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BG&E REPORTS EARNINGS FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 1993

 BALTIMORE, July 16 /PRNewswire/ -- Baltimore Gas and Electric Company (NYSE: BGE) today reported common stock earnings of $45,300,000 for the three months ended June 30, 1993, equivalent to $.31 per common share. This compares with earnings of $27,475,000 or $.20 per share for the three months ended June 30, 1992.
 For the six months ended June 30, 1993, earnings on common stock were $100,577,000, equivalent to $.70 per share. This compares with earnings of $76,155,000, or $.57 per share for the six months ended June 30, 1992. Earnings per share for the company's utility operations and for its diversified activities were as follows:
 Periods ended 3 months 6 months
 June 30 1993 1992 1993 1992
 Utility operations $.28 $.18 $.66 $.52
 Diversified activities .03 .02 .04 .05
 Total $.31 $.20 $.70 $.57
 Edward A. Crooke, president and chief operating officer, said, "The increase in utility earnings during the first half of 1993 is primarily due to higher electric sales and increased residential gas sales, reflecting a colder winter heating season as well as warmer temperatures in the spring and early summer." Year-to-date earnings in 1993 were also aided by the positive impact of the April 1993 base rate increase authorized by the Public Service Commission of Maryland.
 For the six months ended June 30, 1993, sales of electricity increased 5.1 percent from the comparable period last year, reflecting the impacts of different weather patterns and moderate customer growth. Central Maryland experienced colder winter weather and warmer temperatures during the second quarter which increased customers' demand for heating and cooling. Electric sales to residential customers increased 6.2 percent, while electric sales to commercial and industrial customers increased 4.4 percent.
 Gas sales were essentially flat through the first half of 1993 as compared to the same period last year. Sales of gas to residential customers increased 4.9 percent as a result of the colder winter heating season and an increase in the total number of gas customers. Commercial and industrial gas sales, however, decreased 2.8 percent due to lower utilization by Bethlehem Steel of BG&E's delivery service program and a planned maintenance outage at its Sparrows Point plant which reduced the volume of steel processed.
 Earnings from diversified business activities primarily represent the results of Constellation Holdings, Inc., and its subsidiaries. Bruce M. Ambler, president, Constellation Holdings, noted, "Constellation's earnings for the six months ended June 30, 1993, reflect the recognition of $8 million of energy tax credits from the commercial operation of our Puna geothermal plant located on the big island of Hawaii, partially offset by an after-tax charge of $4 million associated with problems at our 83-megawatt Panther Creek waste-coal project in Carbon County, Pennsylvania."
 BALTIMORE GAS AND ELECTRIC CO. AND SUBSIDIARIES
 Consolidated Financial Information
 (In thousands, except per-share amounts)
 Three months ended June 30 1993 1992
 Revenues:
 Electric $ 469,741 $ 446,831
 Gas 75,930 67,238
 Diversified activities 19,050 26,826
 Total 564,721 540,895
 Net income 55,876 38,049
 Earnings applicable to common stock 45,300 27,475
 Average common shares outstanding 144,757 135,321
 Earnings per share of common stock:
 Utility operations $ .28 $ .18
 Diversified activities .03 .02
 Total .31 .20
 Six months ended June 30 1993 1992
 Revenues:
 Electric $ 945,170 $ 934,098
 Gas 257,710 218,751
 Diversified activities 45,666 57,299
 Total 1,248,546 1,210,148
 Net income 121,672 97,302
 Earnings applicable to common stock 100,577 76,155
 Average common shares outstanding 144,471 132,655
 Earnings per share of common stock:
 Utility operations $ .66 $ .52
 Diversified activities .04 .05
 Total .70 .57
 -0- 7/16/93
 /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

MJ-LJ -- PH027 -- 2622 07/16/93 16:16 EDT
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Publication:PR Newswire
Date:Jul 16, 1993
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