U.S. SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                     FORM 5

               ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

    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(f) of the Investment Company Act of 1940

[_]  Check box if no longer  subject to Section 16. Form 4 or Form 5 obligations
     may continue. See Instruction 1(b).

[_]  Form 3 Holdings Reported

[_]  Form 4 Transactions Reported

--------------------------------------------------------------------------------
1.   Name and Address of Reporting Person*

McHugh                                  Janet                   E.
--------------------------------------------------------------------------------
   (Last)                            (First)              (Middle)

250 W. Pratt Street
--------------------------------------------------------------------------------
                                    (Street)

Baltimore, MD 21201
--------------------------------------------------------------------------------
   (City)                            (State)                (Zip)
--------------------------------------------------------------------------------
2.   Issuer Name and Ticker or Trading Symbol
Constellation Energy Group, Inc.
(CEG)

--------------------------------------------------------------------------------
3.   IRS Identification Number of Reporting Person, if an Entity (Voluntary)



--------------------------------------------------------------------------------
4.   Statement for Month/Year
December 31, 2000


--------------------------------------------------------------------------------
5.   If Amendment, Date of Original (Month/Year)



--------------------------------------------------------------------------------
6.   Relationship of Reporting Person to Issuer
     (Check all applicable)

     [ ]  Director                             [_]  10% Owner
     [X]  Officer (give title below)           [_]  Other (specify below)
Vice President
--------------------------------------------------------------------------------
7.   Individual or Joint/Group Filing
     (Check applicable line)

     [X]  Form filed by one Reporting Person
     [_]  Form filed by more than one Reporting Person
--------------------------------------------------------------------------------


================================================================================
           Table I -- Non-Derivative Securities Acquired, Disposed of,
                              or Beneficially Owned
================================================================================


                                                                                                 5.             6.
                                                                 4.                              Amount of      Owner-
                                                                 Securities Acquired (A) or      Securities     ship
                                                                 Disposed of (D)                 Beneficially   Form:     7.
                                                                 (Instr. 3, 4 and 5)             Owned at End   Direct    Nature of
                                      2.            3.           -----------------------------   of Issuer's    (D) or    Indirect
1.                                    Transaction   Transaction                  (A)             Fiscal Year    Indirect  Beneficial
Title of Security                     Date          Code             Amount      or     Price    (Instr. 3      (I)       Ownership
(Instr. 3)                            (mm/dd/yy)    (Instr. 8)                   (D)             and 4)         (Instr.4) (Instr. 4)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                  

Common Stock                            1/1/00          A               1500    A                             D
------------------------------------------------------------------------------------------------------------------------------------
Common Stock                            2/17/00         A               108.179 A                             D
------------------------------------------------------------------------------------------------------------------------------------
Common Stock                            2/17/00         F               198     D     $32.6563                D
------------------------------------------------------------------------------------------------------------------------------------
Common Stock                            6/1/00          A               8,029   A                 12,651.723  D
------------------------------------------------------------------------------------------------------------------------------------
Common Stock                                                                                      2,053       I   by 401(K) Plan
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

====================================================================================================================================

*    If the form is filed by more than one  Reporting  Person,  see  Instruction
     4(b)(v).

Reminder:  Report on a separate line for each class of  securities  beneficially
owned directly or indirectly.

                            (Print or Type Responses)

                                                                          (Over)
(Form 5-07/99)




FORM 5 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
         (e.g., puts, calls, warrants, options, convertible securities)

================================================================================


                                                                                                          9.        10.
                                                                                                          Number    Owner-
                                                                                                          of        ship
                    2.                                                                                    Deriv-    of
                    Conver-                    5.                              7.                         ative     Deriv-   11.
                    sion                       Number of                       Title and Amount           Secur-    ative    Nature
                    or                         Derivative    6.                of Underlying     8.       ities     Secur-   of
                    Exer-                      Securities    Date              Securities        Price    Bene-     ity:     In-
                    cise     3.                Acquired (A)  Exercisable and   (Instr. 3 and 4)  of       ficially  Direct   direct
                    Price    Trans-   4.       or Disposed   Expiration Date   ----------------  Deriv-   Owned     (D) or   Bene-
1.                  of       action   Trans-   of (D)        (Month/Day/Year)            Amount  ative    at End    In-      ficial
Title of            Deriv-   Date     action   (Instr. 3,    ----------------            or      Secur-   of        direct   Owner-
Derivative          ative    (Month/  Code     4 and 5)      Date     Expira-            Number  ity      Year      (I)      ship
Security            Secur-   Day/     (Instr.  ------------  Exer-    tion               of      (Instr.  (Instr.   (Instr.  (Instr.
(Instr. 3)          ity      Year)    8)        (A)   (D)    cisable  Date     Title     Shares  5)       4)        4)       4)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                      
Employee Stock Option
(right to buy)      $34.25   5/18/00    A       32,000      (1)  5/18/10(1) Common Stock 32,000         32,000    D
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

====================================================================================================================================

Explanation of Responses:
(1)  The option  vests in three equal annual  installments  beginning on May 18,
     2001, except that upon separation of Constellation Energy's merchant energy
     business,  unvested installments will vest and become exercisable on a pro-
     rata  basis  determined  by the  length of time from  5/18/00  to  expected
     separation  date,  and the  option  will  terminate  immediately  prior  to
     separation.

/s/ Janet E. McHugh                                                2/  /01
---------------------------------------------            -----------------------
      **Signature of Reporting Person                             Date

**   Intentional misstatements or omissions of facts constitute Federal Criminal
     Violations.

See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:  File three copies of this form, one of which must be manually signed.
       If space provided is insufficient, see Instruction 6 for procedure.


                                                                          Page 2





     Derivative  Securities  Codes (Except For  Transactions  Exempt Pursuant to
Rule 16b-3)

     C--Conversion of derivative security

     E--Expiration of short derivative position

     H--Expiration  (or  cancellation)  of long  derivative  position with value
        received

     O--Exercise of out-of-the-money derivative security

     X--Exercise of in-the-money or at-the-money derivative security


     Other Section 16(b) Exempt  Transaction and Small Acquisition Codes (Except
For Rule 16b-3 Codes Above)

     G--Bona fide gift

     L--Small acquisition under Rule 16a-6

     W--Acquisition   or  disposition  by  will  or  the  laws  of  descent  and
        distribution

     Z--Deposit into or withdrawal from voting trust


     Other Transaction Codes

     J--Other acquisition or disposition (describe transaction)

     K--Transaction in equity swap or instrument with similar characteristics

     U--Disposition  pursuant  to a tender  of  shares  in a change  of  control
        transaction


     To indicate that a holding should have been reported  previously on Form 3,
place a "3" in Table I, column 3 or Table II, column 4, as appropriate. Indicate
in the space provided for explanation of responses the event triggering the Form
3 filing  obligation.  To indicate that a transaction  should have been reported
previously on Form 4, place a "4" next to the transaction code reported in Table
I,  column  3 or  Table  II,  column  4  (e.g.,  an open  market  purchase  of a
non-derivative  security  that should have been  reported  previously  on Form 4
should be designated as "P4").  To indicate that a transaction  should have been
reported  on a previous  Form 5,  place a "5" in Table I,  column 3 or Table II,
column 4, as appropriate.  In addition, the appropriate box on the front page of
the form should be checked.

                    FORM 3 OR FORM 4 HOLDINGS OR TRANSACTIONS
                             NOT PREVIOUSLY REPORTED

     To indicate that a holding  should have been reported  previously on a Form
3,  place a "3" in Table I,  column 3 or Table  II,  column  4, as  appropriate.
Indicate in the space provided for explanation of responses the event triggering
the Form 3 filing  obligation.  To indicate that a transaction  should have been
reported previously on Form 4, place a "4" next to the transaction code reported
in Table I, column 3 or Table II, column 4 (e.g.,  an open market  purchase of a
non-derivative  security  that should have been  reported  previously  on Form 4
should be designated as "P4").  In addition,  the  appropriate  box on the front
page of the form should be checked.


EDGARLink 7.0 (8/00) Ver. 3.1