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BG&E REPORTS EARNINGS FOR THE 11 MONTHS ENDED NOV. 30, 1992

 BALTIMORE, Dec. 18 /PRNewswire/ -- Baltimore Gas and Electric Company (NYSE: BGE) reported today common stock earnings of $208,904,000 for the 11 months ended Nov. 30, 1992, equivalent to $1.54 per common share.
 This compares with earnings of $217,854,000 or $1.73 per share for the same period last year ($1.57 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 April 1992 3-for-2 common stock split. Earnings per share for the company's utility operations and for its diversified activities were as follows:
 11 months ended Nov. 30 1992 1991 (A)
 Utility Operations $1.41 $1.57
 Diversified Activities .13 ---
 Change in Accounting Method --- .16
 Total Diversified Activities .13 .16
 Total $1.54 $1.73 (B)
 (A) Adjusted to reflect the 3-for-2 common stock split in April 1992.
 (B) Amounts for 1991 have been restated to reflect the change in the method of accounting for income taxes. (See additional details below.)
 Edward A. Crooke, president and chief operating officer, said, "Utility earnings through November continue to trail 1991 as a result of this year's unseasonably cool summer weather and the impact of the recession on the local economy. The summer of 1992 was extremely mild, with sustained stretches of very moderate temperatures which reduced the demand for electricity. In contrast, during 1991 we benefited from hot summer weather that increased our customers' demand for electricity to cool their homes and businesses."
 For the 11 months ended Nov. 30, 1992, sales of electricity decreased 1.5 percent, while gas sales increased 7.9 percent over last year. Electric sales to residential customers decreased 4.8 percent, reflecting much cooler temperatures during the summer cooling season as compared to 1991. Commercial and industrial electric sales increased slightly less than 1 percent. Gas sales increased 8.2 percent in the residential sector primarily due to colder weather during the 1992 heating season, while commercial and industrial gas sales increased 7.7 percent due to increased usage.
 Earnings from diversified business activities primarily represent the results of Constellation Holdings, Inc. and its subsidiaries. Bruce M. Ambler, President - Constellation Holdings, noted, "The improvement in Constellation's results was primarily due to higher earnings from our energy projects and financial investments, including capital gains." Earnings for the 11 months ended Nov. 30, 1991, reflect a one-time loss of $.07 per share to write down certain financial investments to market value. Constellation's earnings through November 1991 also reflect a one-time 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
 Nov. 30, 1992
 (In Thousands, Except Per-Share Amounts)
 11 months ended Nov. 30 1992 1991 (A)
 Revenues:
 Electric $1,799,880 $1,834,447
 Gas 340,427 306,257
 Diversified Activities 122,283 99,210
 Total 2,262,590 2,239,914
 Income Before Change in Accounting Method 247,641 237,330
 Cumulative Effect of Change in the Method
 of Accounting for Income Taxes --- 19,745
 Net Income 247,641 257,075
 Earnings Applicable to Common Stock 208,904 217,854
 Average Common Shares Outstanding 135,563 126,039
 Earnings Per Share of Common Stock:
 Utility Operations $1.41 $1.57
 Diversified Activities .13 ---
 Change in Accounting Method --- .16
 Total Diversified Activities .13 .16
 Total 1.54 1.73 (B)
 (A) Adjusted to reflect the 3-for-2 common stock split in April 1992.
 (B) 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.
 -0- 12/18/92
 /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 -- PH024 -- 8306 12/18/92 14:42 EST
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Date:Dec 18, 1992
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