UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 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

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1. Name and Address of Reporting Person*

    Hurst,               Robert                  J.
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   (Last)               (First)                 (Middle)
    c/o Goldman, Sachs & Co.
    85 Broad Street
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                                    (Street)

    New York,                        New York                          10004
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   (City)                           (State)                           (Zip)


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2. Issuer Name and Ticker or Trading Symbol

    Constellation Energy Group, Inc.
    (CEG)
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3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)

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4. Statement for Month/Year

    FYE December 31, 2000
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5. If Amendment, Date of Original (Month/Year)

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

   [ X ]   Director                             [   ]   10% Owner
   [   ]   Officer (give title below)           [   ]   Other (specify below)


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7. Individual or Joint/Group Reporting
   (Check applicable line)

   [ X ] Form Filed by One Reporting Person
   [   ] Form Filed by More than One Reporting Person

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====================================================================================================================================
                          Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned                        |
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                                 |                 |            |                               |             |         |          |
                                 |                 |            |                               |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)                       |(Month/Day/Year) |(Instr. 8)  |              | (D)  |         |and 4)       |(Instr.4)|(Instr. 4)|
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                                 |                 |            |              |      |         |             |         |          |
                                 |                 |            |              |      |         |             |         |          |
-----------------------------------------------------------------------------------------------------------------------------------|
                                 |                 |            |              |      |         |             |         |          |
                                 |                 |            |              |      |         |             |         |          |
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Reminder:  Report on a separate line for each class of  securities  beneficially
owned directly or indirectly.
* If the form is  filed  by more  than one  Reporting  Person,  see  Instruction
  4(b)(v).

FORM 5 (continued)


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                           Table II -- Derivative Securities Acquired, Disposed of, or Beneficially owned                          |
                                    (e.g., puts, calls, warrants, options, convertible securities)                                 |
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              |       |          |      |               |                     |                  |         |         |      |      |
              |       |          |      |               |                     |                  |         |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)    |
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Deferred Stock|       |          |      |       |       |          |          |Common    |       |         |         |      |      |
Units         |  01   |10/20/00  |  A   |151.923|       |    01    |    01    |Stock     |151.923|$42.7849 | 151.923 | 01,02| 01,02|
====================================================================================================================================

Explanation of Responses:

01: These deferred stock units were accrued under  Constellation  Energy Group's
Deferred Compensation Plan for Non-Employee Directors.  The units are settled in
cash upon the Reporting Person's termination of service as a director or earlier
upon the Reporting Person reaching age 70, if so elected.

02:  The  Reporting  Person  is a  managing  director  of  Goldman,  Sachs & Co.
("Goldman Sachs").  Goldman Sachs is an indirect wholly-owned  subsidiary of The
Goldman  Sachs  Group,  Inc.  ("GS  Group").   The  Reporting  Person  disclaims
beneficial  ownership of the securities  reported herein except to the extent of
his pecuniary interest therein.






By:  s/ Roger S. Begelman                                   February 14, 2001
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      **Signature of Reporting Person                             Date
            Attorney-in-fact


**   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.

     Alternatively,  this Form is permitted to be submitted to the Commission in
     electronic  format at the option of the Reporting  Person  pursuant to Rule
     101(b)(4) of Regulation S-T.