The Way Energy Works... at Constellation Energy Our vision is to be the first-choice provider for customers seeking energy solutions in the complex and changing energy marketplace. We're... A Fortune 500 competitive energy company based in Baltimore. The nation's leading supplier of competitive electricity to large commercial and industrial customers. One of the nation's largest wholesale power sellers. A major generator of electricity with a diversified fleet of power plants strategically located throughout the United States. A regulated distributor - our Baltimore Gas and Electric utility - of electricity and natural gas in Central Maryland. Our foundational values - integrity, teamwork, social and environmental responsibility, and customer focus - guide our actions. Our performance values - speed, accountability, passion for excellence, and creation of value - measure our results. In 2003, we... Provided a 45 percent total return to shareholders, assuming reinvestment of dividends. Earned $2.76 per share excluding the cumulative effect of changes in accounting principles and special items, a 9.5 percent increase from 2002. Had revenues of $9.7 billion. In 2004, we're working to... Continue creating shareholder value that will produce superior total returns. Continue achieving 10 percent growth in earnings per share. Implement productivity initiatives to help improve our earnings in 2005 and beyond. Click for chart of our businesses at a glance.