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BG&E REPORTS EARNINGS FOR THE 11 MONTHS ENDED NOV. 30, 1991

 BG&E REPORTS EARNINGS FOR THE 11 MONTHS ENDED NOV. 30, 1991
 BALTIMORE, Dec. 20 /PRNewswire/ -- Baltimore Gas and Electric Company (NYSE: BGE) today reported common stock earnings of $195,953,000 for the 11 months ended Nov. 30, 1991, equivalent to $2.33 per common share.
 This compares with earnings of $183,200,000, equivalent to $2.23 per share, for the 11 months ended Nov. 30, 1990. Earnings for the 11 months ended Nov. 30, 1990, reflect a one-time increase of $.46 per share due to a change in accounting method. Earnings per share for the company's utility operations and for its diversified business activities were as follows:
 Eleven months ended Nov. 30 1991 1990(A)
 Utility operations $2.35 $1.67
 Change in accounting method --- .46
 Total utility operations 2.35 2.13
 Diversified business activities (.02) .10
 Total $2.33 $2.23
 (A) Amounts for 1990 reflect a change in accounting method made in October 1990 that was implemented on a retroactive basis to Jan. 1, 1990.
 In October 1990, the company changed its revenue recognition policy to provide for the accrual of revenue for utility service rendered but not yet billed to customers as of the end of each month. This change conforms with the predominant practice within the utility industry and provides for a better match between revenues and expenses. The cumulative effect of this change in accounting method increased earnings by $.46 per share for the 11 months ended Nov. 30, 1990.
 The increase in utility earnings for the 11 months ended Nov. 30, 1991, is primarily attributable to higher electric revenues from the base rate increase authorized by the Public Service Commission of Maryland in December 1990 and hot summer weather.
 Kilowatt-hour sales of electricity for the 11 months ended Nov. 30, 1991, increased 4.9 percent from the comparable period last year. Residential sales increased 8.9 percent, reflecting the hot weather during the 1991 summer and an increase in the number of customers, while commercial and industrial sales increased 2.5 percent.
 The total volume of gas sold during the current 11-month period decreased less than 1 percent from the same period last year due to less favorable economic conditions during 1991.
 Earnings from diversified business activities primarily represent the results of operations of Constellation Holdings, Inc. and its subsidiaries. Earnings per share for the 11 months ended Nov. 30, 1991, include an after-tax loss of $9.7 million to write down certain financial investments to their current market value. This write-down reflects the Constellation Companies' evaluation that the market value of these investments (predominantly financial services companies) will not recover to their original cost levels in the near term. While this action impacts Constellation's earnings, it does not affect the shareholders' equity of the company since the balance sheet has always reflected the current market value of these investments.
 BALTIMORE GAS AND ELECTRIC COMPANY AND SUBSIDIARIES
 Consolidated Financial Information
 (In thousands, except per-share amounts)
 Eleven months ended Nov. 30 1991 1990(A)
 Revenues:
 Electric $1,803,796 $1,543,053
 Gas 306,257 323,511
 Diversified business
 activities 99,209 86,134
 Total 2,209,262 1,952,698
 Income before change in
 accounting method 235,174 182,183
 Cumulative effect of
 change in accounting
 method --- 37,754
 Net income 235,174 219,937
 Earnings applicable
 to common stock 195,953 183,200
 Average common shares
 outstanding 84,026 82,276
 Earnings per share of
 common stock:
 Utility operations $2.35 $1.67
 Change in accounting method --- .46
 Total utility operations 2.35 2.13
 Diversified business
 activities (.02) .10
 Total 2.33 2.23
 (A) Amounts for 1990 reflect a change in accounting method made in October 1990 that was implemented on a retroactive basis to Jan. 1, 1990.
 -0- 12/20/91
 /CONTACT: Arthur J. Slusark of Baltimore Gas and Electric, 301-234-7433/
 (BGE) CO: Baltimore Gas and Electric Company ST: Maryland IN: UTI SU: ERN


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Date:Dec 20, 1991
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