Exhibit
10(a)  Executive
Annual Incentive Plan Of Constellation Energy Group, Inc.   1.Plan Objective.The objective of this Plan is to allow
Constellation Energy Group, Inc. (Constellation Energy Group or Company) to
attract, retain and motivate highly competent officers and key employees of the
Company and its subsidiaries by focusing incentive compensation toward the
achievement of performance results that primarily support the interests of
shareholders and customers of the Company.  2.Plan Administration.The Plan is administered by the
Constellation Energy Group Board of Directors (Board) Committee on Management
(Committee on Management) which has sole authority (unless otherwise specified
herein) to interpret the Plan; to refine its provisions from time to time,
particularly those relating to factors, targets and procedures used in
connection with calculating the awards (which refinements shall be reflected in
guidelines for the performance year); to suspend the Plan at any time; and in
general, to make all other determinations necessary or advisable for the
administration of the Plan to achieve its stated objective.  The Committee on Management shall have the power to
delegate all or any part of their duties to one or more designees, and to
withdraw such authority, by written designation.  3.Eligibility.Each officer or key employee of Constellation Energy Group or its
subsidiaries may be designated in writing by the Committee on Management as a
participant under the Plan.  Once
designated, participation shall continue until such designation is withdrawn at
the discretion and by written order of the Committee on Management.  Participation is subject to the following
conditions:  Participant must have been an eligible participant for
some portion of the performance year and at the time of distribution be
actively employed by the Company or elsewhere with the approval of the Company
unless employment was terminated by death, disability or retirement.  Except as otherwise provided herein, where
an individual is not an eligible participant for the entire performance year,
the amount of the award, whether full, partial or none, will be at the
Committee on Managements discretion.  
   Where, prior to the end of a performance year, a
participants active employment is terminated as a result of death, disability
or retirement, the award is calculated based on the participants position at
the time of termination.  Unless
otherwise stated, any such award will be made on a pro-rata basis for the
period of active employment, or, in total, at the discretion of the Committee
on Management.  Where active employment
is terminated as a result of death of participant, distribution is made in
accordance with Section 9.  (Designation
of Beneficiary) of this Plan.  4.Performance Goals  A.Performance Targets.The Committee on Management shall
establish for each plan year Performance Targets designed to accomplish the
purpose set forth in Section 1 of this Plan. 
The Committee on Management will ensure that each plan years
Performance Targets meet the following general criteria:  (1)The
interests of the Companys shareholders will be balanced with the interests of
the Companys customers.  (2)           The targets should be set at levels
which are attainable, but which, in the Committee on Managements judgment, are
attainable only with a high degree of competence and diligence.  The
Committee on Management shall have sole authority to amend Performance Targets
at any time when, in the Committees judgment, unforeseen circumstances exist
which require modification in order to ensure that the purpose of the Plan is
properly served.  The Committee on Management shall have authority to
establish appropriate Performance Targets, differing to the degree necessary
from those established for the Company, for each of the Companys subsidiaries
employing one or more participants in this Plan; and shall have authority to
adjust such targets subsequently should unforeseen circumstances arise.  B.Individual Performance.A participants individual per- formance
will be evaluated by the Chairman of the Board.  5.Award Opportunity.The Committee on Management shall
establish for each plan year the Award Opportunity (minimum, target,  2 
   and maximum, as appropriate) applicable to
participants in the Plan.  The Award
Opportunity may be allocated among the various Performance Targets and
Individual Performance and may vary among classes of participants.  6.Award Determination.The Committee on Management shall
determine the Awards, if any, to be made for each plan year as soon after the
end of the plan year as is practical.  Awards are calculated taking into account the degree
of attainment of performance targets, individual performance, and the percent
of participation during the performance year. 
The dollar amount of the participants award is determined by
multiplying the participants prior December 31 annualized base salary by the
award percentage.  7.Payment of Awards.Awards approved by the Committee on
Management for each plan year shall be paid as soon as practicable after such
determination has been made.  Payment
may be made in a lump cash sum or, at the participants election, may be
deferred in whole or in part.  When
required by applicable law, Federal, State and FICA taxes will be withheld from
awards at applicable rates.  Awards will not be paid for any
performance year in which Company earnings are less than the amount necessary
to fund the annual dividend. 
Additionally, awards will not be paid for any plan year in which the
dividend is suspended or effectively reduced from its prior amount.  8.Deferred Payment of Award.A participant may elect to defer the
receipt of all or a portion of the award for the plan year.  Any such deferral and investment of any such
amounts deferred pursuant to this Plan shall be made in accordance with the
provisions of the Constellation Energy Group Nonqualified Deferred Compensation
Plan.  9.Designation of Beneficiary.A participant shall have the right to
designate a beneficiary or beneficiaries who are to receive in a lump sum any
undistributed incentive compensation award to the extent a participant has
chosen not to defer all or a portion of his incentive award pursuant to Section
8 hereof, should the participant die during the plan year and be entitled to an
incentive award for that plan year. 
Such designation shall apply only to the portion of the undistributed
incentive award not subject to a deferral election.  Any designation, change or rescission of the designation shall be
made in writing by completing and furnishing to the Vice President  Human
Resources of the Company a notice on an appropriate form designated  3 
   by the Vice President  Human Resourcesof
the Company.  The last designation of
beneficiary received by the Vice President  Human Resources of the Company
shall be controlling over any testamentary or purported disposition by the
participant, provided that no designation, rescission or change thereof shall
be effective unless received prior to death of the participant.  Distribution of any incentive awards
previously deferred pursuant to Section 8 of the Plan shall be paid to the beneficiary
or beneficiaries designated under the Constellation Energy Group Nonqualified
Deferred Compensation Plan.  10.Change in Control.Notwithstanding any other provisions of
this Plan to the contrary, if a participant separates from service with
Constellation Energy Group or a subsidiary of Constellation Energy Group
(except due to a participants transfer of employment to or from a subsidiary
of Constellation Energy Group), within 2 years following a change in control,
such participant is eligible for an award for the performance year during which
the separation from service occurs.  The
award is calculated assuming maximum performance achievement and based on the
participants position at the time of termination and is pro-rated for the
period of active employment during the performance year.  The Committee on Management, in its
discretion, may grant a total, rather than pro-rated award.  Payment of the award will be made in a lump
cash sum within 60 days after the participants separation from service.  Payment may not be deferred.  A change in control for purposes of this
Section 10 shall mean (i) the purchase or acquisition by any person, entity or
group of persons (within the meaning of Section 13(d) or 14(d) of the
Securities Exchange Act of 1934 (the Exchange Act), or any comparable successor
provisions), of beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of 20 percent or more of either the
outstanding shares of common stock of Constellation Energy Group or the
combined voting power of Constellation Energy Groups then outstanding shares
of voting securities entitled to a vote generally, or (ii) the consummation of,
following the approval by the stockholders of Constellation Energy Group of a
reorganization, merger, or consolidation of Constellation Energy Group, in each
case, with respect to which persons who were stockholders of Constellation
Energy Group immediately prior to such reorganization, merger or consolidation
do not, immediately thereafter, own more than 50 percent of the combined voting
power entitled to vote generally in the election of directors of the
reorganized, merged or consolidated entitys then outstanding securities, or
(iii) a liquidation or dissolution of Constellation Energy Group or the sale of
substantially all of its assets, or (iv) a change of more than one-half of the
members of the Board of  4 
   Directors of Constellation Energy Group within a
90-day period for reasons other than the death, disability, or retirement of
such members.  Notwithstanding any provision in the Plan to the
contrary, on or within 2 years after a Change in Control, no action, including,
but not by way of limitation, the amendment, suspension or termination of the
Plan, shall be taken which would adversely affect the rights of any participant
without such participants prior written consent.  11.Miscellaneous.The plan year and the performance year
shall be the same and shall be the calendar year.  Any payments made under this Plan are not considered
as earnings for purposes of determining benefits under any pension, profit
sharing or other retirement or welfare plan, or for any other general employee
benefit program, unless expressly considered as compensation under the terms of
such plan or program.  None of the payments provided under this Plan which
are deferred shall be subject to alienation or assignment by any participant or
beneficiary nor shall any of them be subject to attachment or garnishment or
other legal process except to the extent specifically mandated and directed by
applicable State or Federal statute. 
Payment shall be made only into the hands of the participant or
beneficiary entitled to receive the same or into the hands of his or her authorized
legal representative.  Deposit of any
sum into any financial institution to the credit of the participant or
beneficiary entitled thereto shall constitute payment into his or her
hands.  Notwithstanding the foregoing,
at the request of the participant or beneficiary or as required by law, such
sums as may be requisite for payment of any estimated or currently accrued
income tax liability may be withheld and paid over to the governmental entity
entitled to receive the same.  Participation in this Plan shall not constitute a
contract of employment between the Company and any employee and shall not be
deemed to be consideration for, inducement to, or a condition of employment of
any person.  The deferral of any
incentive compensation amounts pursuant to the provisions of the Plan shall not
be construed to give any employee the right to be retained in the employ of the
Company or to interfere with the right of the company to terminate such
employment at any time.  The Committee on Management intends to continue the
Plan indefinitely but reserves the right to amend the Plan from time to time  5 
   or to permanently discontinue it provided none of
these, nor any suspension, may deprive the participants of any payment of
amounts which were previously awarded at the time thereof.  In the event Constellation Energy Group becomes a
party to a merger, consolidation, sale of substantially all of its assets or
any other corporate reorganization in which Constellation Energy Group will not
be the surviving corporation or in which the holders of the common stock of
Constellation Energy Group will receive securities of another corporation (in
any such case, the New Company), then the New Company shall assume the rights
and obligations of Constellation Energy Group under this Plan.  6