Constellation NewEnergy supports orders in Ohio that will help to advance competitive electric markets

BALTIMORE, Oct. 13, 2004 (PRNewswire-FirstCall) — Constellation Energy announced that its subsidiary, Constellation NewEnergy, is encouraged by recent actions of the Public Utilities Commission of Ohio (PUCO) that improve the climate for sustaining and expanding retail electric competition in the state.

The following statement on the PUCO decisions can be attributed to Robert Korandovich, vice president for Constellation NewEnergy’s Ohio and Michigan markets.

“Important progress is being made in the drive to advance and expand open and vibrant competitive electric markets in Ohio. Two recent orders by the PUCO, in filings brought by FirstEnergy and Cinergy, have helped to clarify the dynamics of competition in the state and the structures that will be necessary to build a sustainable competitive market.

“The PUCO decisions illustrate that the commission embraces the core benefits of competitive markets, including greater efficiencies, more choice in products and services and improved customer service. These represent a significant step forward for the development of competitive alternatives for all customers in Ohio.

“In the case of FirstEnergy, the PUCO ruled that a wholesale auction will be held in November that could serve as a precursor to the establishment of a `market based’ price for FirstEnergy’s customers remaining on standard utility service. This auction will be similar to a successful market structure in place in New Jersey. Competitive pricing is a critical component of open and liquid markets and this auction is an important step.

“The PUCO Order for Cinergy allows customers that have chosen a competitive retail electric supplier as of Dec. 31, 2004 to bypass certain charges. While we would have preferred that the Cinergy order also include a wholesale auction, we believe overall that this ruling represents a stimulant to expanding retail competition in Ohio’s electric market.

“Constellation NewEnergy was the first Competitive Retail Electric Supplier to flow power on the first day (January 1, 2001) in which competitive markets opened in Ohio. We continue to be the largest independent competitive electric supplier in the state, with a staff of 30 people serving our customers requirements.

“We’re committed to Ohio and look forward to working with the PUCO as we continue on the path toward vibrant and open energy markets in Ohio.”

Constellation NewEnergy (http://www.newenergy.com), a member of Constellation Energy, is a competitive supplier of electricity, natural gas and energy related services to commercial and industrial customers throughout North America. Constellation NewEnergy operates in all competitive energy markets throughout the United States and Canada, providing products that enable customers to effectively manage and control energy costs. Constellation NewEnergy’s regional expertise coupled with its national presence provides customers with customized energy products and services while leveraging the assets of one of the strongest integrated energy companies in North America. Constellation NewEnergy, based in Baltimore, serves more than 8,000 commercial and industrial customers throughout 31 states and 3 Canadian provinces representing more than 9,000 megawatts of peak load and more than 300 billion cubic feet of annual natural gas consumption.

Constellation Energy (http://www.constellation.com), a Fortune 500 integrated energy company, is the leading supplier of competitive energy to large commercial and industrial customers in North America. Constellation Energy manages supply and delivery of fuels and power for some of the world’s largest producers and consumers of electricity, natural gas, oil and coal. Constellation Energy also owns or holds ownership interests in a diversified fleet of 35 power plants in 11 states, totaling approximately 12,500 megawatts of generating capacity, and delivers safe, economical and reliable electricity and natural gas in Central Maryland through its regulated utility, the Baltimore Gas and Electric Company (BGE). Constellation Energy is headquartered in Baltimore with nearly four dozen corporate and regional offices around the world. Constellation Energy’s combined revenues in 2003 totaled $9.7 billion.

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