The price of coal, natural gas and other energy commodities has soared in the last year, and profits for Constellation Energy Group have been close behind.

Baltimore-based Constellation saw its second-quarter income rise 47 percent to $171.5 million from $116.3 million in the same quarter last year, driven by strong performance in its Global Commodities division.

Earnings jumped to 95 cents per share, up from 64 cents per share during the same quarter last year.

“Our Global Commodities Group delivered strong new business results, as rising commodity prices benefited our strategies in power, natural gas and coal markets,” Constellation CEO, Chairman and President Mayo Shattuck said in a statement.

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Shares of Constellation stock rose following the earnings announcement and closed Thursday up almost 2 percent to $83.16.

Adjusted earnings per share of subsidiary Baltimore Gas and Electric rose 1 cent to 9 cents per share from the second quarter of 2007.

Constellation said the increase was due to higher electricity transmission revenue and benefits from a settlement with state regulators several months ago.

Constellation’s Global Commodities business includes interests in coal, natural gas, shipping and carbon. The company also supplies coal to India and China.

At a shareholders meeting last month, Shattuck said he expected the company to significantly beat Wall Street expectations of 91 cents per share. But shares also hit a 52-week low of $76.07 on Wednesday.

“Trading commodities is a profitable but volatile ... business that is much riskier than running a utility,” Paul Justice, an analyst for Chicago-based investment research firm Morningstar, said in a report on Constellation earlier this year. “The market can turn very quickly, resulting in large losses for those with open market exposure.”

acahall@baltimoreexaminer.com