Double-punched by nuclear repair costs and a weakening real estate market, Baltimore Gas & Electric Co.'s profits fell by more than $14 million, or one-third of last year's level, in the last three months of 1990, the company reported yesterday.
For the year, BG&E reported its earnings fell to $213 million, down $63 million, or 23 percent, from 1989's level.
Warm weather and lower prices cut natural gas sales, leaving the total revenues for the quarter down slightly, the company said. For the year, revenues grew $155 million, or 7.7 percent, to more than $2.1 billion.
BG&E said the earnings declines resulted mostly from the burgeoning costs of repairing the company's Calvert Cliffs nuclear power plant. In addition, BG&E said, it set aside $35 million to cover costs of buying power to replace the electricity gap created by the April 1989 shutdown of Calvert Cliffs.