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 * WALLACE MICHAEL J   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) Pres. CGG, Exec. VP CEG (Last) (First) (Middle) 750 E. PRATT STREET 3. Date of Earliest Transaction (Month/Day/Year) 12/12/2006 (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 12/12/2006   S   200 D (1) $ 68.76 219,330.521 D   Common Stock 12/12/2006   S   600 D (1) $ 68.75 218,730.521 D   Common Stock 12/12/2006   S   700 D (1) $ 68.74 218,030.521 D   Common Stock 12/12/2006   S   500 D (1) $ 68.73 217,530.521 D   Common Stock 12/12/2006   S   300 D (1) $ 68.72 217,230.521 D   Common Stock 12/12/2006   S   100 D (1) $ 68.71 217,130.521 D   Common Stock 12/12/2006   S   200 D (1) $ 68.68 216,930.521 D   Common Stock 12/12/2006   S   100 D (1) $ 68.66 216,830.521 D   Common Stock 12/12/2006   S   400 D (1) $ 68.65 216,430.521 D   Common Stock 12/12/2006   S   300 D (1) $ 68.64 216,130.521 D   Common Stock 12/12/2006   S   100 D (1) $ 68.6312 216,030.521 D   Common Stock 12/12/2006   S   100 D (1) $ 68.57 215,930.521 D   Common Stock 12/12/2006   S   100 D (1) $ 68.5612 215,830.521 D   Common Stock 12/12/2006   S   200 D (1) $ 68.5512 215,630.521 D   Common Stock 12/12/2006   S   100 D (1) $ 68.52 215,530.521 D   Common Stock 12/12/2006   S   100 D (1) $ 68.43 215,430.521 D   Common Stock 12/12/2006   S   100 D (1) $ 68.42 215,330.521 D   Common Stock 12/12/2006   S   100 D (1) $ 68.41 215,230.521 D   Common Stock 12/12/2006   S   100 D (1) $ 68.38 215,130.521 D   Common Stock 12/12/2006   S   100 D (1) $ 68.3424 215,030.521 D   Common Stock 12/12/2006   S   517 D (1) $ 68.32 214,513.521 D   Common Stock 12/12/2006   S   100 D (1) $ 68.31 214,413.521 D   Common Stock 12/12/2006   S   200 D (1) $ 68.3012 214,213.521 D   Common Stock 12/12/2006   S   100 D (1) $ 68.2712 214,113.521 (2) D   Common Stock               421.9849 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

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
WALLACE MICHAEL J 750 E. PRATT STREET BALTIMORE, MD 21202			Pres. CGG, Exec. VP CEG

Signatures

Michael J. Wallace		12/12/2006
**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)	The sale reported on this Form 4 was effected pursuant to a Rule 10b5-1 trading plan. Additional sales of stock in the aggregate amount of 5,417 shares will occur monthly pursuant to this trading plan so long as the stock price is at least $57.00 per share, not to exceed an additional 32,498 shares in total.
(2)	This amount includes shares obtained through reinvested dividends.

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