Baltimore Gas and Electric Co.

EARNINGS

January 16, 1993

Income at this central Maryland utility jumped 154 percent in the fourth quarter because of colder weather at the end of the year and a cost-cutting program that reduced expenses by $14 million, according to Bethlehem spokesman Arthur J. Slusark.

The previous fourth quarter was also hurt by a $9 million charge stemming from the revaluation of real estate holdings in the company's non-regulated division.

The company also announced that former Rep. Beverly B. Byron was elected to its board of directors, effective Feb. 1. She replaces Sister Kathleen Feeley, former president of the College of Notre Dame of Maryland. Mrs. Byron will receive $30,800 a year. She represented Maryland's sixth congressional district from 1978 to 1992.

#Three months ended 12/31

.. .. .. .. ..Revenue.. .. ..Net.. .. .. ..Share

'92.. .. ..597,569,000.. ..42,424,000.. ..0.22

'91.. .. ..595,592,000.. ..16,708,000.. .. 0.05

% change.. .. ..+0.3.. .. ...+153.9.. .. +340.0

Twelve months ended 12/31/92

.. .. .. .. ..Revenue.. .. ..Net.. .. .. ..Share

'92.. .. ..2,491,343,000.. 264,347,000.. ..1.63

'91.. .. ..2,459,493,000.. 253,426,000.. ..1.67

% change.. .. .+1.2.. .. .. ..+4.3.. .. ...-1.7

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