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News & Events
Constellation Energy Advances to 203 on Fortune 500 List:
04/01/2004
Constellation Energy Group (NYSE: CEG) today announced that it vaulted to No. 203 from 352 on Fortune magazine's annual ranking of America's 500 leading companies. Fortune 500 companies are the largest and most profitable businesses in the country. Constellation Energy's ranking represented an advance of 149 slots from its place on the survey just one year ago, the greatest advance of any company on the 2004 list, and positioned the nearly $10 billion national energy company second on the list of companies headquartered in Maryland. The list, which will be published in the magazine's April 5 edition, is based on publicly traded companies' 2003 financial results. "Fortune's ranking combined with our impressive financial results is yet another indicator that Constellation Energy is building a unique and powerful business that is well-positioned for the future," said Mayo A. Shattuck III, president, chairman and CEO, Constellation Energy. "Constellation Energy grew by almost 10 percent in 2003, twice that of many of our industry peers. Our strong showing is all the more gratifying when one considers that 53 of the Fortune 100 companies are Constellation Energy customers. We have truly evolved from a Baltimore-based utility into a national integrated energy company. "Constellation Energy's ability to deliver strong financial and operating results has allowed us in less than two years to establish leadership in the wholesale and commercial and industrial competitive supply business. Key to our success is a solid mix of entrepreneurialism, intellectual capital, technology, market understanding and disciplined risk management. Where other energy companies saw risk in competitive markets, Constellation Energy saw opportunity. We continue to be bullish on our future as we strengthen our position and extend our leadership in the nation's competitive energy markets." Strategic acquisitions of energy companies and service contracts in several competitive markets, enabled by a strong balance sheet, has enhanced Constellation Energy's brand awareness, market penetration and operating leverage. As recently as 2002, Constellation Energy ranked 421 on the Fortune 500 list. Since then, Constellation Energy has experienced robust growth, now managing more than 28,000 megawatts of peak electric load nationwide, up from 6,000 megawatts in 2001, as well as more than 250 billion cubic feet of natural gas. Constellation NewEnergy, a member of Constellation Energy (NYSE: CEG), is a leading 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 Canada and the United States, providing products that enable customers to effectively manage and control energy costs. Constellation NewEnergy's regional expertise coupled with its national presence provide 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 12,000 megawatts of peak load and more than 300 billion cubic feet of annual natural gas consumption. Constellation Energy, a FORTUNE 200 company based in Baltimore, is the nation's largest competitive supplier of electricity to large commercial and industrial customers and the nation's largest wholesale power seller. Constellation Energy also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns a diversified fleet of more than 100 generating units located throughout the United States, totaling approximately 12,000 megawatts of generating capacity. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. In 2004, the combined revenues of the integrated energy company totaled $12.5 billion. |
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