
|
|
Long-term debt, net of current
portion
|
|
|
|
4,047.5
|
|
|
|
4,054.2
|
|
Long-term debt, net of current
portion � consolidated variable interest entities
|
|
|
394.6
|
|
|
|
394.6
|
|
Equity
|
|
|
|
|
|
Common shareholders' equity:
|
|
|
|
|
|
Common stock
|
|
|
|
3,251.1
|
|
|
|
3,231.7
|
|
Retained earnings
|
|
|
|
5,293.8
|
|
|
|
5,270.8
|
|
Accumulated other comprehensive loss
|
|
|
�
|
(587.6
|
)
|
�
|
�
|
(673.3
|
)
|
Total common shareholders' equity
|
|
|
|
7,957.3
|
|
|
|
7,829.2
|
|
BGE preference stock not subject
to mandatory redemption
|
|
|
|
190.0
|
|
|
|
190.0
|
|
Noncontrolling interests
|
|
|
�
|
94.5
|
�
|
�
|
�
|
88.8
|
�
|
Total equity
|
|
|
�
|
8,241.8
|
�
|
�
|
�
|
8,108.0
|
�
|
Total Liabilities And Equity
|
|
|
$
|
19,543.6
|
�
|
�
|
$
|
20,018.5
|
�
|
|
|
|
|
|
�
|
|
�
|
|
Constellation Energy Group and Subsidiaries
|
|
|
�
|
|
|
�
|
|
�
|
|
�
|
|
�
|
|
|
|
�
|
|
Generation
Operating Statistics (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
�
|
|
|
|
|
Three Months
Ended March 31,
|
|
|
|
|
|
|
|
|
Oil &
|
|
Hydro
&
|
|
|
|
|
|
|
|
|
Nuclear *
|
�
|
Coal
|
�
|
Gas
|
�
|
Renewables
|
�
|
Other
|
�
|
Total
|
Generation by Fuel
Type (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
29.1
|
|
26.4
|
|
40.0
|
|
3.0
|
|
1.5
|
|
100.0
|
|
2010
|
|
|
46.9
|
|
44.2
|
|
2.1
|
�
|
4.4
|
|
2.4
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
�
|
Thousands of MWH
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
3,779
|
|
3,428
|
|
5,210
|
|
392
|
|
189
|
|
12,998
|
|
2010
|
|
|
3,627
|
|
3,416
|
|
159
|
|
339
|
|
189
|
|
7,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
�
|
* Nuclear statistics shown as
50.01 percent due to the formation of the CENG joint venture.
|
�
|
�
|
Utility Operating Statistics (Unaudited)
|
|
|
�
|
|
|
�
|
Three Months
Ended
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
|
|
2011
|
�
|
2010
|
|
|
|
|
|
|
|
|
�
|
ELECTRIC
|
|
|
|
|
|
|
|
|
Revenues (In
Millions)
|
|
|
|
|
|
Residential
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
$
|
396.7
|
|
$
|
522.3
|
Delivery Service Only
|
|
|
|
26.3
|
|
|
7.8
|
Commercial
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
109.0
|
|
|
124.9
|
Delivery Service Only
|
|
|
|
65.6
|
|
|
58.3
|
Industrial
|
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
6.6
|
|
|
7.8
|
Delivery Service Only
|
|
|
�
|
6.5
|
�
|
�
|
6.3
|
System Sales
|
|
|
|
|
|
610.7
|
|
|
727.4
|
Other
|
|
|
|
|
|
�
|
39.5
|
�
|
�
|
23.9
|
Total
|
|
|
|
|
|
$
|
650.2
|
�
|
$
|
751.3
|
|
|
|
|
|
|
|
|
�
|
Distribution Volumes (In Thousands) - MWH
|
|
|
|
|
Residential
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
2,836
|
|
|
3,416
|
Delivery Service Only
|
|
|
|
689
|
|
|
240
|
Commercial
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
894
|
|
|
971
|
Delivery Service Only
|
|
|
|
3,074
|
|
|
2,929
|
Industrial
|
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
61
|
|
|
70
|
Delivery Service Only
|
|
|
�
|
529
|
�
|
�
|
640
|
Total
|
|
|
|
|
|
�
|
8,083
|
�
|
�
|
8,266
|
|
|
|
|
|
|
|
|
�
|
GAS
|
|
|
|
|
|
|
|
|
Revenues (In
Millions)
|
|
|
|
|
|
Residential
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
$
|
186.9
|
|
$
|
198.4
|
Delivery Service Only
|
|
|
|
11.2
|
|
|
8.3
|
Commercial
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
51.1
|
|
|
52.9
|
Delivery Service Only
|
|
|
|
14.6
|
|
|
14.3
|
Industrial
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
2.5
|
|
|
2.6
|
Delivery Service Only
|
|
|
�
|
5.1
|
�
|
�
|
4.8
|
System Sales
|
|
|
|
|
|
271.4
|
|
|
281.3
|
Off-System Sales
|
|
|
|
|
|
31.8
|
|
|
33.0
|
Other
|
|
|
|
|
|
�
|
4.1
|
�
|
�
|
3.7
|
Total
|
|
|
|
|
|
$
|
307.3
|
�
|
$
|
318.0
|
|
|
|
|
|
|
|
|
�
|
Distribution Volumes (In Thousands) - DTH
|
|
|
|
|
Residential
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
18,548
|
|
|
18,789
|
Delivery Service Only
|
|
|
|
2,923
|
|
|
2,333
|
Commercial
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
5,829
|
|
|
5,764
|
Delivery Service Only
|
|
|
|
10,533
|
|
|
9,185
|
Industrial
|
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
295
|
|
|
302
|
Delivery Service Only
|
|
|
�
|
3,950
|
�
|
�
|
6,281
|
System Sales
|
|
|
|
|
|
42,078
|
|
|
42,654
|
Off-System Sales
|
|
|
|
|
�
|
5,554
|
�
|
�
|
5,044
|
Total
|
|
|
|
|
|
�
|
47,632
|
�
|
�
|
47,698
|
|
|
|
|
|
|
|
|
�
|
Utility operating statistics do not reflect the
elimination of intercompany transactions.
|
|
|
|
|
|
|
|
|
�
|
Heating Degree Days (Calendar-Month Basis)
|
Heating Degree Days - Actual
|
|
|
2,449
|
|
|
2,466
|
-
Normal
|
|
|
2,417
|
|
|
2,421
|
|
|
|
|
|
�
|
Constellation Energy Group and Subsidiaries
|
�
|
�
|
�
|
|
�
|
|
|
|
|
|
|
|
�
|
Supplemental
Financial Statistics (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
�
|
Effective Tax Rate
|
|
|
|
|
38.7
|
%
|
|
|
33.3
|
%
|
|
|
|
|
|
|
�
|
Equity Investment In Nonregulated
Businesses -- End of Period (In Millions)
|
|
|
|
$
|
5,891.3
|
|
|
$
|
6,761.8
|
|
|
|
|
|
|
|
�
|
Equity Investment In Regulated Business -- End of
Period (In Millions)
|
|
|
|
$
|
2,066.0
|
|
|
$
|
1,999.9
|
|
|
|
|
|
|
|
�
|
|
|
|
|
|
|
�
|
Common Stock Data
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
March 31,
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
�
|
Common Stock Dividends - Per Share
|
|
|
|
|
|
|
--Declared
|
|
|
|
$
|
0.2400
|
|
|
$
|
0.2400
|
|
--Paid
|
|
|
|
$
|
0.2400
|
|
|
$
|
0.2400
|
|
|
|
|
|
|
|
�
|
Market Value
Per Share
|
|
|
|
|
|
|
--High
|
|
|
|
$
|
33.19
|
|
|
$
|
36.99
|
|
--Low
|
|
|
|
$
|
29.70
|
|
|
$
|
31.08
|
|
--Close
|
|
|
|
$
|
31.13
|
|
|
$
|
35.11
|
|
|
|
|
|
|
|
�
|
Shares Outstanding - End of Period (In
Millions)
|
|
|
|
|
200.0
|
|
|
|
201.6
|
|
|
|
|
|
|
|
�
|
Book Value per Share - End of Period
|
|
|
|
$
|
39.79
|
|
|
$
|
43.46
|
|
Constellation
Energy
Media Contacts:
Lawrence McDonnell or Paul Adams,
410-470-7433
or
Investor Contact:
Sandra Brummitt, 410-470-6440
Source: Constellation Energy