FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Perlman Beth Shari   2. Issuer Name and Ticker or Trading Symbol CONSTELLATION ENERGY GROUP INC [CEG] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Chief Info. Officer, Sr. VP (Last) (First) (Middle) 750 E. PRATT STREET 3. Date of Earliest Transaction (Month/Day/Year) 02/24/2005 (Street) BALTIMORE, MD 21202 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 02/28/2005   M   3,470 A (1) $ 28.81 15,135 D   Common Stock 02/28/2005   S   3,470 D (1) $ 51.7442 11,712 (2) D   Common Stock               159.184 (3) I By 401(k) Plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Options (right to buy) (4)

$ 50.96

02/24/2005

A

32,770

(5)

02/24/2015

Common Stock

32,770

$ 0

32,770

D

Stock Options (right to buy) (4)

$ 28.81

02/28/2005

M

3,470

(6)

05/02/2013

Common Stock

3,470

$ 0

26,340

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Perlman Beth Shari 750 E. PRATT STREET BALTIMORE, MD 21202			Chief Info. Officer, Sr. VP

Signatures

Beth S. Perlman		02/28/2005
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	This transaction involved the cashless exercise of stock options and the subsequent sale of the underlying common stock.
(2)	This amount includes shares obtained through reinvested dividends since the Form 3 filed on 11/12/04.
(3)	This amount includes .184 shares acquired since the Form 3 filed on 11/12/04.
(4)	These are employee stock options.
(5)	Options vest in three equal annual installments on 2/24/06, 2/24/07, and 2/24/08.
(6)	Options vest in three equal annual installments beginning on 5/2/04. The first installment vested on 5/2/04, and the second and third installments will vest on 5/2/05 and 5/2/06.

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