Nuclear

Constellation Energy Group board names new chairman

BALTIMORE, July 23, 2002 — Constellation Energy Group recently announced that Christian H. Poindexter, Chairman of the Board of Directors, has retired from the Chairmanship.

Poindexter will remain on the Board of Directors, will chair the executive committee, and will be a member of the Board’s nuclear committee and, as such, will maintain his involvement with Constellation Energy Group’s nuclear programs and national nuclear policy issues.

Mayo A. Shattuck III has been elected Chairman of the Board, replacing Poindexter. Shattuck will also continue in his capacity as President and Chief Executive Officer of Constellation Energy Group.

“On behalf of the shareholders, employees and retirees of Constellation Energy Group and BGE, I want to thank Chris Poindexter for his 35 years of leadership and dedication to this company,” Shattuck said.

“Chris brought Constellation Energy Group into being. He led the corporation into the world of competitive electric markets and he set the standard for excellence in all areas of our operations, corporate governance, public policy involvement and community commitment. He has given us a solid foundation. We intend to build upon it.”

“I am proud to say that over the past year, while facing numerous tough decisions in a difficult energy market, we also assembled a very talented group of leaders at the top ranks of our company,” Poindexter said. “Constellation’s new management team has very quickly established itself as one of the industry’s most capable and is well positioned for success. They are ready to move forward, and I feel confident that I can step aside knowing the company will continue to do well.”

In addition to his 35 years of service to Constellation Energy Group and BGE, Poindexter is Chairman of the Nuclear Energy Institute. He serves on numerous energy industry leadership committees and boards, including the Institute of Nuclear Power Operations and the Edison Electric Institute’s executive committee, as well as several local area foundations including the Greater Baltimore Committee, the Johns Hopkins University and U.S. Naval Academy Foundation.

About Constellation Energy Group

A Fortune 500 Company based in Baltimore, Constellation Energy Group owns energy-related businesses, including a North American wholesale power marketing and merchant generation company and the Baltimore Gas and Electric Company (BGE), a regulated energy delivery company in central Maryland. BGE provides service to more than 1.1 million electric customers and more than 600,000 natural gas customers. At year-end 2001, Constellation Energy Group reported revenues of $3.9 billion and assets of $14.1 billion.