SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549


                                    FORM 8-K
                                 CURRENT REPORT


     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


        Date of Report (Date of earliest event reported): March 19, 2002

 Commission              Exact name of registrant               IRS Employer
 File Number            as specified in its charter           Identification No.
 -----------         ----------------------------------       ------------------

   1-12869            CONSTELLATION ENERGY GROUP, INC.           52-1964611

   1-1910            BALTIMORE GAS AND ELECTRIC COMPANY          52-0280210



                                    Maryland
                       -----------------------------------
       (State or other jurisdiction of incorporation for each registrant)


                 250 W. Pratt Street, Baltimore, Maryland             21201
   --------------------------------------------------------------- ----------
               (Address of principal executive offices)             (Zip Code)


       Registrants' telephone number, including area code: (410) 234-5000

                                 Not Applicable
   -------------------------------------------------------------------------
          (Former name or former address, if changed since last report)


<PAGE>



ITEM 5.  Other Events
------   ------------

Attached to this Current Report on Form 8-K are the  Computation of the Ratio of
Earnings  to  Fixed  Charges  (Exhibit  No.  12),  consent  of  the  Independent
Accountants (Exhibit No. 23), and the audited Consolidated  Financial Statements
and Notes to Consolidated Financial Statements (Exhibit No. 99) of Constellation
Energy for the year ended December 31, 2001.

Recent Events
-------------
Sale of Orion Power Holdings, Inc. (Orion)
------------------------------------------
In February 2002, Reliant Resources, Inc. acquired all of the outstanding shares
of Orion for $26.80 per share, including the shares we owned of Orion. We
received cash proceeds of $454.1 million and recognized a pre-tax gain of $255.5
million on the sale of our investment.

Sale of Investment in Corporate Office Properties Trust (COPT)
--------------------------------------------------------------
In March 2002, we sold all of our COPT equity-method investment, approximately
8.9 million shares, as part of a public offering. We received cash proceeds of
$101.3 million on the sale, which approximates the book value of our investment.

High Desert Contract
--------------------
In February 2002, the California Department of Water Resources (Department)
filed a claim with the Federal Energy Regulatory Commission (FERC) that all
long-term contracts for power supply that the Department entered into in the
first quarter of 2001, which includes the contracts related to our High Desert
project, were not just and reasonable. The Department is requesting the FERC to
terminate the contracts entirely or, at least, modify the prices to terms that
the FERC considers just and reasonable. Currently, we are discussing the
renegotiations of our contracts with the Department. We cannot estimate the
timing or impact of the FERC proceedings or the renegotiations of our contracts.

Credit Ratings
--------------
All three rating agencies recently completed reviews of Constellation Energy's
and Baltimore Gas and Electric Company's (BGE) ratings. FitchRatings affirmed
its ratings of Constellation Energy. Standard & Poors Rating Group downgraded
Constellation Energy's commercial paper from A-1 to A-2 and senior unsecured
debt from A- to BBB+. In addition, Moody's Investors Service downgraded
Constellation Energy's commercial paper from P-1 to P-2 and senior unsecured
debt from A3 to Baa1. All Constellation Energy ratings have stable outlooks.
   Moody's Investors Service and FitchRatings recently affirmed the ratings of
BGE. Standard & Poors Rating Group downgraded BGE commercial paper from A-1 to
A-2, senior unsecured debt from A to BBB+, mortgage bonds from AA- to A, and
Trust Originated Preferred Securities and Preference Stock from A- to BBB. All
BGE ratings have stable outlooks.
   At the date of this report, our credit ratings were as follows:

                                          Standard &     Moody's
                                            Poors       Investors
                                         Rating Group    Service    FitchRatings
    ------------------------------------ ------------- ------------ ------------
    Constellation Energy
       Commercial Paper                      A-2           P-2          F-2
       Senior Unsecured Debt                 BBB+         Baa1           A-

    BGE
       Commercial Paper                      A-2           P-1          F-1
       Mortgage Bonds                         A            A1            A+
       Senior Unsecured Debt                 BBB+          A2            A
       Trust Originated Preferred
         Securities and Preference Stock     BBB          Baa1           A-

                                       2
<PAGE>

Forward Looking Statements
--------------------------
We make statements in this report that are considered forward looking statements
within the meaning of the Securities Exchange Act of 1934. Sometimes these
statements will contain words such as "believes," "expects," "intends," "plans,"
and other similar words. These statements are not guarantees of our future
performance and are subject to risks, uncertainties, and other important factors
that could cause our actual performance or achievements to be materially
different from those we project. These risks, uncertainties, and factors
include, but are not limited to:
   o  the timing and extent of changes in commodity prices for energy including
      coal, natural gas, oil, and electricity,
   o  the timing and extent of deregulation of, and competition in, the energy
      markets in North America, and the rules and regulations adopted on a
      transitional basis in those markets,
   o  the conditions of the capital markets generally, which are affected by
      interest rates and general economic conditions, as well as Constellation
      Energy and BGE's ability to maintain their current credit ratings,
   o  the effectiveness of Constellation  Energy's risk management policies and
      procedures and the ability of our counterparties to satisfy their
      financial commitments,
   o  the liquidity and  competitiveness of wholesale markets for energy
      commodities,
   o  operational factors affecting the start-up or ongoing commercial
      operations of our generating facilities (including nuclear facilities) and
      BGE's transmission and distribution facilities, including catastrophic
      weather related damages, unscheduled outages or repairs, unanticipated
      changes in fuel costs or availability, unavailability of gas
      transportation or electric transmission services, workforce issues,
      terrorism, liabilities associated with catastrophic events, and other
      events beyond our control, the inability of BGE to recover all its costs
      associated with providing electric retail customers service during the
      electric rate freeze period,
   o  the effect of weather and general economic and business conditions on
      energy supply, demand, and prices,
   o  regulatory or legislative developments that affect demand for energy, or
      increase costs, including costs related to nuclear power plants,  safety,
      or environmental compliance,
   o  the  actual outcome of uncertainties associated with assumptions and
      estimates using judgment when applying critical accounting policies and
      preparing financial statements, including factors that are estimated in
      applying mark-to-market accounting, such as, variable contract quantities
      and the value of mark-to-market assets and liabilities determined using
      models,
   o  cost and other effects of legal and administrative proceedings that may
      not be covered by insurance, including environmental liabilities, or the
      outcome of pending  appeals  regarding the Maryland PSC's orders on
      electric  deregulation, and the transfer of BGE's generation assets to
      affiliates, and
   o  operation of our generation assets in a deregulated  market without the
      benefit of a fuel rate adjustment clause.
   Given these  uncertainties,  you should not place  undue  reliance on these
forward looking statements. Please see our other periodic reports filed with the
SEC for more information on these factors. These forward looking statements
represent our estimates and assumptions only as of the date of this report.
Changes may occur after that date, and we do not assume responsibility to update
these forward looking statements.



                                       3
<PAGE>



ITEM 7.  Financial Statements and Exhibits
-------  ---------------------------------


   (c)  Exhibit No. 12  Constellation Energy Group, Inc. Computation of Ratio of
                        Earnings to Fixed Charges.

   (c)  Exhibit No. 23  Consent of PricewaterhouseCoopers LLP, Independent
                        Accountants.

   (c)  Exhibit No. 99  Consolidated Financial Statements and Notes to
                        Consolidated Financial Statements of Constellation
                        Energy Group, Inc.




                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, each
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                           CONSTELLATION ENERGY GROUP, INC.
                                     -------------------------------------------
                                                      (Registrant)


                                           BALTIMORE GAS AND ELECTRIC COMPANY
                                     -------------------------------------------
                                                      (Registrant)







Date: March 19, 2002                          /s/ E. Follin Smith
      --------------           -------------------------------------------------
                                E. Follin Smith, Senior Vice President on behalf
                                  of each Registrant and as Principal Financial
                                         Officer of each Registrant





                                       4
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SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 8-K
                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported): March 19, 2002

 Commission              Exact name of registrant               IRS Employer
 File Number            as specified in its charter           Identification No.
 -----------         ----------------------------------       ------------------

   1-12869            CONSTELLATION ENERGY GROUP, INC.           52-1964611

   1-1910            BALTIMORE GAS AND ELECTRIC COMPANY          52-0280210

                                    Maryland
                       -----------------------------------
       (State or other jurisdiction of incorporation for each registrant)

                 250 W. Pratt Street, Baltimore, Maryland             21201
   --------------------------------------------------------------- ----------
               (Address of principal executive offices)             (Zip Code)

       Registrants' telephone number, including area code: (410) 234-5000

                                 Not Applicable
   -------------------------------------------------------------------------
          (Former name or former address, if changed since last report)
ITEM 5.  Other Events
------   ------------

Attached to this Current Report on Form 8-K are the  Computation of the Ratio of
Earnings  to  Fixed  Charges  (Exhibit  No.  12),  consent  of  the  Independent
Accountants (Exhibit No. 23), and the audited Consolidated  Financial Statements
and Notes to Consolidated Financial Statements (Exhibit No. 99) of Constellation
Energy for the year ended December 31, 2001.

Recent Events
-------------
Sale of Orion Power Holdings, Inc. (Orion)
------------------------------------------
In February 2002, Reliant Resources, Inc. acquired all of the outstanding shares
of Orion for $26.80 per share, including the shares we owned of Orion. We
received cash proceeds of $454.1 million and recognized a pre-tax gain of $255.5
million on the sale of our investment.

Sale of Investment in Corporate Office Properties Trust (COPT)
--------------------------------------------------------------
In March 2002, we sold all of our COPT equity-method investment, approximately
8.9 million shares, as part of a public offering. We received cash proceeds of
$101.3 million on the sale, which approximates the book value of our investment.

High Desert Contract
--------------------
In February 2002, the California Department of Water Resources (Department)
filed a claim with the Federal Energy Regulatory Commission (FERC) that all
long-term contracts for power supply that the Department entered into in the
first quarter of 2001, which includes the contracts related to our High Desert
project, were not just and reasonable. The Department is requesting the FERC to
terminate the contracts entirely or, at least, modify the prices to terms that
the FERC considers just and reasonable. Currently, we are discussing the
renegotiations of our contracts with the Department. We cannot estimate the
timing or impact of the FERC proceedings or the renegotiations of our contracts.

Credit Ratings
--------------
All three rating agencies recently completed reviews of Constellation Energy's
and Baltimore Gas and Electric Company's (BGE) ratings. FitchRatings affirmed
its ratings of Constellation Energy. Standard & Poors Rating Group downgraded
Constellation Energy's commercial paper from A-1 to A-2 and senior unsecured
debt from A- to BBB+. In addition, Moody's Investors Service downgraded
Constellation Energy's commercial paper from P-1 to P-2 and senior unsecured
debt from A3 to Baa1. All Constellation Energy ratings have stable outlooks.
   Moody's Investors Service and FitchRatings recently affirmed the ratings of
BGE. Standard & Poors Rating Group downgraded BGE commercial paper from A-1 to
A-2, senior unsecured debt from A to BBB+, mortgage bonds from AA- to A, and
Trust Originated Preferred Securities and Preference Stock from A- to BBB. All
BGE ratings have stable outlooks.
   At the date of this report, our credit ratings were as follows:

                                          Standard &     Moody's
                                            Poors       Investors
                                         Rating Group    Service    FitchRatings
    ------------------------------------ ------------- ------------ ------------
    Constellation Energy
       Commercial Paper                      A-2           P-2          F-2
       Senior Unsecured Debt                 BBB+         Baa1           A-

    BGE
       Commercial Paper                      A-2           P-1          F-1
       Mortgage Bonds                         A            A1            A+
       Senior Unsecured Debt                 BBB+          A2            A
       Trust Originated Preferred
         Securities and Preference Stock     BBB          Baa1           A-

                                       2
Forward Looking Statements
--------------------------
We make statements in this report that are considered forward looking statements
within the meaning of the Securities Exchange Act of 1934. Sometimes these
statements will contain words such as "believes," "expects," "intends," "plans,"
and other similar words. These statements are not guarantees of our future
performance and are subject to risks, uncertainties, and other important factors
that could cause our actual performance or achievements to be materially
different from those we project. These risks, uncertainties, and factors
include, but are not limited to:
   o  the timing and extent of changes in commodity prices for energy including
      coal, natural gas, oil, and electricity,
   o  the timing and extent of deregulation of, and competition in, the energy
      markets in North America, and the rules and regulations adopted on a
      transitional basis in those markets,
   o  the conditions of the capital markets generally, which are affected by
      interest rates and general economic conditions, as well as Constellation
      Energy and BGE's ability to maintain their current credit ratings,
   o  the effectiveness of Constellation  Energy's risk management policies and
      procedures and the ability of our counterparties to satisfy their
      financial commitments,
   o  the liquidity and  competitiveness of wholesale markets for energy
      commodities,
   o  operational factors affecting the start-up or ongoing commercial
      operations of our generating facilities (including nuclear facilities) and
      BGE's transmission and distribution facilities, including catastrophic
      weather related damages, unscheduled outages or repairs, unanticipated
      changes in fuel costs or availability, unavailability of gas
      transportation or electric transmission services, workforce issues,
      terrorism, liabilities associated with catastrophic events, and other
      events beyond our control, the inability of BGE to recover all its costs
      associated with providing electric retail customers service during the
      electric rate freeze period,
   o  the effect of weather and general economic and business conditions on
      energy supply, demand, and prices,
   o  regulatory or legislative developments that affect demand for energy, or
      increase costs, including costs related to nuclear power plants,  safety,
      or environmental compliance,
   o  the  actual outcome of uncertainties associated with assumptions and
      estimates using judgment when applying critical accounting policies and
      preparing financial statements, including factors that are estimated in
      applying mark-to-market accounting, such as, variable contract quantities
      and the value of mark-to-market assets and liabilities determined using
      models,
   o  cost and other effects of legal and administrative proceedings that may
      not be covered by insurance, including environmental liabilities, or the
      outcome of pending  appeals  regarding the Maryland PSC's orders on
      electric  deregulation, and the transfer of BGE's generation assets to
      affiliates, and
   o  operation of our generation assets in a deregulated  market without the
      benefit of a fuel rate adjustment clause.
   Given these  uncertainties,  you should not place  undue  reliance on these
forward looking statements. Please see our other periodic reports filed with the
SEC for more information on these factors. These forward looking statements
represent our estimates and assumptions only as of the date of this report.
Changes may occur after that date, and we do not assume responsibility to update
these forward looking statements.

                                       3
ITEM 7.  Financial Statements and Exhibits
-------  ---------------------------------

   (c)  Exhibit No. 12  Constellation Energy Group, Inc. Computation of Ratio of
                        Earnings to Fixed Charges.

   (c)  Exhibit No. 23  Consent of PricewaterhouseCoopers LLP, Independent
                        Accountants.

   (c)  Exhibit No. 99  Consolidated Financial Statements and Notes to
                        Consolidated Financial Statements of Constellation
                        Energy Group, Inc.

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                           CONSTELLATION ENERGY GROUP, INC.
                                     -------------------------------------------
                                                      (Registrant)

                                           BALTIMORE GAS AND ELECTRIC COMPANY
                                     -------------------------------------------
                                                      (Registrant)

Date: March 19, 2002                          /s/ E. Follin Smith
      --------------           -------------------------------------------------
                                E. Follin Smith, Senior Vice President on behalf
                                  of each Registrant and as Principal Financial
                                         Officer of each Registrant

                                       4