Calvert County, Md., Authorizes Major Property Tax Credit Incentives for Constellation Generation Group, LLC

Board of County Commissioners Implements Bold Initiative to Encourage Possible Future Expansion at Calvert Cliffs Nuclear Power Plant

PRINCE FREDERICK, Md., -- August 8, 2006 - In a move that lays the groundwork for possible selection of Calvert Cliffs Nuclear Power Plant as a site for one of the first expansion projects of a U.S. nuclear power plant in more than 30 years, the Board of County Commissioners (BOCC) for Calvert County today voted to enter into an Agreement with Constellation Generation Group, LLC (CGG) that could help add a third reactor at the Calvert Cliffs Nuclear Power Plant in Lusby, Md., within the next decade.

The BOCC recognizes the impact such an expansion would have on the County through job creation and tax payments, as well as the importance of nuclear energy in meeting the country's growing energy demands and the safety record and emissions-free technology inherent in nuclear energy. Consequently, the BOCC views this proposed project as a strong complement to the County's economic development initiatives.

The proposed expansion promises to bring approximately 400 new, permanent jobs to the County in addition to the 800+ jobs currently on site, as well as approximately 3,200 construction jobs during the five-year construction phase.

In addition, the potential tax benefits to the County and State are staggering: in FY2006, Calvert Cliffs Nuclear Power Plant, Inc. (Constellation), which is a subsidiary of CGG, contributed $15.5 million in taxes to Calvert County alone and the expansion under consideration will net a significant amount of additional, new tax revenues. Constellation is the single largest taxpayer in Calvert County.

Other factors in this decision by the BOCC include Constellation's ongoing charitable activities and the company's continued commitment to the people, community, organizations and environment in Calvert County.

Calvert Cliffs Nuclear Power Plant is owned and operated by Constellation and currently houses two nuclear reactors that came online in 1975 and 1977. The facility, originally designed for four reactors, is the only nuclear facility in the State of Maryland and was the first commercial nuclear plant in the United States to receive re-licensing in 2000.

Click here to view presentation to the BOCC.

For information about Calvert Cliffs Nuclear Power Plant, visit www.constellation.com, call 410.230.9840 or e-mail rob.gould@constellation.com.

For more information on the Calvert County, Maryland Department of Economic Development, our visitor sites and attractions and the services available to assist County businesses, call 410.535.4583, 800.331.9771 or 301.855.1880; or send an e-mail to info@ecalvert.com