BALTIMORE, June 19 -- Constellation Energy (NYSE: CEG) today announced that its subsidiary, Constellation NewEnergy (CNE), has won a 36-month, 40 million kilowatt hours electricity supply contract with the State of New Jersey.

CNE, a successful bidder in the state's May 2, 2007 online request for proposals (RFP), will provide electricity service to approximately 23 service accounts in the Jersey Central Power & Light territory. These accounts primarily supply power to New Jersey Transit train facilities. The total estimated value of the contract is $37 million.

"The State of New Jersey takes a comprehensive and forward-looking approach to its energy supply, and fixed-price, long-term supply contracts such as these are an excellent way to insulate customers against the supply and demand volatility of global energy markets," said Rob Weir, senior vice president of Constellation NewEnergy's Metro North region.

John Rhodes, New Jersey's Director of Energy Savings, added that the use of the reverse, Web-based auction was a first for state agencies in New Jersey. "The auction inspired a dynamic and competitive bidding process among some of the largest electricity suppliers in the Northeast," Rhodes said.

Constellation NewEnergy, a wholly owned subsidiary of Constellation Energy (NYSE: CEG), is a leading competitive supplier of electricity, natural gas and energy-related services to commercial, industrial and institutional 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, provides 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 19,000 commercial, industrial and institutional customers throughout 31 states and three Canadian provinces representing nearly 14,000 megawatts of peak load and more than 354 billion cubic feet of annual natural gas consumption.

Constellation Energy, a FORTUNE 200 company with 2006 revenues of $19.3 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 78 generating units located throughout the United States, totaling approximately 8,700 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.