Prospectus excerpt:  Your purchase of the preferred securities entitles you to receive cumulative cash distributions at a 6.20% annual rate. Distributions will accumulate from the date the trust issues the preferred securities and are to be paid quarterly in arrears on January 15, April 15, July 15 and October 15 of each year, beginning January 15, 2004. As long as the preferred securities are represented by a global security, the record date for distributions on the preferred securities will be the close of business on the Business Day, immediately preceding the relevant distribution date. BGE may defer the payment of cash distributions, as described below.