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Constellation Energy Reports Full Year 2011 Results

Constellation Energy (NYSE: CEG) today reported 2011 adjusted earnings of $3.07 per share, excluding mark-to-market timing losses of $0.83 per share and Hurricane Irene restoration costs of $0.12 per share. This is comparable to 2010 adjusted earnings of $3.29 per share when mark-to-market timing losses of $0.23 per share are excluded. Factoring in the mark-to-market timing and Hurricane Irene adjustments, 2011 adjusted results are in line with earnings guidance provided by management. 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 a loss of $1.70 per share for the full year 2011, compared with a loss of $4.90 per share in 2010. The 2011 GAAP results include $3.82 per share of special items, including noncash impairment charges related to our existing nuclear joint venture, Constellation Energy Nuclear Group, LLC (CENG), and certain power generation investments. The 2010 GAAP results include noncash impairment charges related to CENG, and our former nuclear joint venture, UniStar Nuclear Energy, LLC.

“We closed the year having met our goal to grow our national retail customer base, integrate newly acquired generation assets and deliver a diverse and innovative portfolio of energy products and services designed to help our customers make more efficient use of energy,” said Mayo A. Shattuck III, chairman, president and chief executive officer of Constellation Energy. “By successfully executing the strategy we laid out at the start of 2011, we strengthened and diversified our core businesses despite the multiple challenges posed by difficult economic and market conditions and unusually severe weather.

“We continue to expand our role in developing and operating clean, reliable sources of energy, realizing a more than 80 percent year-over-year increase in our solar business and continuing to safely and efficiently operate our expanding base of fossil and renewable energy assets and Constellation Energy Nuclear Group’s environmentally advantaged nuclear fleet,” Shattuck said.

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