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BG&E REPORTS EARNINGS FOR THE MONTH ENDED JAN. 31, 1992

 BG&E REPORTS EARNINGS FOR THE MONTH ENDED JAN. 31, 1992
 BALTIMORE, Feb. 21 /PRNewswire/ -- Baltimore Gas and Electric Company (NYSE: BGE) reported common stock earnings of $15,974,000 for the month ended Jan. 31, 1992, equivalent to $.19 per common share.
 This compares with earnings of $.25 per share for the corresponding period last year, excluding the one-time impact of $.24 per share due to a change in accounting method for income taxes. Earnings per share for the company's utility operations and for its diversified business activities were as follows:
 Month Ended Jan. 31 1992 1991 (A)
 Utility Operations $.25 $.26
 Cost of Special Early Retirement Program (.07) ---
 Total Utility Operations .18 .26
 Diversified Business Activities .01 (.01)
 Change in Accounting
 Method for Income Taxes --- .24
 Total Diversified Business Activities .01 .23
 Total $.19 $.49
 (A) Amounts for 1991 have been restated to reflect the change in accounting method for income taxes. Total calendar year earnings for 1991 are not affected by this restatement. (See additional details below.)
 Edward A. Crooke, president - Utility Operations, noted, "The decrease in utility earnings for the month ended January 31, 1992, was primarily due to a $.07 charge to earnings for the one-time cost of termination benefits associated with the company's voluntary special early retirement program." He added that the cost of these termination benefits are expected to be more than offset by lower payroll costs during the remainder of 1992.
 For the month ended Jan. 31, 1992, sales of electricity and as to customers increased 4.7 percent and 5.1 percent, respectively, from the corresponding period last year. Although both periods were adversely affected by warmer than normal winter weather, the weather during January 1992 was colder than last year.
 Earnings from diversified operations primarily represent the results of Constellation Holdings, Inc. and its subsidiaries. In 1991, the company adopted Statement of Financial Accounting Standards No. 96, "Accounting for Income Taxes," which decreased Constellation's deferred tax liability to reflect the reduction in the corporate income tax rate to 34 percent from the higher rates in effect prior to 1988. This change in accounting method, which was implemented on a retroactive basis to Jan. 1, 1991, resulted in a one-time increase in earnings from diversified operations of $.24 per share for the month ended Jan. 31, 1991.
 BALTIMORE GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
 Consolidated Financial Information
 (In Thousands, Except Per Share Amounts)
 Month Ended Jan. 31 1992 1991 (A)
 Revenues:
 Electric $173,559 $157,071
 Gas 56,597 53,654
 Diversified Business Activities 9,367 7,028
 Total $239,523 $217,753
 Income Before Change in Accounting Method $19,499 $24,637
 Cumulative Effect of Change in Accounting
 Method for Income Taxes --- 19,745
 Net Income $19,499 $44,382
 Earnings Applicable to Common Stock $15,974 $40,859
 Average Common Shares Outstanding 84,661 83,587
 Earnings Per Share of Common Stock:
 Utility Operations $.25 $.26
 Cost of Special Early Retirement Program (.07) ---
 Total Utility Operations .18 .26
 Diversified Business Activities .01 (.01)
 Change in Accounting Method
 for Income Taxes --- .24
 Total Diversified Business Activities .01 .23
 Total $.19 $.49
 (A) Amounts for 1991 have been restated to reflect a change in accounting method for income taxes made in December 1991 that must be implemented on a retroactive basis to Jan. 1, 1991. Total reported earnings for calendar year 1991 are not affected by this change. In addition, electric revenues for 1991 have been restated to conform with the current year's presentation.
 -0- 2/21/92
 /CONTACT: Arthur J. Slusark of Baltimore Gas and Electric, 410-234-7433/
 (BGE) CO: Baltimore Gas and Electric Company ST: Maryland IN: UTI SU: ERN


MK -- PH029 -- 1475 02/21/92 15:32 EST
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Date:Feb 21, 1992
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