U.S. Department of Energy Selects Calvert Cliffs 3 Project for Final Loan Guarantee Due Diligence and Detailed Negotiations

Third reactor in southern Maryland would result in thousands of jobs; clean,
safe, reliable and emission-free electricity - enough to power 1.3 millionhomes
BALTIMORE--(Business Wire)--
Constellation Energy (NYSE: CEG) today announced that a proposed new nuclear
facility at the company`s Calvert Cliffs Nuclear Plant site in southern Maryland
has been selected by the U.S. Department of Energy (DOE) for final due diligence
and detailed negotiations leading to a conditional commitment for a portion of
$18.5 billion in federal loan guarantees.

DOE`s decision moves UniStar Nuclear Energy, a joint venture between
Constellation Energy and EDF, one step closer to developing an advanced nuclear
reactor at Calvert Cliffs, creating thousands of jobs and emission-free
electricity for Maryland and the region.

"The decision by the Department of Energy adds substantial momentum to a
proposed Calvert Cliffs Unit 3 nuclear facility, and with it, thousands of new
construction jobs and permanent positions," said Michael J. Wallace, vice
chairman for Constellation Energy and chairman of UniStar Nuclear Energy.
"UniStar is eager to move forward with detailed due diligence and negotiations
with the Department of Energy. It`s our hope that UniStar will receive a
conditional commitment from DOE by year-end and begin preliminary site work at
Calvert Cliffs shortly thereafter."

This selection of the Calvert Cliffs 3 project represents a significant
milestone in what has been an extremely competitive process, with 19 applicants
vying for the $18.5 billion in loan guarantees.

Wallace praised Congressional leaders in both the House of Representatives and
the Senate, and in particular Maryland`s congressional delegation, for their
support of federal loan guarantees for projects that avoid, reduce or sequester
greenhouse gases.

A new 1,600-megawatt reactor at Calvert Cliffs would represent one of the
largest economic and industrial development projects in Maryland`s history, and
would provide enough clean, safe, reliable and emission-free electricity to
power 1.3 million Maryland homes. It would play a meaningful role in helping to
stimulate the region`s economy and manufacturing sector through the addition of
4,000 construction, engineering and craft jobs and approximately 400 permanent
positions. Finally, a new reactor at Calvert Cliffs would help Maryland and the
nation meet environmental targets while adding needed round-the-clock capacity
to meet growing demand for carbon-free energy.

DOE loan guarantees lower the cost of construction of new nuclear energy
facilities by providing lower interest rates to finance up to 80 percent of the
cost of new nuclear plant projects. UniStar anticipates that the DOE loan
guarantees are able to be combined with financing from export credit agencies,
further leveraging the $18.5 billion pool from DOE.

About Constellation Energy

Constellation Energy (www.constellation.com) is a leading supplier of energy
products and services to wholesale and retail electric and natural gas
customers. It owns a diversified fleet of generating units located throughout
the United States, totaling approximately 9,000 megawatts of generating
capacity, and is among the leaders pursuing the development of new nuclear
plants in the United States. The company delivers electricity and natural gas
through the Baltimore Gas and Electric Company (BGE), its regulated utility in
Central Maryland. A FORTUNE 500 company headquartered in Baltimore,
Constellation Energy had revenues of $19.8 billion in 2008.

About UniStar Nuclear Energy

UniStar Nuclear Energy, a strategic joint venture between Constellation Energy
(NYSE: CEG) and EDF Group, is powering the nuclear renaissance in North America
through industry leadership, disciplined business practices and effective
risk-management. Based in Baltimore, Md., UniStar Nuclear Energy provides the
licensing, construction and operating services needed to support the expansion
of clean, safe and sustainable nuclear energy in the United States.

About EDF Group

The EDF Group, one of the leaders in the energy market in Europe, is an
integrated energy company active in all businesses: production, transport,
distribution, energy selling and trading. The Group is the leading electricity
producer in Europe. EDF's nuclear production capacity, the largest in the world,
consists of 58 power plants on 19 sites. In France, it has mainly nuclear and
hydroelectric power plants where 95% of the electricity output involves no CO2
emissions. EDF's transport and distribution subsidiaries operate 1,246,000 km of
low and medium voltage overhead and underground electricity lines and around
100,000 km of high and very high voltage networks. The Group is involved in
supplying energy and services to more than 38 million customers around the
world, including more than 28 million in France. The Group generated
consolidated sales of EUR 59.6 billion, (or $81.06 billion1), in 2007, of which
44 percent originated in Europe excluding France. EDF is listed on the
NYSE-Euronext Paris stock exchange as one of the largest market cap companies.

11EUR = 1,36 US$

Constellation Energy
Media:
Robert L. Gould
Maureen Brown
410-470-7433
or
Investor:
Carim Khouzami, 410-470-3544

Copyright Business Wire 2009