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February 07, 2016 5:52 PM ET

Electric Utilities

Company Overview of Baltimore Gas and Electric Company

Company Overview

Baltimore Gas and Electric Company engages in the purchase and regulated retail sale of electricity and natural gas for residential, commercial, and industrial customers in central Maryland, including the City of Baltimore. The company is also involved in the provision of electricity transmission and distribution services, as well as natural gas distribution services for retail customers. Its electric distribution system comprises 9,386 circuit miles of overhead lines and 16,148 circuit miles of underground lines. The company also operates a liquefied natural gas facility for the liquefaction and storage of natural gas with a total storage capacity of 1,055 million cubic feet (mmcf); a lique...

2 Center Plaza

110 West Fayette Street

Baltimore, MD 21202

United States

Founded in 1816

Phone:

410-234-5000

Key Executives for Baltimore Gas and Electric Company

Chief Executive Officer
Age: 45
President and Chief Operating Officer
Age: 47
Chief Financial Officer and Treasurer
Age: 43
Chief Executive Officer of Constellation Energy Nuclear Group, President of Constellation Energy Nuclear Group and Executive Vice President of Constellation Energy Group Inc
Age: 64
Vice President, General Counsel and Member of Risk Management Committee
Age: 61
Compensation as of Fiscal Year 2015.

Baltimore Gas and Electric Company Key Developments

BGE Announces Unaudited Earnings Results for the Fourth Quarter Ended December 31, 2015

BGE announced unaudited earnings results for the fourth quarter ended December 31, 2015. For the quarter, the company’s fourth quarter 2015 GAAP net income was $74 million, compared with $52 million in the fourth quarter of 2014. Adjusted (non-GAAP) operating earnings were $74 million against $53 million a year ago. The company’s adjusted (non-GAAP) operating earnings in the fourth quarter of 2015 increased $21 million from the same quarter in 2014, primarily due to increased distribution revenue pursuant to increased rates effective in December 2014 and increased transmission revenue. Due to revenue decoupling, BGE is not affected by actual weather with the exception of major storms.

Baltimore Gas and Electric Announces Partnership with Power52 to Develop Community Solar Facility

Baltimore Gas and Electric has announced partnership with Power52 to develop a community solar facility in Baltimore area. With this development, BGE would be able to offer an innovative bill assistance program by providing the benefits of the solar energy generated by the facility to program participants. The company estimates participants could save approximately $28 a month on their electric bills. BGE is requesting approval from the Maryland Public Service Commission (PSC) to move forward with the project and the bill assistance program. The proposed solar facility would be constructed and maintained by Power52, a recently formed company based in Maryland.

Baltimore Gas and Electric Company Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Full Year of 2015

Baltimore Gas and Electric Company announced unaudited earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported operating revenues of $725 million against $697 million a year ago. Operating income was $110 million against $102 million a year ago. Income before income taxes was $89 million against $80 million a year ago. Net income attributable to common shareholders was $51 million against $46 million a year ago. Adjusted non-GAAP operating revenues were $725 million against $697 million a year ago. Adjusted non-GAAP operating income was $112 million against $102 million a year ago. Adjusted non-GAAP income before income taxes was $91 million against $80 million a year ago. Adjusted non-GAAP net income attributable to common shareholders was $52 million against $46 million a year ago. For the nine months, the company reported operating revenues of $2,388 million against $2,404 million a year ago. Operating income was $413 million against $326 million a year ago. Income before income taxes was $353 million against $259 million a year ago. Net income attributable to common shareholders was $202 million against $146 million a year ago. Adjusted non-GAAP operating revenues were $2,388 million against $2,404 million a year ago. Adjusted non-GAAP operating income was $417 million against $326 million a year ago. Adjusted non-GAAP income before income taxes was $357 million against $259 million a year ago. Adjusted non-GAAP net income attributable to common shareholders was $204 million against $146 million a year ago. The company provided earnings guidance for the full year of 2015. For the year, the company expects adjusted operating EPS in the range of $0.20 to $0.30 against previous guidance in the range of $0.25 to $0.35. The company expects adjusted cash flow from operations of $650 million and free cash flow of $650 million.

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