- Reaffirms guidance for 2008 at $5.25 to $5.75 per share
- Increases 2009 guidance range to 15 to 20 percent over 2008
- Raises quarterly dividend 10 percent
BALTIMORE, Jan. 30 /PRNewswire-FirstCall/ -- Constellation Energy
(NYSE: CEG) today reported full year 2007 adjusted earnings of $4.60 per
share, up 27 percent from $3.61 of adjusted earnings per share (EPS) for
the full year 2006. These results were in line with management's guidance
range of $4.45 to $4.65 per share, which was revised upward in October
2007. Adjusted earnings exclude the impact of special items, discontinued
operations, certain economic, non-qualifying hedges and synfuel earnings.
On a GAAP basis, the company earned $4.50 per share in 2007, compared to
$5.16 per share earned in 2006, which included an after-tax gain of $1.04
per share from discontinued operations.
For the fourth quarter of 2007, adjusted earnings of $1.48 per share
were up 37 percent, compared to $1.08 per share earned in the same period
last year. Reported GAAP earnings of $1.42 per share in the fourth quarter
of 2007 compare to $2.22 per share in the fourth quarter of 2006, which
included an after-tax gain of 76 cents from discontinued operations.
Constellation Energy reaffirmed earnings guidance for 2008 at $5.25 to
$5.75 per share and expects to be in the middle to upper end of the range.
Looking forward to 2009, the company expects to grow earnings 15 to 20
percent over projected 2008 earnings, representing an increase over the
previously announced greater than 10 percent projected growth over 2008.
"2007 marked yet another outstanding year for our company as we grew
adjusted earnings by 27 percent," said Mayo A. Shattuck III, chairman,
president and chief executive officer of Constellation Energy. "Our success
in driving strong earnings continues to translate into significant total
return for Constellation Energy shareholders. Considering both stock price
appreciation and dividends, Constellation Energy delivered total
shareholder return of 52 percent in 2007, following the 23 percent and 35
percent total shareholder returns realized over the last two years.
"Last year, we made significant progress on several important fronts,
including our efforts to assume a leadership role in the potential
renaissance of new nuclear generation in the United States," said Shattuck.
"Along these lines, we formed our UniStar Nuclear Energy joint venture with
EDF and continue to move forward with planned new development projects
under the UniStar Nuclear Energy banner. We advanced the expansion of our
Merchant capabilities by building the foundation to make significant,
multi-year investments in generation to expand capacity and enhance
reliability in Maryland, PJM and other markets we serve. Through several
strategic acquisitions, we grew our wholesale load-serving business in the
regulated Southeast market, added to our upstream gas reserves and expanded
the geographic footprint of our retail gas operations in the Midwest
market. We also have successfully implemented key components of several
programs at Baltimore Gas and Electric (BGE) that provide customers with
tools and incentives to better manage their energy usage.
"In coming years, we see clear and substantial earnings growth drivers
and believe we are well positioned to deploy capital to pursue strategic
market opportunities," said Shattuck.
Today, Constellation Energy also announced that it has informed the
Office of the Attorney General for Maryland that it plans to terminate the
litigation standstill agreement, which has been in place with the Attorney
General's office since November 2006. The standstill agreement pertains to
$386 million that the company believes was unconstitutionally taken in
Maryland Senate Bill 1, which was passed in June 2006 as part of a Special
Session of the Maryland General Assembly.
"We have reluctantly concluded that we have no choice but to file a
federal court action to enforce our rights under a nearly decade-old
settlement, which has been upheld twice by Maryland courts," said Shattuck.
"The recent Maryland Public Service Commission (PSC) interim report on
stranded costs and on BGE's 1999 settlement injected a destabilizing
element of uncertainty into the regulatory climate and energy marketplace
in Maryland. We cannot abide by efforts to use hindsight to reverse
decisions and agreements that were made nearly a decade ago by multiple
parties in full accordance with the law.
"We recognize our responsibilities in Maryland and take pride in
playing a constructive role in the state's energy infrastructure and
marketplace," said Shattuck. "We are planning to undertake a very large
capital expenditure program in the years ahead in Maryland and elsewhere.
In so far as we are planning to invest in improving reliability of existing
plants and expanding capacity in Maryland, we must have confidence in the
political and regulatory environment in which we operate."
The following tables summarize adjusted EPS and EPS reported in
accordance with GAAP for the company's business segments and provide a
reconciliation to total company reported earnings.
Three Months Ended December 31,
2007 2006
Reported Reported
GAAP Adjusted GAAP Adjusted
EARNINGS PER COMMON SHARE EPS* EPS EPS* EPS
Baltimore Gas and Electric $0.12 $0.17 (1) $0.19 $0.18 (3)
Merchant Energy 1.26 1.27 (2) 1.25 0.88 (4)
Other Nonregulated 0.04 0.04 0.02 0.02
Diluted Earnings Per Share from
Continuing Operations 1.42 1.48 1.46 1.08
Income from Discontinued Operations
Assuming Dilution - - 0.76 -
Diluted Earnings Per Share $1.42 $1.48 $2.22 $1.08
* Unaudited.
GAAP EPS was adjusted by the following amounts to calculate Adjusted EPS
(1) Addition of deferred tax expense adjustment related to an increase in
the Maryland corporate income tax rate of $0.05 per share.
(2) Addition of losses from our synthetic fuel processing facilities
of $0.11 per share. Subtraction of mark-to-market gains on certain
non-qualifying hedges of $0.05 per share and subtraction of deferred
tax benefit related to the increase in the Maryland corporate income
tax rate of $0.05 per share.
(3) Subtraction for tax benefit recognized on merger-related costs of
$0.01 per share.
(4) Subtraction of gain on sale of gas-fired plants of $0.26 per share,
subtraction of mark-to-market gains on certain non-qualifying hedges
of $0.07 per share, subtraction of earnings from our synthetic fuel
processing facilities of $0.04 per share, and subtraction for merger-
related costs of $0.01 per share. Addition for workforce reduction
costs of $0.01 per share.
Year Ended December 31,
2007 2006
Reported Reported
GAAP Adjusted GAAP Adjusted
EARNINGS PER COMMON SHARE EPS* EPS EPS EPS
Baltimore Gas and Electric $0.69 $0.74 (1) $0.86 $0.87 (3)
Merchant Energy 3.73 3.77 (2) 3.20 2.68 (4)
Other Nonregulated 0.09 0.09 0.06 0.06
Diluted Earnings Per Share from
Continuing Operations 4.51 4.60 4.12 3.61
Income from Discontinued Operations
Assuming Dilution (0.01) - 1.04 -
Diluted Earnings Per Share $4.50 $4.60 $5.16 $3.61
* Unaudited.
GAAP EPS was adjusted by the following amounts to calculate Adjusted EPS
(1) Addition of deferred tax expense adjustment related to an increase in
the Maryland corporate income tax rate of $0.05 per share.
(2) Addition of impairment losses and other costs of $0.07 per share,
addition of losses from our synthetic fuel processing facilities of
$0.02 per share, and addition for workforce reduction costs of $0.01
per share. Subtraction of deferred tax benefit related to the
increase in the Maryland corporate income tax rate of $0.05 per share
and subtraction of mark-to-market gains on certain non-qualifying
hedges of $0.01 per share.
(3) Addition for merger-related costs of $0.01 per share.
(4) Subtraction of gain on sale of gas-fired plants of $0.26 per share,
subtraction of mark-to-market gains on certain non-qualifying hedges
of $0.21 per share and subtraction of earnings from our synthetic fuel
processing facilities of $0.16 per share. Addition for workforce
reduction costs of $0.09 per share and addition for merger-related
costs of $0.02 per share.
Baltimore Gas and Electric
BGE reported adjusted earnings of 17 cents per share in the fourth
quarter of 2007, down 1 cent per share versus the fourth quarter of 2006.
For full year 2007 results, BGE's adjusted EPS was 74 cents, down 13 cents,
compared to 87 cents per share in 2006. BGE's results for the fourth
quarter and full year 2007 were negatively impacted by credits to
residential customers required by Maryland's Senate Bill 1 and higher
operating costs, partially offset by higher demand response and
transmission revenues.
Merchant
On an adjusted basis, the Merchant segment earned $1.27 per share
during the fourth quarter of 2007, up 39 cents per share, or 44 percent,
from the fourth quarter last year. Compared to the fourth quarter of 2006,
the Merchant segment benefited from higher backlog realization and new
business in Wholesale Competitive Supply, strong realized margins in our
retail power business and the reversal of prior-period mark-to-market
losses previously recorded in our retail gas business, the absence of a
refueling outage at the R.E. Ginna Nuclear Power Plant that occurred in the
fourth quarter of 2006 and lower interest expense.
For the full year of 2007, adjusted earnings for the Merchant segment
were $3.77 per share, representing growth of $1.09 per share, or 41
percent, over 2006. Wholesale Competitive Supply benefited from higher
backlog realization, partially offset by lower new business following an
exceptional year in 2006. In our Retail Competitive Supply businesses, full
year 2007 earnings benefited from higher realized rates in NewEnergy
Electric, offset by mark-to-market losses on hedges of accrual positions
and higher costs in NewEnergy Gas. Generation benefited from the roll-off
of below-market hedges, the impact of the Ginna uprate and fewer planned
outage days, partially offset by the end of competitive transition charge
collections, inflation and higher operating costs. Lower net interest
expense also contributed favorably.
Dividend Declarations
Constellation Energy's board of directors declared a quarterly dividend
of 47.75 cents per share on the company's common stock, equivalent to $1.91
per share annually. This dividend declaration represents a 10 percent
increase over the previous quarterly dividend rate and recognizes the
company's strong financial performance in 2007 and future growth prospects.
Prior to this increase, Constellation Energy paid quarterly dividends on
its common stock at the rate of 43.5 cents per share, equivalent to an
annual rate of $1.74 per share. The dividend is payable April 1, 2008, to
shareholders of record at the close of business on March 10, 2008.
BGE also declared quarterly dividends at the specified rates for all of
its outstanding preference stock, payable April 1, 2008, to shareholders of
record at the close of business on March 10, 2008.
Financial Statements
The Dec. 31, 2007, unaudited financial statements and supplemental
information are attached.
Adjusted Earnings
Constellation Energy presents adjusted earnings per share (adjusted
EPS) in addition to its 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, 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, the impact of
certain economic, non- qualifying hedges and synfuel earnings. The
mark-to-market impact of these hedges is significant to reported results,
but economically neutral to the company in that offsetting gains or losses
on underlying accrual positions will be recognized in the future. Synfuel
earnings are excluded due to the potential for oil-price volatility to
result in a difficult-to-forecast phase- out of tax credits.
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 workforce 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 or an economic, non- qualifying hedge 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, economic, non-qualifying hedges and synfuel results due to
the difficulty of doing so. The impact of special items, economic,
non-qualifying hedges and synfuel results could be 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
The company plans to file its 2007 Form 10-K on or about Feb. 26, 2008.
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 Jan. 30, 2008
Constellation Energy will host a conference call at 8:00 a.m. (ET) on
Jan. 30, 2008, to review its fourth quarter and full year 2007 financial
results and discuss its business outlook for 2008 and beyond.
To participate, analysts, investors, media and the public in the U.S.
may dial (888) 455-2894 shortly before 8:00 a.m. The international phone
number is (773) 681-5899. The conference password is ENERGY. A replay will
be available approximately one hour after the end of the call by dialing
(888) 562-2933 or (402) 530-7616 (international).
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 Web site (http://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.
Constellation Energy (http://www.constellation.com), a FORTUNE 125
company with 2007 revenues of $21 billion, is the nation's largest
competitive supplier of electricity to large commercial and industrial
customers and the nation's largest wholesale power seller. Constellation
Energy also manages fuels and energy services on behalf of energy intensive
industries and utilities. It owns a diversified fleet of 78 generating
units located throughout the United States, totaling approximately 8,700
megawatts of generating capacity. The company delivers electricity and
natural gas through the Baltimore Gas and Electric Company (BGE), its
regulated utility in Central Maryland.
Addendum - Amounts Excluded from Adjusted EPS
Non-qualifying Hedges - after-tax gain of $8.0 million, or $0.05 per
share
During the fourth quarter of 2007, we recognized an $8.0 million
after-tax gain related to certain non-qualifying hedges of gas
transportation rights and gas storage contracts, which are economic hedges
that do not meet the criteria or are not designated for cash-flow hedge
accounting under FAS No. 133, Accounting for Derivative Instruments and
Hedging Activities, as amended, and thus are required to be
marked-to-market. This mark-to-market gain is essentially a timing
difference that is expected to be offset as we realize the related accrual
contracts in cash in future periods.
Change in Maryland Tax Rate - after-tax charge of $(0.7) million, or
$0.00 per share
On Nov. 19, 2007, a change in the Maryland corporate income tax rate
was signed into law increasing the rate from 7.0 percent to 8.25 percent
effective Jan. 1, 2008. In accordance with FAS No. 109, Accounting for
Income Taxes, the impact from adjusting all existing deferred income tax
assets and liabilities for the effect of changes in tax laws or rates
should be included in operating results in the period that includes the
enactment date. Current income taxes will begin to be recorded at the
higher Maryland corporate income tax rate effective in 2008 and will be
reflected in our ongoing operating results.
In the fourth quarter of 2007, we recognized a non-recurring $(0.7)
million after-tax charge for the net impact of the changes in our Maryland
deferred income tax assets and liabilities, net of the related federal
deferred income tax benefit. These adjustments resulted in a $(0.05) per
share charge for the adjustment of net deferred tax liabilities of BGE and
an offsetting $0.05 per share gain for Merchant. The favorable Merchant
earnings impact of the Maryland tax rate change is primarily attributable
to deferred tax assets associated with amounts recorded in Accumulated
Other Comprehensive Income for hedging activities.
Synfuel Earnings - after-tax loss of $(19.3) million, or $(0.11) per
share
The impact of oil price volatility resulted in a difficult-to-forecast
phase-out of tax credits at our facilities that produce synfuel.
Consequently, we have removed the $(19.3) million loss generated during the
fourth quarter of 2007 from our results as follows:
Three Months Ended
December 31,
2007
(In millions)
After-tax loss from operations $(12.1)
Tax credits before phase-out 38.6
Current period tax credit phase-out (26.7)
True-up of phase-out from prior periods (19.1)
Net loss from synfuel facilities $(19.3)
Constellation Energy Group and Subsidiaries
Consolidated Statements of Income (Unaudited)
Three Months Ended Year Ended
December 31, December 31,
2007 2006 2007 2006
(In Millions, Except Per Share Amounts)
Revenues
Nonregulated revenues $4,462.5 $3,972.0 $17,794.6 $16,279.0
Regulated electric revenues 618.3 463.3 2,455.6 2,115.9
Regulated gas revenues 268.6 218.2 943.0 890.0
Total revenues 5,349.4 4,653.5 21,193.2 19,284.9
Expenses
Fuel and purchased energy
expenses 4,022.3 3,515.2 16,473.9 14,930.7
Operating expenses 644.7 568.2 2,447.4 2,165.8
Impairment losses and other
costs - - 20.2 -
Workforce reduction costs - 4.4 2.3 28.2
Merger-related costs - 5.8 - 18.3
Depreciation, depletion, and
amortization 144.3 124.0 557.8 523.9
Accretion of asset retirement
obligations 16.4 17.4 68.3 67.6
Taxes other than income taxes 69.2 72.0 288.9 290.7
Total expenses 4,896.9 4,307.0 19,858.8 18,025.2
Gain on Sale of Gas-Fired Plants - 73.8 - 73.8
Income from Operations 452.5 420.3 1,334.4 1,333.5
Gain on Sale of Subsidiary
Equity - CEP 11.2 28.7 63.3 28.7
Other Income 41.9 27.4 158.6 66.1
Fixed Charges
Interest expense 80.1 89.8 311.8 329.2
Interest capitalized and
allowance for borrowed funds
used during construction (5.8) (3.7) (19.4) (13.7)
BGE preference stock dividends 3.3 3.3 13.2 13.2
Total fixed charges 77.6 89.4 305.6 328.7
Income from Continuing
Operations Before Income Taxes 428.0 387.0 1,250.7 1,099.6
Income Tax Expense 169.9 120.4 428.3 351.0
Income from Continuing
Operations 258.1 266.6 822.4 748.6
Income (Loss) from discontinued
operations, net of income
taxes of $79.8, $1.5 and $107.7,
respectively - 138.4 (0.9) 187.8
Net Income $258.1 $405.0 $821.5 $936.4
Earnings Applicable to Common
Stock $258.1 $405.0 $821.5 $936.4
Average Shares of Common Stock
Outstanding - Basic 179.3 180.2 180.2 179.4
Average Shares of Common Stock
Outstanding - Diluted 181.8 182.7 182.5 181.4
Earnings Per Common Share from
Continuing Operations - Basic $1.44 $1.48 $4.56 $4.17
Income (Loss) from discontinued
operations - Basic - 0.77 (0.01) 1.05
Earnings Per Common Share -
Basic $1.44 $2.25 $4.55 $5.22
Earnings Per Common Share from
Continuing Operations - Diluted $1.42 $1.46 $4.51 $4.12
Income (Loss) from discontinued
operations - Diluted - 0.76 (0.01) 1.04
Earnings Per Common Share -
Diluted $1.42 $2.22 $4.50 $5.16
Constellation Energy Group and Subsidiaries
Consolidated Balance Sheets (Unaudited)
December 31, December 31,
2007 2006
ASSETS (In Millions)
Current Assets
Cash and cash equivalents $1,095.9 $2,289.1
Accounts receivable (net of
allowance for uncollectibles of
$44.9 and $48.9, respectively) 4,289.5 3,248.3
Fuel stocks 591.3 599.5
Materials and supplies 207.5 200.2
Derivative assets 961.2 1,556.5
Unamortized energy contract assets 32.0 35.2
Deferred income taxes 300.7 674.3
Other 410.9 497.0
Total current assets 7,889.0 9,100.1
Investments And Other Assets
Nuclear decommissioning trust funds 1,330.8 1,240.1
Other investments 542.2 308.6
Regulatory assets (net) 576.2 389.0
Goodwill 261.3 157.6
Derivative assets 1,030.2 949.1
Unamortized energy contract assets 178.3 123.6
Other 370.6 311.4
Total investments and other assets 4,289.6 3,479.4
Property, Plant And Equipment
Nonregulated property, plant and
equipment 8,087.0 7,587.6
Regulated property, plant and
equipment 6,051.2 5,752.9
Nuclear fuel (net of amortization) 374.3 339.9
Accumulated depreciation (4,745.4) (4,458.3)
Net property, plant and equipment 9,767.1 9,222.1
Total Assets $21,945.7 $21,801.6
LIABILITIES AND EQUITY
Current Liabilities
Short-term borrowings $14.0 $-
Current portion of long-term debt 380.6 878.8
Accounts payable and accrued
liabilities 2,630.1 2,137.2
Customer deposits and collateral 347.2 347.2
Derivative liabilities 1,137.1 2,411.7
Unamortized energy contract
liabilities 392.2 378.3
Accrued expenses and other 956.0 969.5
Total current liabilities 5,857.2 7,122.7
Deferred Credits And Other Liabilities
Deferred income taxes 1,588.5 1,435.8
Asset retirement obligations 917.6 974.8
Derivative liabilities 1,118.9 1,099.7
Unamortized energy contract
liabilities 1,218.6 958.0
Defined benefit obligations 828.6 928.3
Deferred investment tax credits 50.5 57.2
Other 155.9 109.0
Total deferred credits and other
liabilities 5,878.6 5,562.8
Long-Term Debt
Long-term debt of nonregulated
businesses 2,830.8 3,390.3
Long-term debt of BGE 1,334.2 1,459.0
Rate stabilization securitization
bonds of BGE 623.2 -
6.20% deferrable interest
subordinated debentures due
October 15, 2043 to BGE
wholly owned BGE Capital Trust II
relating to trust preferred
securities 257.7 257.7
Unamortized discount and premium (4.8) (5.9)
Current portion of long-term debt (380.6) (878.8)
Total long-term debt 4,660.5 4,222.3
Minority Interests 19.2 94.5
BGE Preference Stock Not Subject To
Mandatory Redemption 190.0 190.0
Common Shareholders' Equity
Common stock 2,513.3 2,738.6
Retained earnings 3,919.5 3,474.3
Accumulated other comprehensive
loss (1,092.6) (1,603.6)
Total common shareholders' equity 5,340.2 4,609.3
Total Liabilities And Equity $21,945.7 $21,801.6
Constellation Energy Group and Subsidiaries
Merchant Energy Operating Statistics (Unaudited)
Year Ended December 31,
Oil & Hydro &
Nuclear Coal Gas Renewables Other Total
Generation by Fuel Type (%)
2007 61.2 34.4 0.9 2.0 1.5 100.0
2006* 51.9 29.5 15.3 2.0 1.3 100.0
Thousands of MWH
2007 31,598 17,758 482 1,042 740 51,620
2006* 30,695 17,449 9,031 1,210 741 59,126
* Includes generation output from our gas-fired plants until their sale
in December 2006
Utility Operating Statistics (Unaudited)
Three Months
Ended Year Ended
December 31, December 31,
2007 2006 2007 2006
ELECTRIC
Revenues (In Millions)
Residential $390.1 $246.7 $1,514.9 $1,092.1
Commercial
Excluding Delivery Service Only 134.4 131.2 577.4 733.4
Delivery Service Only 56.1 49.7 217.0 149.4
Industrial
Excluding Delivery Service Only 7.5 7.4 31.6 46.8
Delivery Service Only 7.1 6.8 27.8 26.2
System Sales 595.2 441.8 2,368.7 2,047.9
Other 23.2 21.5 87.0 68.0
Total $618.4 $463.3 $2,455.7 $2,115.9
Distribution Volumes (In Thousands) -
MWH
Residential 2,868 2,921 13,365 12,886
Commercial
Excluding Delivery Service Only 1,061 1,037 4,364 6,325
Delivery Service Only 2,971 2,730 11,921 9,392
Industrial
Excluding Delivery Service Only 72 71 287 467
Delivery Service Only 802 727 3,175 2,988
Total 7,774 7,486 33,112 32,058
GAS
Revenues (In Millions)
Residential
Excluding Delivery Service Only $161.5 $129.2 $552.0 $490.2
Delivery Service Only 5.4 5.6 19.0 20.6
Commercial
Excluding Delivery Service Only 39.8 36.1 154.1 148.9
Delivery Service Only 11.2 10.6 41.2 35.9
Industrial
Excluding Delivery Service Only 2.0 1.7 7.8 7.5
Delivery Service Only 9.3 4.4 22.1 19.3
System Sales 229.2 187.6 796.2 722.4
Off-System Sales 42.2 32.1 157.4 168.6
Other 2.6 1.4 9.2 8.5
Total $274.0 $221.1 $962.8 $899.5
Distribution Volumes (In Thousands) -
DTH
Residential
Excluding Delivery Service Only 11,796 10,177 39,199 33,019
Delivery Service Only 1,298 1,175 4,310 3,948
Commercial
Excluding Delivery Service Only 3,101 3,338 12,464 11,683
Delivery Service Only 7,502 6,784 30,367 25,695
Industrial
Excluding Delivery Service Only 167 165 658 604
Delivery Service Only 5,196 4,862 17,897 20,325
System Sales 29,060 26,501 104,895 95,274
Off-System Sales 5,266 3,975 19,963 19,738
Total 34,326 30,476 124,858 115,012
Utility operating statistics do not reflect the elimination of
intercompany transactions.
Heating/Cooling Degree Days (Calendar-Month Basis)
Heating Degree Days - Actual 1,575 1,504 4,636 4,146
- Normal 1,708 1,698 4,762 4,759
Cooling Degree Days - Actual 76 20 927 865
- Normal 24 24 846 845
Constellation Energy Group and Subsidiaries
Supplemental Financial Statistics (Unaudited)
Year Ended
December 31,
2007 2006
Effective Tax Rate 33.9% 31.5%
Equity Investment In Nonregulated Businesses --
End of Period (In Millions) $3,693.8 $2,982.7
Equity Investment In Regulated Business --
End of Period (In Millions) $1,646.4 $1,626.6
Common Stock Data
Three Months Ended Year Ended
December 31, December 31,
2007 2006 2007 2006
Common Stock Dividends - Per Share
--Declared $0.4350 $0.3775 $1.7400 $1.5100
--Paid $0.4350 $0.3775 $1.6825 $1.4675
Market Value Per Share
--High $104.29 $70.20 $104.29 $70.20
--Low $85.81 $59.00 $68.78 $50.55
--Close $102.53 $68.87 $102.53 $68.87
Shares Outstanding--End of Period
(In Millions) 178.4 180.5 178.4 180.5
Book Value per Share--End of Period $29.93 $25.54 $29.93 $25.54
SOURCE Constellation Energy
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CONTACT:
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Constellation Energy
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