Filed Under Rule 424(b)(3)
Registration File
No. 333-59601-99 and 33-57658

PRICING SUPPLEMENT NO. 1
Dated May 28, 2003 to
Prospectus Supplement dated May 21, 2003


CONSTELLATION ENERGY GROUP, INC

Common Stock
Continuous Offering Program


        This Pricing Supplement describes our issuance of shares of stock through Citigroup Global Markets Inc., as agent.

Reporting Period:   May 22 – May 23, 2003

Total Number of Shares:

 

230,000

Gross Proceeds:

 

$7,626,564.01

Agent Commission:

 

$11,500.00

Other Charges:

 

$357.29

Net Proceeds to Company:

 

$7,614,706.72

Shares Registered

 

3,731,000

Shares Remaining to be Issued after above issuances

 

1,576,100