BALTIMORE (AP) -- Constellation Energy Group Inc. said Friday that it lost $584 million in the fourth quarter as a drop in power prices led it to book hefty losses in its nuclear energy business.
The Baltimore power company reported losses amounting to $2.91 per share in the final three months of the year. That compares with a profit of $159.8 million, or 79 cents per share, in the same part of 2010. After adjusting for special items including costs related to its pending $7.9 billion acquisition by Exelon Corp., Constellation said it earned 5 cents per share.
Revenue fell 15 percent to $2.95 billion from $3.47 billion in the quarter.
Constellation also booked a $487.5 million charge for marking down the value of its investment in the Constellation Energy Nuclear Group joint venture because of lower power prices and the potential for new environmental regulations.
The company also paid $77.8 million in pre-tax charges related to the Exelon merger.
Constellation, which owns gas and electricity suppliers NewEnergy and Baltimore Gas and Electric Co., also distributed less power and natural gas in the quarter. Electricity revenue fell 15 percent and natural gas revenue dropped 19 percent.
For the full year, Constellation said it lost $340.3 million, or $1.70 per share, compared with a loss of $982.6 million, or $4.90 per share, in 2010. Annual revenue fell 4 percent to $13.76 billion.
Exelon Corp.'s pending takeover of Constellation was approved by the Nuclear Regulatory Commission on Thursday. Maryland regulators are expected to announce Friday whether they've approved the deal. It also must be cleared by the Federal Energy Regulatory Commission.
Shares dipped 23 cents to $36.44 in morning trading. Exelon stock dropped 22 cents to $39.28.
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