Edgar Filing: CONSTELLATION ENERGY GROUP INC

Ownership Submission

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 ^*

ALLEN PAUL 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)
Senior Vice President

(Last)

(First)

(Middle)

750 E. PRATT STREET

3. Date of Earliest Transaction (Month/Day/Year)
12/14/2006

(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)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	12/14/2006		M		14,000	A ⁽¹⁾	$ 31.21	22,308.71	D
Common Stock	12/14/2006		S		14,000	D ⁽¹⁾	$ 68.7943	8,357.801 ⁽²⁾	D
Common Stock								768.5622 ⁽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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Options (right to buy) ⁽⁴⁾

$ 31.21

12/14/2006

14,000

⁽⁵⁾

05/24/2012

Common Stock

14,000

$ 0

36,000

Stock Options (right to buy) ⁽⁴⁾

$ 50.96

02/24/2005

18,680

⁽⁶⁾

02/24/2015

Common Stock

18,680

$ 0

18,680

Stock Options (right to buy) ⁽⁴⁾

$ 39.63

02/26/2004

18,190

⁽⁷⁾

02/26/2014

Common Stock

18,190

$ 0

18,190

Stock Options (right to buy) ⁽⁴⁾

$ 28.81

05/02/2003

23,290

⁽⁸⁾

05/02/2013

Common Stock

23,290

$ 0

23,290

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
ALLEN PAUL J 750 E. PRATT STREET BALTIMORE, MD 21202			Senior Vice President

Signatures

Charles A. Berardesco, Attorney-In-Fact		12/14/2006
^**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 option exercise and sale reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan. Additional exercises and sales in the amount of 9,000 shares will occur quarterly over the next twelve months pursuant to this trading plan so long as the stock price is at least $64.00 per share, not to exceed an additional 36,000 shares.
(2)	This amount includes shares obtained through reinvested dividends since the Form 4 filed on 5/3/06.
(3)	This amount includes 81.386 shares acquired since the Form 4 filed on 5/3/06.
(4)	These are employee stock options.
(5)	Options vested in three equal annual installments on 5/24/03, 5/24/04, and 5/24/05.
(6)	Options vest in three equal annual installments beginning on 2/24/06. The second and third installments will vest on 2/24/07 and 2/24/08.
(7)	Options vest in three equal annual installments beginning on 2/26/05. The second installment vested on 2/26/06, and the third installment will vest on 2/26/07.
(8)	Options vested in three equal annual installments on 5/2/04, 5/2/05, and 5/2/06.

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