Constellation Energy and Baltimore Gas and Electric Company Propose Aggressive Plan to Dramatically Limit Pending Electricity Rate Increase

ANNAPOLIS, Md., March 28 /PRNewswire-FirstCall/ -- Constellation Energy today announced that it, along with its subsidiary, Baltimore Gas and Electric Company (BGE), has proposed an extremely aggressive and comprehensive plan designed to significantly ease the financial impact of this summer's shift to market-based pricing for electricity while at the same time ensuring the continued financial strength of Baltimore Gas and Electric Company.

"Today, we engaged in a meaningful and productive bipartisan session with Governor Ehrlich, Senate President Miller and Speaker Busch as well as several members of the Maryland Legislature, during which time we presented an aggressive and equally compelling rate stabilization plan with full securitization that would dramatically reduce the impact of electric rates paid by BGE customers this summer," said Mayo A. Shattuck III, president, chairman and chief executive officer of Constellation Energy. "As part of our proposal, we have taken the unusual and creative step of offering substantial economic incentives directly linked to the closing of our proposed merger with FPL Group to reduce the residential rate increase to a more affordable amount for our residential customers. We're drawing upon all resources company-wide to support a far-reaching plan that is in line with electric rate increases seen in Maryland during the past two years, insulates customers from the full impact of skyrocketing fuel prices, and allows for a manageable phase-in to market pricing.

"We fully recognize the financial impact that the global energy marketplace is having on our customers in terms of soaring electric prices. At the same time, it is critical that any agreement provide for a continued strong and financially healthy BGE thereby assuring the continued safe and reliable delivery of electricity to our more than 1.2 million customers. We strongly believe our plan meets those needs by allowing for a more gradual transition to market-based electric rates consistent with other parts of the country while encouraging competition and energy conservation."

Constellation Energy (http://www.constellation.com/), a FORTUNE 200 company with 2005 revenues of $17.1 billion, 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.

Additional Information

This communication is not a solicitation of a proxy from any security holder of FPL Group, Inc. or Constellation Energy. Constellation Energy intends to file with the Securities and Exchange Commission a registration statement that will include the joint proxy statement/prospectus of Constellation Energy and FPL Group and other relevant documents to be mailed to security holders in connection with the proposed transaction. WE URGE INVESTORS TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FPL GROUP, INC., CONSTELLATION ENERGY AND THE PROPOSED TRANSACTION. A definitive proxy statement will be sent to security holders of FPL Group and Constellation Energy seeking approval of the proposed transaction. Investors and security holders will be able to obtain these materials (when they are available) and other documents filed with the SEC free of charge at the SEC's website, http://www.sec.gov/. In addition, a copy of the joint proxy statement/prospectus (when it becomes available) may be obtained free of charge from FPL Group Shareholder Services (700 Universe Blvd., P.O. Box 14000, Juno Beach, FL 33408-0420), or from Constellation Energy, Shareholder Services, 750 East Pratt St., Baltimore, MD 21202.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

FPL Group, Constellation Energy and their respective directors and executive officers of FPL Group and Constellation Energy and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding FPL Group's directors and executive officers is available in its proxy statement filed with the SEC by FPL Group on April 5, 2005, and information regarding Constellation Energy's directors and executive officers is available in its proxy statement filed with the SEC by Constellation Energy on April 13, 2005. Information regarding J. Brian Ferguson, a director of FPL Group elected since the date of the filing of the 2005 definitive proxy statement, can be found in FPL Group's filing on Form 10-Q dated Aug. 4, 2005. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.