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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES 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(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0287 Expires: January 31, 2005 Estimated average burden hours per response... 0.5

(Print or Type Responses)

1. Name and Address of Reporting Person * WALLACE MICHAEL J   2. Issuer Name and Ticker or Trading Symbol CONSTELLATION ENERGY GROUP INC [CEG] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Pres. CGG, Exec. VP CEG (Last) (First) (Middle) 750 E. PRATT STREET 3. Date of Earliest Transaction (Month/Day/Year) 11/14/2006 (Street) BALTIMORE, MD 21202 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 11/14/2006   S   117 D (1) $ 66.21 224,830.521 D   Common Stock 11/14/2006   S   100 D (1) $ 66.12 224,730.521 D   Common Stock 11/14/2006   S   200 D (1) $ 66.08 224,530.521 D   Common Stock 11/14/2006   S   200 D (1) $ 66.07 224,330.521 D   Common Stock 11/14/2006   S   500 D (1) $ 66.06 223,830.521 D   Common Stock 11/14/2006   S   300 D (1) $ 66.04 223,530.521 D   Common Stock 11/14/2006   S   100 D (1) $ 66.02 223,430.521 D   Common Stock 11/14/2006   S   300 D (1) $ 66.01 223,130.521 D   Common Stock 11/14/2006   S   200 D (1) $ 66.0012 222,930.521 D   Common Stock 11/14/2006   S   100 D (1) $ 65.94 222,830.521 D   Common Stock 11/14/2006   S   100 D (1) $ 65.93 222,730.521 D   Common Stock 11/14/2006   S   100 D (1) $ 65.92 222,630.521 D   Common Stock 11/14/2006   S   100 D (1) $ 65.91 222,530.521 D   Common Stock 11/14/2006   S   100 D (1) $ 65.88 222,430.521 D   Common Stock 11/14/2006   S   100 D (1) $ 65.86 222,330.521 D   Common Stock 11/14/2006   S   100 D (1) $ 65.84 222,230.521 D   Common Stock 11/14/2006   S   200 D (1) $ 65.83 222,030.521 D   Common Stock 11/14/2006   S   100 D (1) $ 65.8 221,930.521 D   Common Stock 11/14/2006   S   100 D (1) $ 65.78 221,830.521 D   Common Stock 11/14/2006   S   100 D (1) $ 65.76 221,730.521 D   Common Stock 11/14/2006   S   200 D (1) $ 65.75 221,530.521 D   Common Stock 11/14/2006   S   100 D (1) $ 65.73 221,430.521 D   Common Stock 11/14/2006   S   700 D (1) $ 65.72 220,730.521 D   Common Stock 11/14/2006   S   400 D (1) $ 65.71 220,330.521 D   Common Stock 11/14/2006   S   200 D (1) $ 65.7 220,130.521 D   Common Stock 11/14/2006   S   400 D (1) $ 65.66 219,730.521 D   Common Stock 11/14/2006   S   100 D (1) $ 65.65 219,630.521 D   Common Stock 11/14/2006   S   100 D (1) $ 65.64 219,530.521 (2) D   Common Stock               421.9849 (3) I By 401(k) Plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

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

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
WALLACE MICHAEL J 750 E. PRATT STREET BALTIMORE, MD 21202			Pres. CGG, Exec. VP CEG

Signatures

Michael J. Wallace		11/15/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The sale reported on this Form 4 was effected pursuant to a Rule 10b5-1 trading plan. Additional sales of stock in the aggregate amount of 5,417 shares will occur monthly pursuant to this trading plan so long as the stock price is at least $57.00 per share, not to exceed an additional 37,915 shares in total.
(2)	This amount includes shares obtained through reinvested dividends.
(3)	This amount includes 2.6468 shares acquired since the Form 4 filed on 10/12/06.

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

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.