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BG&E REPORTS EARNINGS FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPT. 30, 1992

 BG&E REPORTS EARNINGS FOR THE THREE MONTHS AND
 NINE MONTHS ENDED SEPT. 30, 1992
 BALTIMORE, Oct. 16 /PRNewswire/ -- Baltimore Gas and Electric Company (NYSE: BGE) reported common stock earnings of $114,047,000 for the three months ended Sept. 30, 1992, equivalent to $.84 per common share.
 This compares with earnings of $106,097,000, or $.84 per share for the three months ended Sept. 30, 1991. For the nine months ended Sept. 30, 1992, earnings on common stock were $190,202,000, equivalent to $1.42 per share. This compares with earnings of $204,546,000, or $1.62 per share for the nine months ended Sept. 30, 1991, ($1.46 per share, excluding the one-time increase of $.16 per share due to a change in the method of accounting for income taxes). All prior year amounts have been adjusted to reflect the 3-for-2 common stock split in April 1992.
 Earnings per share for the company's utility operations and for its diversified activities were as follows:
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991(A)
 Utility Operations $.78 $.87 $1.31 $1.49
 Diversified Activities .06 (.03) .11 (.03)
 Change in Accounting Method --- --- --- .16
 Total Diversified Activities .06 (.03) .11 .13
 Total $.84 $.84(B) $1.42 $1.62(B)
 (A) Amounts for 1991 have been restated to reflect the change in the method of accounting for income taxes. (See additional details below.)
 (B) Adjusted to reflect the 3-for-2 common stock split in April 1992.
 Edward A. Crooke, president and chief operating officer, said, "The decline in utility earnings primarily reflects the extremely mild summer weather we experienced this year and the impact of the recession on the local economy. Last year, we benefited from extremely hot summer weather which increased our customers' demand for electricity to cool their homes and businesses. The summer of 1992, however, was unseasonably cool, with sustained stretches of very moderate temperatures which weakened the demand for electricity." Year-to-date earnings in 1992 were also reduced by a $.05 per share charge associated with the company's Voluntary Special Early Retirement Program. The payroll savings from this program during 1992 are expected to offset the cost of this one-time charge.
 For the nine months ended Sept. 30, 1992, sales of electricity decreased 1.9 percent, while gas sales increased 9.0 percent over last year. Electric sales to residential customers decreased 5.2 percent, reflecting much cooler temperatures during the summer cooling season as compared to 1991. Commercial and industrial sales essentially remained unchanged. Gas sales increased 10.5 percent in the residential sector and 8.3 percent in the commercial and industrial sector, primarily due to colder weather during the 1992 heating season.
 Earnings from diversified business activities primarily represent the results of Constellation Holdings, Inc. and its subsidiaries. Bruce M. Ambler, president-Constellation Holdings, noted, "The increase in Constellation's year-to-date earnings was due to improved earnings from our energy projects and financial investments as well as the sale of a portion of our ACE power project located in Trona, California." Earnings for the three and nine months ended Sept. 30, 1991, reflect a one-time loss of $.07 per share to write down certain financial investments to market value. Constellation's earnings for the nine months ended Sept. 30, 1991, also reflect an increase of $.16 per share from the adoption of Statement of Financial Accounting Standards No. 96, "Accounting for Income Taxes." This change in accounting method 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.
 BALTIMORE GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
 Consolidated Financial Information
 Sept. 30, 1992
 (In thousands, except per-share amounts)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991(A)
 Revenues:
 Electric $590,824 $634,356 $1,524,922 $1,543,732
 Gas 50,099 43,989 268,850 247,220
 Diversified activities 38,331 23,703 100,002 72,949
 Total 679,254 702,048 1,893,774 1,863,901
 Income before change in
 accounting method 124,620 116,671 221,922 216,973
 Cumulative effect of
 change in the method
 of accounting for
 income taxes --- --- --- 19,745
 Net income 124,620 116,671 221,922 236,718
 Earnings applicable to
 common stock 114,047 106,097 190,202 204,546
 Average common shares
 outstanding 135,945 126,312 133,752 125,899
 Earnings per share
 of common stock:
 Utility operations $.78 $.87 $1.31 $1.49
 Diversified activities .06 (.03) .11 (.03)
 Change in accounting method --- --- --- .16
 Total diversified
 activities .06 (.03) .11 .13
 Total .84 .84(B) 1.42 1.62(B)
 (A) Amounts for 1991 have been restated to reflect the change in the method of accounting for income taxes. Also, electric revenues for 1991 have been restated to conform with 1992's presentation.
 (B) Adjusted to reflect the 3-for-2 common stock split in April 1992.
 -0- 10/16/92
 /CONTACT: Arthur J. Slusark, director of public information of Baltimore Gas and Electric, 410-234-7433/
 (BGE) CO: Baltimore Gas and Electric Company ST: Maryland IN: UTI SU: ERN


MP -- PH027 -- 1037 10/16/92 14:50 EDT
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Date:Oct 16, 1992
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