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BG&E REPORTS EARNINGS FOR THE SEVEN MONTHS ENDED JULY 31, 1992

 BG&E REPORTS EARNINGS FOR THE SEVEN MONTHS ENDED JULY 31, 1992
 BALTIMORE, Aug. 21 /PRNewswire/ -- Baltimore Gas and Electric Company (NYSE: BGE) today reported common stock earnings of $121,614,000 for the seven months ended July 31, 1992, equivalent to $.91 per common share.
 This compares with earnings of $143,512,000 or $1.14 per share for the same period last year ($.98 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 are follows:
 Periods ended Seven months
 July 31 1992 1991(A)
 Utility operations $.83 $.96
 Diversified activities .08 .02
 Change in accounting method --- .16
 Total diversified activities .08 .18
 Total $.91 $1.14(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-utility operations, said, "The decrease in utility earnings is due to significantly cooler summer weather in 1992. In 1991, we experienced several sustained stretches of extremely hot weather which increased our customers' demand for electricity to cool their homes and businesses. In contrast, this summer's temperatures have been much cooler than normal which substantially decreased the demand for electricity." 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 seven months ended July 31, 1992, sales of electricity decreased less than 1 percent, while gas sales increased 9.5 percent over last year. Electric sales to residential customers decreased 3.3 percent, while electric sales to commercial and industrial customers increased 1.1 percent. Residential gas sales increased 11.2 percent, while commercial and industrial gas sales increased 8.5 percent. These changes in electric and gas sales reflect the colder weather during 1992's heating season and much cooler temperatures during the summer's cooling season as compared to last year.
 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 earnings was due to the sale of a portion of our ACE power project located in Trona, California, and improved earnings from our energy projects and financial investments." Earnings for the seven months ended July 31, 1991, 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
 (In thousands, except per-share amounts)
 Seven months ended July 31 1992 1991(A)
 Revenues:
 Electric $1,148,035 $1,133,558
 Gas 234,986 218,704
 Diversified activities 76,224 62,680
 Total 1,459,245 1,414,942
 Income before change in
 accounting method 146,285 148,890
 Cumulative effect of change
 in the method of accounting
 for income taxes --- 19,745
 Net income 146,285 168,635
 Earnings applicable to common stock 121,614 143,512
 Average common shares outstanding 133,095 125,779
 Earnings per share of common stock:
 Utility operations $.83 $.96
 Diversified activities .08 .02
 Change in accounting method --- .16
 Total diversified activities .08 .18
 Total .91 1.14(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- 8/21/92
 /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


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Date:Aug 21, 1992
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