CEG
Updated: 24/09/2026, 15:00:35
Constellation Energy Corporation operates as a U.S.-based firm dedicated to producing and distributing electricity. Its activities are organized across five primary geographical segments: the Mid-Atlantic, Midwest, New York, ERCOT, and various other power markets. In addition to electrical power, the company supplies natural gas, sustainable energy solutions, and an array of associated energy products and services. Possessing a significant generation capability of 32,400 megawatts, its power portfolio incorporates diverse sources such as nuclear, wind, solar, natural gas, and hydroelectric facilities. The company serves a wide spectrum of clients, including utility distributors, local government bodies, cooperatives, along with commercial, industrial, public sector, and household consumers. Founded in 2021, its corporate headquarters are situated in Baltimore, Maryland. Constellation Energy Corporation previously operated as a subsidiary of Exelon Corporation.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$22.7B
FY 2025 · Reported
Net income
$2.3B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$1.3B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$0.4B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Largest private-sector power producer post-Calpine
Largest private-sector power producer in the world; 55 GWs capacity from nuclear, natural gas, geothermal, hydro, wind and solar; ~2.5 million customer accounts including three-fourths of the Fortune 100.
“With 55 GWs of capacity from nuclear, natural gas, geothermal, hydro, wind and solar facilities... serving approximately 2.5 million customer accounts nationwide, including three-fourths of the Fortune 100.”
Business overview
Largest US clean energy producer; integrated energy products supplier across multiple customer types and regions
“We are the nation's largest producer of clean energy and a leading supplier of energy products and services.”
Separation from Exelon
Exelon completed the Separation on February 1, 2022, distributing all outstanding CEG shares pro rata to Exelon shareholders.
“On February 1, 2022, Exelon completed the separation by distributing all the outstanding shares of the Company’s common stock, on a pro rata basis to the holders of Exelon’s common stock”
Revenue sources
Earns revenue from competitive sales of power, natural gas, other energy-related products, and sustainable solutions.
“We earn revenue from various business activities including competitive sales of power, natural gas, and other energy-related products and sustainable solutions.”
Reportable segments
Five reportable segments: Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions
“We have five reportable segments: Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions.”
Retail customer base
~2.5 million customer accounts nationwide including three-fourths of the Fortune 100; Calpine adds C&I and residential channels.
“a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including three-fourths of the Fortune 100”
Crane Clean Energy Center restart with Microsoft PPA
20-year PPA with Microsoft to purchase output (energy, capacity and emissions-free attributes) from the Three Mile Island Unit 1 restart (Crane Clean Energy Center, ~835 MW); DOE guaranteed up to $1.0 billion unsecured loan.
“In September 2024, we executed a 20-year PPA with Microsoft that will support the restart of Three Mile Island Unit 1, renamed as the Crane Clean Energy Center”
Retail power and natural gas sales billing
Retail power and natural gas sales determined from monthly customer meter readings; unbilled revenue estimated for delivered-but-unbilled energy.
“The determination of our retail power and natural gas sales to individual customers is based on systematic readings of customer meters, generally monthly.”
Contracted generation capacity
Contracted generation of 4,798 MWs at December 31, 2025, in addition to 31,676 MW owned capacity.
“at December 31, 2025, we had contracted generation with a total capacity of 4,798 MWs”
Jointly-owned nuclear stations operated by others
Salem operated by PSEG Nuclear, LLC and STP by STPNOC; joint ownership interests in five stations (Quad Cities 75%, Peach Bottom 50%, Salem 42.59%, NMP-2 82%, STP 44%).
“the units at Salem and STP, which are operated by PSEG Nuclear, LLC (an indirect, wholly owned subsidiary of PSEG) and STPNOC, respectively”
Uranium concentrate supplier concentration
Approximately 35% of uranium concentrate requirements (2026–2030) come from three suppliers
“Approximately 35% of our uranium concentrate requirements from 2026 through 2030 are supplied by three suppliers.”
Calpine acquisition
On January 7, 2026, Constellation acquired all of the outstanding equity interests of Calpine in a cash and stock transaction.
“On January 7, 2026, Constellation acquired all of the outstanding equity interests of Calpine in a cash and stock transaction.”
Calpine added capacity and retail load
Calpine merger added ~23 GWs across 72 generation and battery storage assets and ~62 TWhs of annual retail load, plus ~2,500 employees.
“our merger with Calpine added approximately 23 GWs across 72 generation and battery storage assets... Calpine's retail energy platform adds approximately 62 TWhs of annual load to our business”
Calpine acquisition
Acquired 100% of Calpine on Jan 7, 2026 for ~$22B (50M shares + ~$4.5B cash); adds ~23 GW and ~62 TWh retail platform
“On January 7, 2026, we acquired 100% of the outstanding equity of Calpine for a purchase price of approximately $22 billion.”
Calpine acquisition
Acquired Calpine, combining premier nuclear, natural gas, and geothermal fleets with a leading commercial platform; significantly increased presence in Texas/ERCOT
“This strategy was realized, in part, with the acquisition of Calpine, a combination that brings together premier nuclear, natural gas, and geothermal fleets with a leading commercial platform”
Data center / AI growth driving 24/7 power demand
Rapid data center growth driven by AI adoption and hyperscalers (Microsoft, Google, Meta, Amazon) creating unprecedented demand for around-the-clock electricity
“driven by widespread adoption of AI technologies and large-scale infrastructure investments by major hyperscalers such as Microsoft, Google, Meta, and Amazon”
Calpine market position
Calpine is the nation's largest generator of electricity from natural gas and geothermal resources (per S&P Global Market Intelligence), with a strong footprint in Texas, California, and the Northeast.
“Calpine is the nation’s largest generator of electricity from natural gas and geothermal resources, according to S&P Global Market Intelligence, with a strong footprint in Texas, California, and the Northeast regions of the U.S.”
Largest clean energy producer; largest private-sector power producer post-Calpine
Nation's largest producer of clean energy; post-Calpine, largest private-sector power producer in the world
“We are the nation’s largest producer of clean and reliable energy and following the Calpine merger we are the largest private-sector power producer in the world”
Crane Clean Energy Center restart (Three Mile Island Unit 1)
TMI Unit 1 restart backed by 20-yr Microsoft PPA; DOE-guaranteed $1.0B FFB loan maturing Oct 2055 at UST+37.5bps
“In November 2025, the DOE Office of Energy Dominance Financing issued a guarantee for up to $1.0 billion for an unsecured loan from the Federal Financing Bank to support the restart of the Crane Clean Energy Center.”
Clinton Clean Energy Center 20-year Meta PPA
20-year PPA with Meta beginning June 2027 supports Clinton relicensing and +30 MW uprates (complete by 2029), qualifying for 45Y PTC
“In June 2025, we signed a 20-year PPA with Meta Platforms, Inc. (Meta) for the output of the Clinton Clean Energy Center”
Maintain investment grade credit ratings
Committed to maintaining investment grade credit ratings; cash flow first to credit targets, then growth and shareholder returns
“We are committed to maintaining investment grade credit ratings. ... We believe our investment grade credit rating is a competitive advantage and we intend to maintain our credit position and best-in-class balance sheet.”
Growth opportunities
Growth via acquisitions, nuclear uprates/license extensions, renewables repowering, data economy customers, long-term PPAs, customer clean energy solutions, advanced nuclear/CCUS/battery/solar options
“Create new value from the existing fleet through nuclear uprates and license extensions, repowering of renewables, serving data economy customers, long-term power purchase agreements”
Energy price volatility drives PTC revenue recognition
Significant deviations of market prices from forecasted gross receipts could materially impact quarterly recognition of nuclear PTC revenues through the calendar year.
“Energy prices are volatile and are impacted by various factors beyond our control. Significant deviations in market prices from those we’ve forecasted could materially impact our quarterly recognition of nuclear PTC revenues”
Hedging and market risk management
Portfolio hedging concentrated in prompt three years; economic hedges settle mostly 2026–2028; nuclear PTC mitigates downside; $5/MWh shock not material for 2026–27
“Portfolio hedging activities are generally concentrated in the prompt three years, when customer demand and market liquidity enable effective price risk mitigation.”
Key demand drivers for growth
Six key demand drivers: nuclear policy support, federal/state generation incentives, data center growth, electrification, manufacturing onshoring, evolving clean-energy customer preferences
“The U.S. energy sector is undergoing unprecedented transformation, which we believe will drive significant growth in demand for reliable, clean power generation and benefit our business.”
Nuclear license renewals and expirations
Peach Bottom and Dresden received subsequent license renewals (80-year terms); plans for Crane (2029) and Salem (2027) renewals; NRC renewal process takes ~3 years.
“Peach Bottom and Dresden have received subsequent license renewal from the NRC for a second 20-year term, extending their operating period to a total 80-year term. We plan to pursue a subsequent license renewal for Crane in 2029.”
Policy support mechanisms: nuclear PTC, NY ZEC, TEF, Maryland Next Generation Energy Act
Nuclear PTC (IRA/OBBBA), NY ZEC extension (Jan 2026), Texas TEF ($7.2B loans, up to 10 GW; $278M loan for 460 MW Pin Oak Creek), Maryland approval for >700 MW new gas generation
“In November 2023, Texas voters approved a state constitutional amendment to create the TEF, which provides up to $7.2 billion in low-interest loans and completion bonuses to support as much as 10 GW of new dispatchable generation statewide.”
NRC regulation of nuclear fleet
NRC licensing and oversight of nuclear units; requirement changes may require substantial capex/opex increases; decommissioning funded via dedicated NDT funds
“Changes in requirements by the NRC may require a substantial increase in capital expenditures and/or operating costs for our nuclear generating facilities.”
OBBBA tax credit support
OBBBA preserves IRA nuclear tax credits and energy communities bonus adder, reinforcing nuclear fleet economics
“Overall, the OBBBA reinforces the long-term economic viability of our nuclear generation assets.”
Conowingo hydro re-licensing settlement
Sept 2025 settlement with MDE and riverkeeper groups cleared Conowingo hydro re-licensing with water quality commitments
“MDE issued a water quality certification, clearing the way for the re-licensing and continued operation of our Conowingo hydroelectric facility.”
FERC co-located load order
FERC Dec 2025 order on PJM co-located load rules; new transmission services to be set in 2026 compliance filings
“In December 2025, FERC found PJM's tariff unjust and unreasonable because it lacked sufficient clarity and consistency regarding rates, terms, and conditions of service for serving co-located load.”
PJM market reform
PJM urged to file tariff revisions (Reliability Backstop Auction, data center cost allocation) with potential impact on future fleet revenues
“While this is an emerging issue and tariff revisions have not been developed, this has the potential to impact future revenues received by our fleet.”
Nuclear PTC regulatory/guidance risk
Nuclear PTC availability and amount subject to legislative/regulatory changes and pending U.S. Treasury/IRS guidance; company monitors tax law developments to mitigate risk.
“the nuclear PTC continues to be the subject of additional guidance, from the U.S. Treasury and IRS, and may materially impact the total amount of benefits we receive”
Commodity/fuel price exposure: nuclear fuel, natural gas, oil
Depends on nuclear fuel, natural gas, and oil; supply markets subject to price fluctuations, availability restrictions, tariffs, counterparty default, and geopolitical risk
“We depend on nuclear fuel, natural gas, and oil to operate most of our generating facilities. The supply markets for nuclear fuel, natural gas, and oil are subject to price fluctuations, availability restrictions, tariffs, counterparty default, and geopolitical risk”
Calpine integration risks
Calpine acquisition risks: dividend assurance, shareholder dilution, integration complexity, loss of key employees/customers, legal/regulatory and valuation risks
“integration challenges including the complex, costly and time-consuming integration process with potential unknown liabilities, and the possible loss of key employees and customers”
Russia-Ukraine conflict / nuclear fuel supply
Russian uranium import ban and export restrictions pose fuel supply risk; CEG increased fuel inventory and diversified suppliers
“The U.S. “Prohibiting Russian Uranium Imports Act” became effective in August 2024, banning the import of low-enriched uranium into the U.S. that is produced in Russia or by Russian entities, absent a waiver from the DOE.”
Market design and retail competition risks
Wholesale market design changes (e.g., PJM reforms, proposed new load framework) and retail competition with low entry barriers could hurt margins and cause premature retirements
“For example, PJM is considering market rule changes as part of its stakeholder process, and the Trump administration, in conjunction with Governors of PJM states, have proposed a framework to govern new load connection and the generation that can serve that load.”
Repeal or significant reduction/modification of the nuclear PTC could materially impact financial performance depending on annual gross receipts of nuclear units; pending Treasury/IRS guidance affects total benefits.
“Repeal or significant reduction or modification of the PTC could have a material impact on our financial performance depending on gross receipts received by our nuclear units each year”
AI-driven data center growth creates unprecedented demand for around-the-clock electricity, a key growth driver for Constellation's generation fleet.
“This growth is creating unprecedented demand for reliable, around-the-clock electricity in the U.S. and globally.”
NRC licensing/oversight governs nuclear fleet operation; requirement changes may require substantial capex/opex increases and decommissioning funding assurance.
“The NRC may modify, suspend, or revoke operating licenses and impose violations and/or civil penalties for failure to comply with the Atomic Energy Act, NRC regulations, or the terms of the operating licenses or orders.”
Federal and state policy support (nuclear PTC, NY ZEC, TEF) underpins nuclear fleet economics; the company cites expanded policy support as a key demand driver.
“Federal policymakers from both parties have underscored the importance of preserving existing nuclear assets through the nuclear PTC enacted in the IRA and maintained under the OBBBA.”
Microsoft PPA is explicitly tied to powering data centers in PJM with clean reliable energy; Calpine assets serve areas of significant demand growth.
“as part of its goal to help power its data centers in PJM with clean reliable energy”
Natural gas is the marginal fuel setting power market prices and a key fuel for the Calpine-expanded fleet; price volatility drives earnings variability.
“the market price of power is affected by the market price of the marginal fuel, in particular the price of natural gas, used to generate the electricity unit.”
Nuclear plant operation depends on NRC licenses; renewal process takes ~3 years; Crane restart subject to regulatory approvals and renewed operating license.
“the operating license renewal process takes approximately three years from commencement, which includes approximately two years for us to develop the application and approximately 12 months for the NRC to review the application”
Serving data economy customers is a named growth opportunity; hyperscaler infrastructure investment drives 24/7 load growth the company aims to serve.
“Create new value from the existing fleet through nuclear uprates and license extensions, repowering of renewables, serving data economy customers, long-term power purchase agreements, and other opportunities”
20-year PPA under which Microsoft purchases Crane Clean Energy Center output (energy, capacity, emissions-free attributes) to power PJM data centers.
“Microsoft will purchase the output generated from the renewed plant which includes energy, capacity and emissions-free attributes as part of its goal to help power its data centers in PJM”
20-year PPA with Microsoft supports the Crane Clean Energy Center (Three Mile Island Unit 1) restart output.
“The restart is supported by a 20-year PPA with Microsoft to purchase the output generated from the renewed plant.”
35% of 2026-2030 uranium concentrate requirements come from three suppliers; non-performance could materially adversely affect results.
“Non-performance by these counterparties could have a material adverse impact on our results of operation or financial condition.”
Company positions its emissions-free fleet and Calpine's gas/geothermal assets around clean, reliable power demand and growing nationwide demand.
“providing reliable power resources in areas experiencing significant demand growth ... enhances our ability to meet growing demand for clean, reliable power nationwide”
20-year PPA with Meta beginning June 2027 underpins Clinton Clean Energy Center relicensing and uprates.
“In June 2025, we signed a 20-year PPA with Meta Platforms, Inc. (Meta) for the output of the Clinton Clean Energy Center”
Wholesale market design changes in PJM and proposed frameworks for new load connection could affect market prices and portfolio economics.
“Changes in these market rules, problems with rule implementation, or failure of any of these markets could adversely affect our business with little notice.”
Calpine's natural gas and geothermal fleet is positioned as essential to the energy transition due to low emissions, high reliability, and emissions-abatement potential.
“Natural gas‑fired generation remains an essential component of the U.S. energy transition due to its low emissions profile, high reliability, and potential for future emissions‑abatement technologies.”
Conflict and sanctions on Russian uranium affect nuclear fuel supply and cost of supply; Russia restricted enriched uranium exports to the U.S. in Nov 2024.
“In November 2024, the Russian government issued a decree imposing temporary restrictions on the export of enriched uranium from Russia to the U.S.”
Proposed PJM tariff revisions including Reliability Backstop Auctions and data center cost allocation could impact future fleet revenues.
“this has the potential to impact future revenues received by our fleet”
ERCOT is a reportable segment with 4,742 MWs (15% of capacity), and Calpine's strong footprint is in Texas and California, exposing revenue to those markets.
“ERCOT4,742 15 % Electric Reliability Council of Texas ... with a strong footprint in Texas, California, and the Northeast regions of the U.S.”
OBBBA preserves IRA tax credits and energy communities bonus adder, supporting nuclear and CCUS/gas asset economics.
“the OBBBA both preserves certain federal tax credits from the IRA and enhances certain credits to allow advanced nuclear facilities to qualify for the energy communities bonus adder”
Energy-intensive sectors including data centers expanding in PJM drive capacity market reform and co-located load rulemaking relevant to CEG.
“These changes aim to increase supply which is increasingly important as energy-intensive sectors expand.”
Pension and OPEB liabilities are sensitive to interest rates; falling rates increase liabilities and funding requirements.
“Additionally, our pension and OPEB plan liabilities are sensitive to changes in interest rates. As interest rates decrease, the liabilities increase, potentially increasing benefit costs and funding requirements.”
PSEG Nuclear operates the Salem units in which Constellation holds 42.59% ownership; Constellation does not self-operate them.
“except for the units at Salem and STP, which are operated by PSEG Nuclear, LLC (an indirect, wholly owned subsidiary of PSEG) and STPNOC, respectively”
STPNOC operates the STP units in which Constellation holds 44% ownership.
“the units at Salem and STP, which are operated by PSEG Nuclear, LLC (an indirect, wholly owned subsidiary of PSEG) and STPNOC, respectively”
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