Constellation NewEnergy and Ford Motor Company Finalize Electricity Supply Agreement

DETROIT, Oct. 22, 2003 -- Constellation Energy Group today announced that its subsidiary, Constellation NewEnergy, and Ford Motor Company's subsidiary, Ford Motor Land Corp., have concluded negotiations on an electricity supply contract. Under the terms of the agreement, Constellation NewEnergy will provide electricity to Ford facilities in Southeast Michigan.

"Constellation NewEnergy has enjoyed a multi-year relationship with Ford Motor throughout Illinois and Texas, and this latest contract represents a significant step for our entry into Michigan's electricity supply market," said Robert J. Korandovich, vice president of Constellation NewEnergy. "Extending our ability to supply electricity to Ford's home base in Michigan is a clear recognition of the strength of that relationship and marks the first time that Ford will reap financial benefits from Michigan's Electric Choice Program. Progressive companies like Ford understand that choice among energy providers equals greater flexibility and cost savings."

Constellation NewEnergy, based in Baltimore, is the nation's leading competitive electricity supplier. It serves more than 3,900 commercial and industrial customers across North America, representing 5,500 megawatts of peak load.

The company recently began providing service in Michigan as a licensed participant in the Electric Choice Program enacted by the Michigan State Legislature's Customer Choice and Electricity Reliability Act.

About Constellation NewEnergy Inc.

A leading national competitive energy supplier, Constellation NewEnergy Inc. provides customized solutions and comprehensive energy services to commercial and industrial electricity customers in Maine, Massachusetts, Michigan, New York, New Jersey, Pennsylvania, Ohio, Illinois, Texas, Delaware, Maryland, Rhode Island, New Hampshire and California. A subsidiary of Constellation Energy Group, the company is committed to providing customized energy-related products and services with predictability and flexibility in the competitive electricity marketplace. More information about Constellation NewEnergy is available at www.newenergy.com.

About Constellation Energy Group

Constellation Energy Group, a Fortune 500 company based in Baltimore, is the nation's leading competitive supplier of electricity to large commercial and industrial customers. It owns and operates a diversified fleet of power plants throughout the United States. Additionally, Constellation markets energy nationally and manages the associated risks, providing value-added services for its customers. The company also delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. In 2002, the combined revenues of the integrated energy company totaled $4.7 billion.

Company News On-Call: http://www.prnewswire.com/comp/084087.html