Constellation Energy Reports Second Quarter 2011
Results
BALTIMORE--(BUSINESS WIRE)-- Constellation
Energy (NYSE: CEG) today reported adjusted earnings of $0.76
per share for the second quarter of 2011, compared with adjusted earnings of $0.71
per share in the second quarter of 2010. Adjusted earnings exclude the
cumulative effects of changes in accounting principles, discontinued
operations and special items (which are defined as significant items that are
not related to the company's ongoing, underlying business or which distort
comparability of results). On a Generally Accepted Accounting Principles
(GAAP) basis, Constellation Energy reported earnings of $0.49
per share in the second quarter of 2011, compared with earnings of $0.36
per share in the second quarter of 2010.
Constellation
Energy lowered its 2011 earnings guidance range by $0.05
to $3.05 to $3.35 per share, reflecting the combined effects
of longer-than-expected outages at our nuclear joint venture facilities and
the impact of our recent acquisitions in the competitive residential electric
market. In light of the pending merger with Exelon,
the company is no longer providing earnings guidance for 2012.
"Our
core businesses are performing well and we continue to advance our strategy
to grow market share, expand our product mix and acquire new business in this
highly competitive price environment," said Mayo A. Shattuck III,
chairman, president and chief executive officer of Constellation Energy.
"Our
competitive advantage continues to be our ability to bundle competitively
priced conventional and renewable energy supply with a broad portfolio of
energy efficiency and management solutions," Shattuck said. "We
recently grew our national mass-market footprint with the acquisitions of Connecticut-based
MXenergy, one of the
10 largest suppliers of electricity and natural gas to residential customers,
and StarTex, a Houston-based
supplier of electricity to residential and business customers in the active Texas
market. These acquisitions are an important component of our growth and
diversification strategy, and put us near our goal to serve 1 million
residential customers by year-end.
"Our
environmentally advantaged generation fleet continued to perform efficiently
and reliably during the quarter," Shattuck said. "In particular,
our recently acquired Boston Generating assets outperformed during the
quarter as actual generation exceeded expected output.
"At
Baltimore Gas and Electric (BGE), our regulated utility, customers continue
to benefit from competition among energy suppliers," Shattuck said.
"To date, about 250,000 of BGE's 1.1 million residential customers get
their power from a competitive electricity supplier, representing a five-fold
increase in retail shopping since 2009. In addition, about 100,000
residential gas customers are shopping for alternative suppliers, comprising
more than 15 percent of BGE's total gas customers.
"Looking
ahead, we expect to achieve a number of critical milestones in our proposal
to merge with Exelon, combining one of the nation's cleanest, most efficient
generation fleets with the nation's largest competitive energy
provider," Shattuck said. "We completed all material federal and
state regulatory filings during the quarter and are focused on obtaining
timely approvals from key stakeholders, including our shareholders. We
continue to believe the merger will provide us with a diverse and adaptable
platform on which to grow market share and deliver strong results going
forward."
The
following table summarizes adjusted earnings per share and earnings per share
reported in accordance with GAAP for the company's business segments and
provides a reconciliation to total company reported earnings.
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Three
Months Ended June 30,
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2011
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2010
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Reported
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Reported
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GAAP
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Adjusted
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GAAP
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Adjusted
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EARNINGS PER COMMON SHARE
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EPS*
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EPS
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EPS*
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EPS
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Baltimore Gas and Electric
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$
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0.06
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$
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0.09
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(1)
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$
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0.07
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$
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0.07
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NewEnergy
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0.23
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0.26
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(2)
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0.21
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0.21
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Generation
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0.20
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0.41
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(3)
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0.08
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0.43
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(4)
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Other
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-
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-
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-
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-
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Diluted Earnings Per Share
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$
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0.49
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$
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0.76
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$
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0.36
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$
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0.71
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*
Unaudited.
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Reported GAAP EPS was adjusted by the following
amounts to calculate Adjusted EPS
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(1) Addition of costs incurred in connection with
our pending merger with Exelon Corporation (Exelon) of $0.03 per share. BGE
will not seek recovery of these costs in rates.
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(2) Addition of costs incurred in connection with
our pending merger with Exelon of $0.02 per share and addition of credit
facility amendment fees incurred in connection with the 2009 EDF
transaction of $0.01 per share.
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(3) Addition of economic value of Constellation
Energy Nuclear Group, LLC (CENG) joint venture power purchase agreement
(PPA) amortization of $0.15 per share, addition of amortization of CENG
joint venture basis difference of $0.12 per share and addition of costs
incurred in connection with our pending merger with Exelon of $0.05 per
share. Subtraction of Department of Energy (DOE) settlement of $0.11 per
share.
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(4) Addition of amortization of the CENG joint
venture basis difference of $0.18 per share, addition of economic value of
CENG PPA amortization of $0.14 per share, addition of losses on UniStar
Nuclear Energy (UniStar) of $0.02 per share and addition of credit facility
amendment fees incurred in connection with the EDF transaction of $0.01 per
share.
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Six
Months Ended June 30,
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2011
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2010
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Reported
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Reported
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GAAP
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Adjusted
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GAAP
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Adjusted
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EARNINGS (LOSS) PER COMMON SHARE
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EPS*
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EPS
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EPS*
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EPS
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Baltimore Gas and Electric
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$
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0.45
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$
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0.48
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(1)
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$
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0.37
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$
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0.39
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(4)
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NewEnergy
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0.14
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0.18
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(2)
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0.74
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0.75
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(5)
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Generation
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0.27
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0.75
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(3)
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0.21
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0.99
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(6)
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Other
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?
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(0.02)
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(0.02)
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(0.01)
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0.01
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(7)
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Diluted Earnings Per Share
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$
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0.84
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$
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1.39
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$
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1.31
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$
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2.14
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* Unaudited.
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Reported GAAP EPS was adjusted by the following
amounts to calculate Adjusted EPS
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(1) Addition of costs incurred in connection with
our pending merger with Exelon of $0.03 per share. BGE will not seek
recovery of these costs in rates.
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(2) Addition of costs incurred in connection with
our pending merger with Exelon of $0.02 per share and addition of credit
facility amendment fees incurred in connection with the 2009 EDF
transaction of $0.02 per share.
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(3) Addition of economic value of CENG joint
venture PPA amortization of $0.29 per share, addition of amortization of
CENG joint venture basis difference of $0.21 per share, addition of
transaction fees in connection with the Boston Generating acquisition of
$0.05 per share and addition of costs incurred in connection with our
pending merger with Exelon of $0.04 per share. Subtraction
of DOE settlement of $0.11 per share.
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(4) Addition of deferred income tax expense
associated with Medicare Part D prescription drug subsidies of $0.02 per
share.
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(5) Addition of credit facility amendment fees
incurred in connection with the EDF transaction of $0.01 per share.
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(6) Addition of amortization of the CENG joint
venture basis difference of $0.31 per share, addition of economic value of
CENG PPA amortization of $0.27 per share, addition of loss due to early
retirement of 7.00% Notes due April 1, 2012, of $0.15 per share, addition
of losses on UniStar of $0.03 per share and addition of credit facility
amendment fees incurred in connection with the EDF transaction of $0.02 per
share.
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(7) Addition of deferred income tax expense
associated with Medicare Part D prescription drug subsidies of $0.02 per
share.
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BGE
BGE
reported adjusted second-quarter 2011 earnings of $0.09 per
share, up from $0.07 per share in the second quarter of 2010.
The increase is primarily the result of higher electric distribution revenue,
which was approved in the Maryland Public Service Commission's (PSC) 2010
rate case order, and increased transmission rates.
Generation
The
Generation segment reported adjusted second-quarter 2011 earnings of $0.41
per share, compared with adjusted earnings of $0.43 per share
in the year-earlier period. The decrease is primarily the result of an
increase in outage days at Constellation Energy Nuclear Group, LLCSM
facilities, partially offset by the earnings contribution from our Boston
Generating acquisition.
NewEnergy
Our
NewEnergy segment reported adjusted earnings of $0.26 per
share in the second quarter of 2011, up from adjusted earnings of $0.21
per share in the second quarter of 2010. The second-quarter 2011 adjusted
earnings include a mark-to-market timing gain of $0.11 per
share, which was partially offset by costs associated with residential
marketing and our recent acquisitions.
Financial
Statements
The June
30, 2011, financial statements and supplemental information are
attached.
Adjusted
Earnings
Constellation
Energy presents adjusted earnings per share (adjusted EPS) in addition
to reported earnings per share in accordance with generally accepted
accounting principles (reported GAAP EPS). Adjusted EPS is a non-GAAP
financial measure that differs from reported GAAP EPS because it excludes the
cumulative effects of changes in accounting principles, discontinued
operations and special items (which we define as significant items that are
not related to our ongoing, underlying business or which distort
comparability of results) included in operations.
We
present adjusted EPS because we believe that it is appropriate for investors
to consider results excluding these items in addition to our results in
accordance with GAAP. We believe such a measure provides a picture of our
results that is more comparable among periods, since it excludes the impact
of items such as impairment losses, work force reduction costs or gains and
losses on the sale of assets, which may recur occasionally, but tend to be
irregular as to timing, thereby distorting comparisons between periods. However,
investors should note that this non-GAAP measure involves judgment by
management (in particular, judgment as to what is classified as a special
item to be excluded from adjusted earnings). This non-GAAP measure is also
used to evaluate management's performance and for compensation purposes.
Constellation
Energy also provides its earnings guidance in terms of adjusted EPS. Constellation
Energy is unable to reconcile its guidance to GAAP earnings per share
because we do not predict the future impact of special items due to the
difficulty of doing so. In the past, the impact of special items has been
material to our operating results computed in accordance with GAAP. We note
that such information is not in accordance with GAAP and should not be viewed
as a substitute to GAAP information.
SEC
Filings
Constellation
Energy plans to file its Form 10-Q on or about Aug. 8, 2011.
Forward-Looking
Statements
We make
statements in this news release that are considered forward-looking
statements within the meaning of the Securities Exchange Act of 1934. These
statements are not guarantees of our future performance and are subject to
risks, uncertainties and other important factors that could cause our actual
performance or achievements to be materially different from those we project.
For a full discussion of these risks, uncertainties and factors, we encourage
you to read our documents on file with the Securities and Exchange
Commission, including those set forth in our periodic reports under the
forward-looking statements and risk factors sections. Except as required by
law, we do not intend to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Conference
Call Aug. 3, 2011
Constellation
Energy will host a conference call at 8:30 a.m. (EDT) on
Wednesday, Aug. 3, 2011, to review the results. Analysts,
investors, media and the public may participate by dialing in shortly before 8:30
a.m. using the following information:
U.S. ? (888) 455-2894
International ? (773) 681-5899
Password ? ENERGY
A
replay will be available approximately one hour after the end of the call by
dialing (866) 428-3808 or (203) 369-0909 (international). The replay passcode
is 8721. The replay will be available for 90 days.
A live
audio webcast of the conference call, presentation slides and the earnings
press release will be available on the Investor Relations page of
Constellation Energy's website (www.constellation.com). A webcast replay, as well as a replay
in downloadable MP3 format, will also be available on the site shortly after
the completion of the call. The call will be recorded and archived on the
site.
About Constellation
Energy
Constellation
Energy (www.constellation.com) is a leading competitive supplier of
power, natural gas and energy products and services for homes and businesses
across the continental United
States. It owns a diversified fleet of generating units, totaling
approximately 12,000 megawatts of generating capacity, and is a leading
advocate for clean, environmentally sustainable energy sources, such as solar
power and nuclear energy. The company delivers electricity and natural gas
through the Baltimore Gas and
Electric Company (BGE), its regulated utility in Central
Maryland. A FORTUNE 500 company headquartered in Baltimore,
Constellation Energy had revenues of $14.3 billion
in 2010.
Additional
Information and Where to Find it
This
communication does not constitute an offer to sell or the solicitation of an
offer to buy any securities, or a solicitation of any vote or approval, nor
shall there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction. On June
27, 2011, Exelon filed with the SEC a Registration
Statement on Form S-4 that included a preliminary joint proxy
statement/prospectus and other relevant documents to be mailed by Exelon and
Constellation to their respective security holders in connection with the
proposed merger of Exelon and Constellation. These materials are not yet
final and may be amended. WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE
PRELIMINARY JOINT PROXY STATEMENT/PROSPECTUS AND THE DEFINITIVE JOINT PROXY
STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME
AVAILABLE, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION about
Exelon, Constellation and the proposed merger. Investors and security holders
will be able to obtain these materials (when they are available) and other
documents filed with the SEC free of charge at the SEC's
website, www.sec.gov. In addition, a copy of the preliminary
joint proxy statement/prospectus and definitive joint proxy
statement/prospectus (when it becomes available) may be obtained free of
charge from Exelon Corporation, Investor Relations, 10 South
Dearborn Street, P.O. Box 805398, Chicago,
Illinois 60680-5398, or from Constellation
Energy Group, Inc., Investor Relations, 100 Constellation Way,
Suite 600C, Baltimore, MD
21202. Investors and security holders may also read and copy any reports,
statements and other information filed by Exelon, or Constellation, with the SEC,
at the SEC public reference room at 100 F Street, N.E.,
Washington, D.C.
20549. Please call the SEC at 1-800-SEC-0330 or visit
the SEC's website for further information on its public reference room.
Participants
in the Merger Solicitation
Exelon,
Constellation, and their respective directors, executive officers and certain
other members of management and employees may be deemed to be participants in
the solicitation of proxies in respect of the proposed transaction.
Information regarding Exelon's directors and executive officers is available
in its proxy statement filed with the SEC by Exelon on March
24, 2011 in connection with its 2011 annual meeting of shareholders,
and information regarding Constellation's directors and executive officers is
available in its proxy statement filed with the SEC by
Constellation on April 15, 2011 in connection with its 2011
annual meeting of shareholders. Other information regarding the participants
in the proxy solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, is contained in the preliminary
joint proxy statement/prospectus and will be contained in the definitive
joint proxy statement/prospectus.
Addendum
? Amounts Excluded to Arrive at Adjusted EPS
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Quarter
Ended June 30, 2011
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After-Tax
Income
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(Expense)
Impact
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($
millions)
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(Per
Share)
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CENG Joint Venture
Results:
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Amortization of Basis Difference
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$
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24.0
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$
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0.12
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Transaction-Related Costs
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1.5
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0.01
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Exelon Merger Costs
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19.3
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0.10
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DOE Settlement
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(21.3
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)
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(0.11
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Total Special Items Excluding CENG PPA
Amortization
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23.5
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0.12
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CENG PPA Amortization
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30.3
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0.15
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Total Special Items
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$
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53.8
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$
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0.27
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CENG
Joint Venture Results
- Amortization
of Basis Difference - We have a basis difference between the
carrying value of our investment in CENG and our underlying equity in
CENG. This basis difference was caused by the requirement to record our
investment in CENG at fair value at closing, while CENG's assets and liabilities
retained their carrying value. We are amortizing this basis difference
over the respective useful lives of the assets of CENG or as those
assets impact the earnings of CENG. The impairment charge we recognized
on our investment in CENG in the third quarter of 2010 reduced this
basis difference.
- Transaction-Related
Costs - In the second quarter of 2011, we continued
to record the amortization of credit facility amendment fees associated
with closing the sale of a 49.99 percent interest in CENG to EDF.
Exelon
Merger Costs
In the
second quarter of 2011, we incurred $31.8 million pre-tax of
costs in connection with our pending merger with Exelon Corporation (Exelon).
DOE
Settlement
On June
30, 2011, a settlement agreement was executed with the U.S.
Department of Energy (DOE) under which we will receive payment of $35.5
million related to costs incurred through Oct. 31, 2008
to store spent nuclear fuel at the Calvert Cliffs nuclear power plant. The
agreement settles a lawsuit that sought to recover damages caused by the
DOE's failure to comply with legal and contractual obligations to dispose of
spent nuclear fuel from the Calvert Cliffs plant.
CENG
PPA Amortization
Based
on energy prices at the time of the closing of the EDF transaction in November
2009, we recorded an approximately $0.8 billion
"unamortized energy contract asset" for the value of our PPA with
CENG, and CENG recorded an approximately ($0.8) billion
"unamortized energy contract liability." Both entities are
amortizing these amounts in 2010 and 2011, with the total net economic value
to be realized by us in the form of lower purchased power costs equal to
approximately $0.4 billion as a result of our 50.01 percent
ownership interest in CENG. During the second quarter of 2011, we realized
approximately $50.3 million pre-tax in economic value relating
to the amortization of the PPA with CENG.
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Constellation Energy Group and Subsidiaries
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Consolidated Statements of Income (Unaudited)
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Three
Months Ended
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Six
Months Ended
|
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June 30,
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June 30,
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2011
|
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2010
|
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2011
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2010
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(In Millions, Except Per Share Amounts)
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Revenues
|
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Nonregulated revenues
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$
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2,704.7
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$
|
2,559.2
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$
|
5,318.6
|
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$
|
5,077.4
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|
|
Regulated electric revenues
|
|
|
546.9
|
|
|
|
651.1
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|
|
|
1,197.0
|
|
|
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1,402.4
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|
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Regulated gas revenues
|
|
?
|
108.2
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?
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?
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99.6
|
?
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?
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414.4
|
?
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?
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416.7
|
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Total revenues
|
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|
3,359.8
|
|
|
|
3,309.9
|
|
|
|
6,930.0
|
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|
|
6,896.5
|
|
|
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|
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|
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?
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Expenses
|
|
|
|
|
|
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Fuel and purchased energy expenses
|
|
|
2,171.6
|
|
|
|
2,267.7
|
|
|
|
4,649.8
|
|
|
|
4,629.8
|
|
|
Fuel and purchased energy expenses from affiliate
|
|
|
209.3
|
|
|
|
222.1
|
|
|
|
404.1
|
|
|
|
420.6
|
|
|
Operating expenses
|
|
|
467.9
|
|
|
|
413.7
|
|
|
|
906.1
|
|
|
|
810.1
|
|
|
Merger costs
|
|
|
31.8
|
|
|
|
-
|
|
|
|
31.8
|
|
|
|
-
|
|
|
Depreciation, depletion, accretion, and
amortization
|
|
|
151.8
|
|
|
|
125.7
|
|
|
|
305.9
|
|
|
|
257.6
|
|
|
Taxes other than income taxes
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|
?
|
76.5
|
?
|
?
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?
|
65.6
|
?
|
|
?
|
154.2
|
?
|
?
|
?
|
132.4
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?
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|
Total expenses
|
|
|
3,108.9
|
|
|
|
3,094.8
|
|
|
|
6,451.9
|
|
|
|
6,250.5
|
|
|
Equity Investment Losses
|
|
|
(26.3
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)
|
|
|
(33.5
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)
|
|
|
(35.9
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)
|
|
|
(54.2
|
)
|
|
Gain on U.S. Department of Energy Settlement
|
|
|
35.5
|
|
|
|
-
|
|
|
|
35.5
|
|
|
|
-
|
|
|
Net Gain on Divestitures
|
|
?
|
-
|
?
|
?
|
?
|
0.3
|
?
|
|
?
|
-
|
?
|
?
|
?
|
5.2
|
?
|
|
Income from Operations
|
|
|
260.1
|
|
|
|
181.9
|
|
|
|
477.7
|
|
|
|
597.0
|
|
|
Other Expenses
|
|
|
(15.7
|
)
|
|
|
(8.9
|
)
|
|
|
(34.7
|
)
|
|
|
(31.2
|
)
|
|
Fixed Charges
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
65.2
|
|
|
|
60.4
|
|
|
|
136.5
|
|
|
|
181.9
|
|
|
Interest capitalized and allowance for borrowed
funds used during construction
|
|
?
|
(2.2
|
)
|
?
|
?
|
(8.7
|
)
|
|
?
|
(4.4
|
)
|
?
|
?
|
(24.3
|
)
|
|
Total fixed charges
|
|
?
|
63.0
|
?
|
?
|
?
|
51.7
|
?
|
|
?
|
132.1
|
?
|
?
|
?
|
157.6
|
?
|
|
Income from Continuing Operations Before Income
Taxes
|
|
|
181.4
|
|
|
|
121.3
|
|
|
|
310.9
|
|
|
|
408.2
|
|
|
Income Tax Expense
|
|
?
|
73.3
|
?
|
?
|
?
|
37.5
|
?
|
|
?
|
123.4
|
?
|
?
|
?
|
133.1
|
?
|
|
Net Income
|
|
|
108.1
|
|
|
|
83.8
|
|
|
|
187.5
|
|
|
|
275.1
|
|
|
Less: Net Income Attributable to Noncontrolling
Interests and BGE Preference Stock Dividends
|
|
?
|
8.9
|
?
|
?
|
?
|
11.2
|
?
|
|
?
|
17.9
|
?
|
?
|
?
|
11.0
|
?
|
|
Net Income Applicable to Common Stock
|
|
$
|
99.2
|
?
|
?
|
$
|
72.6
|
?
|
|
$
|
169.6
|
?
|
?
|
$
|
264.1
|
?
|
|
|
|
|
|
|
|
|
?
|
|
|
|
|
|
|
|
|
?
|
|
Average Shares of Common Stock Outstanding - Basic
|
|
|
200.1
|
|
|
|
200.8
|
|
|
|
199.7
|
|
|
|
200.6
|
|
|
Average Shares of Common Stock Outstanding -
Diluted
|
|
|
201.9
|
|
|
|
202.6
|
|
|
|
201.3
|
|
|
|
202.2
|
|
|
|
|
|
|
|
|
|
?
|
|
Earnings Per Common Share - Basic
|
|
$
|
0.50
|
?
|
?
|
$
|
0.36
|
?
|
|
$
|
0.85
|
?
|
?
|
$
|
1.32
|
?
|
|
|
|
|
|
|
|
|
?
|
|
|
|
|
|
|
|
|
?
|
|
Earnings Per Common Share - Diluted
|
|
$
|
0.49
|
?
|
?
|
$
|
0.36
|
?
|
|
$
|
0.84
|
?
|
?
|
$
|
1.31
|
?
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
?
|
|
?
|
|
Constellation Energy Group and Subsidiaries
|
|
?
|
|
?
|
?
|
|
|
Consolidated Balance
Sheets (Unaudited)
|
|
|
|
|
|
?
|
|
|
June 30,
|
|
|
December
31,
|
|
|
?
|
2011
|
?
|
|
|
?
|
2010
|
?
|
|
ASSETS
|
|
(In
Millions)
|
|
Current Assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
954.8
|
|
|
|
$
|
2,028.5
|
|
|
Accounts receivable (net of allowance for
uncollectibles of $84.9 and $85.0, respectively)
|
|
|
1,965.8
|
|
|
|
|
2,059.2
|
|
|
Accounts receivable ?
consolidated variable interest entities (net of allowance for
uncollectibles of $95.7 and $87.9, respectively)
|
|
|
260.7
|
|
|
|
|
308.9
|
|
|
Income taxes receivable
|
|
|
81.3
|
|
|
|
|
152.7
|
|
|
Fuel stocks
|
|
|
394.1
|
|
|
|
|
361.1
|
|
|
Materials and supplies
|
|
|
136.3
|
|
|
|
|
104.3
|
|
|
Derivative assets
|
|
|
324.3
|
|
|
|
|
534.4
|
|
|
Unamortized energy contract
assets (includes $210.4 and $400.9, respectively, related to CENG)
|
|
|
335.3
|
|
|
|
|
544.7
|
|
|
Restricted cash
|
|
|
2.1
|
|
|
|
|
52.0
|
|
|
Restricted cash ? consolidated
variable interest entities
|
|
|
46.0
|
|
|
|
|
52.3
|
|
|
Other
|
|
?
|
241.4
|
?
|
?
|
?
|
?
|
254.5
|
?
|
|
Total current assets
|
|
?
|
4,742.1
|
?
|
?
|
?
|
?
|
6,452.6
|
?
|
|
Investments And Other Noncurrent
Assets
|
|
|
|
|
|
|
Investment in CENG
|
|
|
2,974.9
|
|
|
|
|
2,991.1
|
|
|
Other investments
|
|
|
197.7
|
|
|
|
|
189.9
|
|
|
Regulatory assets (net)
|
|
|
370.8
|
|
|
|
|
374.1
|
|
|
Goodwill
|
|
|
180.8
|
|
|
|
|
77.0
|
|
|
Derivative assets
|
|
|
257.5
|
|
|
|
|
258.9
|
|
|
Unamortized energy contract assets
|
|
|
67.9
|
|
|
|
|
109.8
|
|
|
Other
|
|
?
|
302.5
|
?
|
?
|
?
|
?
|
286.3
|
?
|
|
Total investments and other
noncurrent assets
|
|
?
|
4,352.1
|
?
|
?
|
?
|
?
|
4,287.1
|
?
|
|
Property, Plant And Equipment
|
|
|
|
|
|
|
Nonregulated property, plant and
equipment
|
|
|
7,673.8
|
|
|
|
|
6,387.2
|
|
|
Regulated property, plant and
equipment
|
|
|
7,378.7
|
|
|
|
|
7,201.7
|
|
|
Accumulated depreciation
|
|
?
|
(4,433.3
|
)
|
?
|
?
|
?
|
(4,310.1
|
)
|
|
Net property, plant and
equipment
|
|
?
|
10,619.2
|
?
|
?
|
?
|
?
|
9,278.8
|
?
|
|
Total Assets
|
|
$
|
19,713.4
|
?
|
?
|
?
|
$
|
20,018.5
|
?
|
|
|
|
|
|
?
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
Short-term borrowings
|
|
$
|
20.6
|
|
|
|
$
|
32.4
|
|
|
Current portion of long-term
debt
|
|
|
131.5
|
|
|
|
|
245.6
|
|
|
Current portion of long-term
debt ? consolidated variable interest entities
|
|
|
61.3
|
|
|
|
|
59.7
|
|
|
Accounts payable
|
|
|
987.0
|
|
|
|
|
1,072.6
|
|
|
Accounts payable ? consolidated variable interest
entities
|
|
|
151.7
|
|
|
|
|
189.8
|
|
|
Derivative liabilities
|
|
|
494.2
|
|
|
|
|
622.3
|
|
|
Unamortized energy contract liabilities
|
|
|
130.9
|
|
|
|
|
130.5
|
|
|
Deferred income taxes
|
|
|
20.2
|
|
|
|
|
56.5
|
|
|
Accrued taxes
|
|
|
85.1
|
|
|
|
|
71.0
|
|
|
Accrued expenses
|
|
|
261.5
|
|
|
|
|
358.1
|
|
|
Other
|
|
?
|
551.6
|
?
|
?
|
?
|
?
|
438.7
|
?
|
|
Total current liabilities
|
|
?
|
2,895.6
|
?
|
?
|
?
|
?
|
3,277.2
|
?
|
|
Deferred Credits And Other
Noncurrent Liabilities
|
|
|
|
|
|
|
Deferred income taxes
|
|
|
2,667.6
|
|
|
|
|
2,489.8
|
|
|
Asset retirement obligations
|
|
|
33.4
|
|
|
|
|
32.3
|
|
|
Derivative liabilities
|
|
|
270.1
|
|
|
|
|
353.0
|
|
|
Unamortized energy contract liabilities
|
|
|
362.0
|
|
|
|
|
411.1
|
|
|
Defined benefit obligations
|
|
|
588.0
|
|
|
|
|
574.7
|
|
|
Deferred investment tax credits
|
|
|
25.4
|
|
|
|
|
27.6
|
|
|
Other
|
|
?
|
248.5
|
?
|
?
|
?
|
?
|
296.0
|
?
|
|
Total deferred credits and other
noncurrent liabilities
|
|
?
|
4,195.0
|
?
|
?
|
?
|
?
|
4,184.5
|
?
|
|
Long-Term Debt
|
|
|
|
|
|
|
Long-term debt, net of current
portion
|
|
|
3,947.5
|
|
|
|
|
4,054.2
|
|
|
Long-term debt, net of current
portion ? consolidated variable interest entities
|
|
|
370.8
|
|
|
|
|
394.6
|
|
|
Equity
|
|
|
|
|
|
|
Common shareholders' equity:
|
|
|
|
|
|
|
Common stock
|
|
|
3,265.5
|
|
|
|
|
3,231.7
|
|
|
Retained earnings
|
|
|
5,344.9
|
|
|
|
|
5,270.8
|
|
|
Accumulated other comprehensive loss
|
|
?
|
(595.9
|
)
|
?
|
?
|
?
|
(673.3
|
)
|
|
Total common shareholders' equity
|
|
|
8,014.5
|
|
|
|
|
7,829.2
|
|
|
BGE preference stock not subject
to mandatory redemption
|
|
|
190.0
|
|
|
|
|
190.0
|
|
|
Noncontrolling interests
|
|
?
|
100.0
|
?
|
?
|
?
|
?
|
88.8
|
?
|
|
Total equity
|
|
?
|
8,304.5
|
?
|
?
|
?
|
?
|
8,108.0
|
?
|
|
Total Liabilities And Equity
|
|
$
|
19,713.4
|
?
|
?
|
?
|
$
|
20,018.5
|
?
|
|
|
|
|
|
?
|
|
?
|
|
Constellation Energy Group and Subsidiaries
|
|
?
|
|
?
|
|
?
|
|
?
|
|
?
|
|
?
|
|
|
Generation Operating
Statistics (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
?
|
|
|
Six
Months Ended June 30,
|
|
|
|
|
|
|
Oil &
|
|
Hydro
&
|
|
|
|
|
|
|
Nuclear *
|
?
|
Coal
|
?
|
Gas
|
?
|
Renewables
|
?
|
Other
|
?
|
Total
|
|
Generation by Fuel Type (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
29.3
|
|
26.2
|
|
39.5
|
|
3.5
|
|
1.5
|
|
100.0
|
|
2010
|
|
47.0
|
|
41.1
|
|
5.9
|
?
|
3.7
|
|
2.3
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
?
|
|
Thousands of MWH
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
7,349
|
|
6,587
|
|
9,899
|
|
890
|
|
378
|
|
25,103
|
|
2010
|
|
7,380
|
|
6,458
|
|
926
|
|
582
|
|
361
|
|
15,707
|
|
|
|
|
|
|
|
|
|
|
|
|
?
|
|
* Nuclear statistics shown as
50.01 percent due to the formation of the CENG joint venture.
|
|
|
?
|
|
?
|
|
?
|
|
?
|
|
|
Utility Operating
Statistics (Unaudited)
|
|
|
|
|
|
?
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
?
|
|
ELECTRIC
|
|
|
|
|
|
|
|
|
|
|
Revenues (In
Millions)
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
$
|
302.4
|
|
$
|
420.8
|
|
$
|
699.1
|
|
$
|
943.1
|
|
Delivery Service Only
|
|
|
|
23.2
|
|
|
9.2
|
|
|
49.5
|
|
|
17.0
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
98.9
|
|
|
117.4
|
|
|
207.9
|
|
|
242.3
|
|
Delivery Service Only
|
|
|
|
69.3
|
|
|
61.6
|
|
|
134.9
|
|
|
119.9
|
|
Industrial
|
|
|
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
6.1
|
|
|
7.4
|
|
|
12.7
|
|
|
15.2
|
|
Delivery Service Only
|
|
|
?
|
7.9
|
?
|
?
|
6.8
|
|
?
|
14.4
|
?
|
?
|
13.1
|
|
System Sales
|
|
|
|
507.8
|
|
|
623.2
|
|
|
1,118.5
|
|
|
1,350.6
|
|
Other
|
|
|
?
|
39.3
|
?
|
?
|
27.9
|
|
?
|
78.8
|
?
|
?
|
51.8
|
|
Total
|
|
|
$
|
547.1
|
?
|
$
|
651.1
|
|
$
|
1,197.3
|
?
|
$
|
1,402.4
|
|
|
|
|
|
|
|
|
|
?
|
|
Distribution Volumes (In Thousands) - MWH
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
2,156
|
|
|
2,806
|
|
|
4,992
|
|
|
6,222
|
|
Delivery Service Only
|
|
|
|
595
|
|
|
283
|
|
|
1,284
|
|
|
523
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
816
|
|
|
920
|
|
|
1,710
|
|
|
1,891
|
|
Delivery Service Only
|
|
|
|
3,390
|
|
|
3,120
|
|
|
6,464
|
|
|
6,049
|
|
Industrial
|
|
|
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
56
|
|
|
70
|
|
|
117
|
|
|
140
|
|
Delivery Service Only
|
|
|
?
|
622
|
?
|
?
|
693
|
|
?
|
1,151
|
?
|
?
|
1,333
|
|
Total
|
|
|
?
|
7,635
|
?
|
?
|
7,892
|
|
?
|
15,718
|
?
|
?
|
16,158
|
|
|
|
|
|
|
|
|
|
?
|
|
GAS
|
|
|
|
|
|
|
|
|
|
|
Revenues (In
Millions)
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
$
|
54.5
|
|
$
|
56.0
|
|
$
|
241.4
|
|
$
|
254.4
|
|
Delivery Service Only
|
|
|
|
5.5
|
|
|
3.8
|
|
|
16.7
|
|
|
12.1
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
15.6
|
|
|
13.7
|
|
|
66.7
|
|
|
66.6
|
|
Delivery Service Only
|
|
|
|
7.7
|
|
|
7.7
|
|
|
22.3
|
|
|
22.0
|
|
Industrial
|
|
|
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
0.7
|
|
|
0.6
|
|
|
3.2
|
|
|
3.2
|
|
Delivery Service Only
|
|
|
?
|
3.3
|
?
|
?
|
3.5
|
|
?
|
8.4
|
?
|
?
|
8.3
|
|
System Sales
|
|
|
|
87.3
|
|
|
85.3
|
|
|
358.7
|
|
|
366.6
|
|
Off-System Sales
|
|
|
|
19.2
|
|
|
12.7
|
|
|
51.0
|
|
|
45.7
|
|
Other
|
|
|
?
|
2.6
|
?
|
?
|
2.4
|
|
?
|
6.7
|
?
|
?
|
6.1
|
|
Total
|
|
|
$
|
109.1
|
?
|
$
|
100.4
|
|
$
|
416.4
|
?
|
$
|
418.4
|
|
|
|
|
|
|
|
|
|
?
|
|
Distribution Volumes (In Thousands) - DTH
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
3,819
|
|
|
3,802
|
|
|
22,367
|
|
|
22,591
|
|
Delivery Service Only
|
|
|
|
727
|
|
|
453
|
|
|
3,650
|
|
|
2,786
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
1,492
|
|
|
1,328
|
|
|
7,321
|
|
|
7,092
|
|
Delivery Service Only
|
|
|
|
4,593
|
|
|
3,896
|
|
|
15,126
|
|
|
13,081
|
|
Industrial
|
|
|
|
|
|
|
|
|
|
|
Excluding Delivery Service Only
|
|
|
80
|
|
|
65
|
|
|
375
|
|
|
367
|
|
Delivery Service Only
|
|
|
?
|
3,696
|
?
|
?
|
5,413
|
|
?
|
7,646
|
?
|
?
|
11,694
|
|
System Sales
|
|
|
|
14,407
|
|
|
14,957
|
|
|
56,485
|
|
|
57,611
|
|
Off-System Sales
|
|
|
?
|
4,029
|
?
|
?
|
2,709
|
|
?
|
9,583
|
?
|
?
|
7,753
|
|
Total
|
|
|
?
|
18,436
|
?
|
?
|
17,666
|
|
?
|
66,068
|
?
|
?
|
65,364
|
|
|
|
|
|
|
|
|
|
?
|
|
Utility operating
statistics do not reflect the elimination of intercompany transactions.
|
|
|
|
|
|
|
|
|
|
?
|
|
Heating and Cooling Degree
Days (Calendar-Month Basis)
|
|
Heating
Degree Days
|
-
Actual
|
|
|
392
|
|
|
377
|
|
|
2,841
|
|
|
2,843
|
|
?
|
-
Normal
|
|
|
526
|
|
|
528
|
|
|
2,943
|
|
|
2,949
|
|
Cooling
Degree Days
|
-
Actual
|
|
|
342
|
|
|
393
|
|
|
344
|
|
|
394
|
|
?
|
-
Normal
|
|
|
243
|
|
|
236
|
|
|
246
|
|
|
240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
?
|
|
?
|
?
|
?
|
|
?
|
|
?
|
|
?
|
|
|
Constellation Energy Group and
Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
?
|
|
Supplemental Financial
Statistics (Unaudited)
|
|
|
|
|
|
|
|
|
Six
Months Ended
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
|
|
|
|
|
|
?
|
2011
|
?
|
|
?
|
2010
|
?
|
|
|
|
|
|
|
|
|
|
|
?
|
|
Effective Tax Rate
|
|
|
|
|
|
|
|
|
39.7
|
%
|
|
|
32.6
|
%
|
|
|
|
|
|
|
|
|
|
|
?
|
|
Equity Investment In
Nonregulated Businesses -- End of Period (In Millions)
|
|
|
|
|
|
|
|
$
|
5,935.2
|
|
|
$
|
7,007.3
|
|
|
|
|
|
|
|
|
|
|
|
?
|
|
Equity Investment In
Regulated Business -- End of Period (In Millions)
|
|
|
|
|
|
|
|
$
|
2,079.3
|
|
|
$
|
2,013.6
|
|
|
|
|
|
|
|
|
|
|
|
?
|
|
|
|
|
|
|
|
|
|
|
?
|
|
Common Stock Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
?
|
|
Common Stock Dividends -
Per Share
|
|
|
|
|
|
|
|
|
|
|
|
--Declared
|
|
|
|
$
|
0.2400
|
|
$
|
0.2400
|
|
$
|
0.4800
|
|
|
$
|
0.4800
|
|
|
--Paid
|
|
|
|
$
|
0.2400
|
|
$
|
0.2400
|
|
$
|
0.4800
|
|
|
$
|
0.4800
|
|
|
|
|
|
|
|
|
|
|
|
?
|
|
Market Value Per Share
|
|
|
|
|
|
|
|
|
|
|
|
--High
|
|
|
|
$
|
38.09
|
|
$
|
38.73
|
|
$
|
38.09
|
|
|
$
|
38.73
|
|
|
--Low
|
|
|
|
$
|
30.92
|
|
$
|
32.09
|
|
$
|
29.70
|
|
|
$
|
31.08
|
|
|
--Close
|
|
|
|
$
|
37.96
|
|
$
|
32.25
|
|
$
|
37.96
|
|
|
$
|
32.25
|
|
|
|
|
|
|
|
|
|
|
|
?
|
|
Shares Outstanding - End
of Period (In Millions)
|
|
|
|
|
201.2
|
|
|
201.9
|
|
|
201.2
|
|
|
|
201.9
|
|
|
|
|
|
|
|
|
|
|
|
?
|
|
Book Value per Share - End
of Period
|
|
|
|
$
|
39.83
|
|
$
|
44.68
|
|
$
|
39.83
|
|
|
$
|
44.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
?
|
Constellation Energy
Media Contacts:
Aaron Koos, 410-470-7433
or
Lawrence McDonnell, 410-470-7433
or
Investor Contact:
Sandra Brummitt, 410-470-6440
Source: Constellation Energy
|