Constellation Energy Corporation (Constellation) operates as a producer of carbon-free energy and a supplier of energy products and services to businesses, homes, and public sector customers nationwide, including three-fourths of Fortune 100 companies.
The company’s generating capacity includes primarily nuclear, wind, solar, natural gas, and hydroelectric assets. Through its integrated business operations, the company sells electricity, natural gas, and other energy-related products and sustai...
Constellation Energy Corporation (Constellation) operates as a producer of carbon-free energy and a supplier of energy products and services to businesses, homes, and public sector customers nationwide, including three-fourths of Fortune 100 companies.
The company’s generating capacity includes primarily nuclear, wind, solar, natural gas, and hydroelectric assets. Through its integrated business operations, the company sells electricity, natural gas, and other energy-related products and sustainable solutions to various types of customers, including distribution utilities, municipalities, cooperatives, and commercial, industrial, public sector, and residential customers in markets across multiple geographic regions.
The company’s nuclear, hydro, wind, and solar generation facilities have the generating capacity to power the equivalent of 16 million homes, providing about 10 percent of the nation's clean energy in the United States. Its fleet is helping to accelerate the nation’s transition to a carbon-free future with more than 31,676 megawatts of capacity and an annual output that is nearly 90 percent carbon-free. The company is committed to investing in innovative technologies to drive the transition to a reliable, sustainable and secure energy future. Its customer-facing business is one of the nation's largest competitive energy suppliers, offering innovative solutions to meet its customers' needs. The company does business in 48 states, the District of Columbia, Canada, and the United Kingdom.
Operations
The company operates the largest carbon-free generation fleet in the nation and are one of the largest competitive electric generation companies in the nation, as measured by owned and contracted MWs.
As of December 31, 2024, the company owned generating resources total capacity of 31,676 MWs. In addition to the owned generating resources above, as of December 31, 2024, it has contracted generation with a total capacity of 4,774 MWs, which represents electric supply procured under unit-specific agreements.
Segments
The company operates through five reportable segments: Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions.
Mid-Atlantic: This segment represents operations in the eastern half of PJM, which includes New Jersey, Maryland, Virginia, West Virginia, Delaware, the District of Columbia, and parts of Pennsylvania and North Carolina.
Midwest: This segment represents operations in the western half of PJM and the United States footprint of MISO, excluding MISO’s Southern Region.
New York: This segment represents operations within NYISO.
ERCOT: This segment represents operations within Electric Reliability Council of Texas that covers a majority of the state of Texas.
Other Power Regions: This segment represents operations in the New England, South, West, and Canada.
New England represents operations within ISO-NE.
South represents operations in FRCC, MISO’s Southern Region, and the remaining portions of SERC not included within MISO or PJM.
West represents operations in WECC, which includes CAISO.
Canada represents operations across the entire country of Canada and includes AESO, OIESO, and the Canadian portion of MISO.
Nuclear Facilities
The company’s nuclear fleet is the nation’s largest, with current generating capacity of approximately 22 GWs, producing 182 TWhs of zero-emissions electricity during 2024 – enough to power 16 million homes and avoid more than 122 million metric tons of carbon emissions according to the EPA GHG Equivalencies Calculator. It has ownership interests in 14 nuclear generating stations in service, consisting of 25 units. As of December 31, 2024, the company wholly own all its nuclear generating stations, except for undivided ownership interests in five jointly-owned nuclear stations: Quad Cities (75% ownership), Peach Bottom (50% ownership), Salem (42.59% ownership), NMP Unit 2 (82% ownership), and STP (44% ownership) ownership interest in each unit.
In September 2024, the company 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, which was retired in 2019 for economic reasons. Under the agreement, Microsoft will purchase the output generated from the renewed plant which includes energy, capacity and carbon-free attributes as part of its goal to help power its data centers in PJM with clean energy. The site, which is expected to be online in 2028, will have approximately 835 MWs of carbon-free capacity. The restart is subject to certain regulatory approvals, permitting, and obtaining a renewed operating license.
In November 2023, the company acquired NRG South Texas LP, which owns a 44% undivided ownership interest in the jointly-owned STP. Other owners include City Public Service Board of San Antonio (CPS, 40%) and the City of Austin, Texas (Austin Energy, 16%). In May 2024, it executed a settlement agreement with CPS/City of San Antonio, Austin, and NRG Energy, Inc., the terms of which require it sells a 2% ownership interest in STP to CPS.
The company operates all of its nuclear generating stations, 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. The company has consistently operated its nuclear plants at best-in-class levels.
The company manages its scheduled refueling outages to minimize their duration and to maintain high nuclear generating capacity factors, resulting in a stable supply position for its wholesale and retail power marketing activities. In 2024, electric supply (in GWhs) generated from its nuclear generating facilities was 67% of its total electric supply.
During scheduled refueling outages, the company performs maintenance and equipment upgrades in order to maintain safe, reliable operations and to minimize the occurrence of unplanned outages. In addition to the maintenance and equipment upgrades performed by it during scheduled refueling outages, it has extensive operating and security procedures in place to ensure the safe operation of its nuclear units. The company also have extensive safety systems in place to protect the plant, personnel, and surrounding area in the unlikely event of an accident or other incident.
The company has original 40-year operating licenses from the NRC for each of its nuclear units and have received 20-year operating license renewals from the NRC for all its nuclear units except Clinton. PSEG and STPNOC have also received 20-year operating license renewals for the Salem and STP units, respectively. Peach Bottom has previously received a second 20-year license renewal from the NRC for Units 2 and 3, for a total 80-year term.
Natural Gas, Oil and Renewable Facilities (including Hydroelectric)
The company operates approximately 10 GWs of natural gas, oil, hydroelectric, wind, and solar generation assets, which provide a mix of baseload, intermediate, and peak power generation. Its wholly own all its natural gas, oil, and renewable generating stations, except for: Wyman 4; certain wind project entities; and CRP. The company operates all of these facilities, except for Wyman 4, which is operated by the principal owner, NextEra Energy Resources LLC, a subsidiary of NextEra Energy, Inc.
In 2024, electric supply (in GWhs) generated from its owned natural gas, oil, and renewable generating facilities was 10% of its total electric supply.
FERC has the exclusive authority to license most non-federal hydropower projects located on navigable waterways or federal lands, or connected to the interstate electric grid, which include its Conowingo Hydroelectric Project (Conowingo) and Muddy Run Pumped Storage Facility Project (Muddy Run). Muddy Run's license expires on December 1, 2055, and is being depreciated over an estimated useful life that corresponds with the available license term. In March 2021, FERC issued a new 50-year license for Conowingo, which was subsequently vacated in December 2022; however, depreciation provisions continue to assume an estimated useful life through 2071 in anticipation of the license expiration date being restored.
Contracted Generation
In addition to energy produced by owned generation assets, the company sources electricity from generators it does not own under long-term contracts.
Customer-Facing Business
The company is one of the nation’s largest energy suppliers. Through its integrated business operations, the company sells electricity, natural gas, and other energy-related products and sustainable solutions to various types of customers, including distribution utilities, municipalities, cooperatives, and commercial, industrial, public sector, and residential customers in markets across multiple geographic regions. The company serves approximately 1.5 million total customers, including three-fourths of Fortune 100 companies, and approximately 1.2 million residential customers.
The company is a leader in electric power supply, serving approximately 202 TWhs in 2024 through sales to retail customers and wholesale load auctions to a geographically diverse customer base.
The company is active in all domestic wholesale power and gas markets that span the entire lower 48 states and have complementary retail activity across many of those states. The company typically obtains power supply from the market to meet its wholesale and retail obligations.
Retail Market
The company is a leader in retail markets, serving approximately 144 TWhs of electric power retail load and approximately 800 Bcf of gas in 2024, primarily to C&I customers across multiple geographic regions in the U.S. The company leverages its broad suite of electric and gas product structures, oftentimes customized, to provide customers with the commodity solution and information that best fits their needs.
Wholesale Market
The company’s wholesale channel-to-market involves the sale of electricity among electric utilities and electricity marketers before it is eventually sold to end-use consumers. In 2024, it served approximately 58 TWhs of power load across competitive utility load procurement and bilateral sales to municipalities, co-ops, and other wholesale entities. In the company’s wholesale gas business, it participates across all parts of the gas value chain, including trading, transport and storage, and physical supply.
Energy Solutions
As one of the largest customer-facing platforms in the U.S., the company benefits from significant economies of scale, that allow it to provide its customers with competitively priced energy and to structure highly tailored solutions targeted to a customer’s unique power needs and clean energy goals. The company’s CORe+ product serves C&I customers' sustainability needs by matching contracted, third-party new-build renewable generation with customer desire to add additional carbon-free generation to the grid with a preference to be located within the same region as their load. In 2024, the company continued to see growing demand for its Hourly Carbon-Free Energy (CFE) product and platform, as it has closed a number of additional Hourly CFE transactions with a strong pipeline of interested prospects. Many existing CORe+ customers are converting to 100% Hourly CFE with existing nuclear filling in the gaps of the hours renewable generation is not producing. In addition to larger-scale CORe+ offerings and Hourly CFE, the company offers a range of sustainability solutions to customers (e.g., RECs, CORe+, EFECs, RINs, RNG, carbon offsets, etc.), as well as offers for carbon-free generation attributes to support their needs during the transition to a carbon-free energy ecosystem.
The company also partners with its customers to provide energy efficiency options to meet their carbon-free energy goals. Its energy efficiency products provide the ability to optimize performance and maximize efficiency across customer facilities and operations through contract structures that include implementation of energy efficiency upgrades and behind-the-meter solutions with no upfront capital requirements. Additionally, these service offerings provide scalable solutions to meet sustainability goals through investment across the life of the facility or operations and allow for greater budget certainty. The ongoing ability to optimize energy consumption for customers allows it to support customer demands with the right combination of technology and efficiency program options.
In addition to sustainability solutions, data and analytics have also become increasingly important for its customers. The company launched Constellation Navigator, which delivers customized paths and sustainable solutions for customers to set and meet their environmental and operational goals. Driven by advanced technology platforms and experienced advisors, it provides strategies to help organizations understand their baseline emissions and reduce their carbon footprints. Constellation Navigator helps businesses solve challenges across the energy lifecycle, including utility bill management, carbon accounting, rebate administration and sustainability advisory services. These platforms and services provide new avenues for incremental growth by coupling the opportunities for customer usage optimization with accompanying products and sustainable solutions that it can provide to customers. These types of data and analytical services allow the company to grow its customer base in previously inaccessible regulated markets by offering non-commodity energy-related products and services.
The company continues to look for new and innovative products and solutions to bring to its customers. Constellation Technology Ventures (CTV) is the company’s venture investing business, focused on driving innovation and scaling breakthrough technologies. CTV invests in a broad range of hardware and software solutions that accelerate the transition to a sustainable, low-carbon economy. Its portfolio spans diverse areas, including, generation technologies, sustainability monitoring tools, distributed energy resources, financing solutions, and more.
Seasonality
The company’s operations are affected by weather, which affects demand for electricity and natural gas. The market price for electricity is also affected by changes in the demand for electricity and the available supply of electricity. With respect to the electric business, very warm weather in summer months and, with respect to the electric and natural gas businesses, very cold weather in winter months is generally referred to as favorable weather conditions because those weather conditions result in increased deliveries of electricity and natural gas. Conversely, mild weather reduces demand. As a result, the company’s operating results in the future may fluctuate substantially on a seasonal basis, especially when more severe weather conditions, such as heat waves or extreme winter weather make such fluctuations more pronounced. The pattern of this fluctuation may change depending on the type and location of the facilities owned, the wholesale and retail load served and the terms of contracts to purchase or sell electricity.
Regulation
The company’s subsidiaries include public utilities as defined under the Federal Power Act that are subject to FERC’s exclusive ratemaking jurisdiction over wholesale sales of electricity and the transmission of electricity in interstate commerce.
The company is subject to the jurisdiction of the NRC with respect to the operation of its nuclear generating facilities, including the licensing for operation of each unit.
The company’s operations are also subject to the jurisdiction of various other federal, state, regional, and local agencies, and federal and state environmental protection agencies. Additionally, it is subject to NERC mandatory reliability standards, which protect the nation’s bulk power system against potential disruptions from cyber and physical security breaches.
Environmental Matters and Regulation
According to the U.S. Energy Information Administration, 35 states and the District of Columbia, including most of the states where the company operates, have adopted some form of renewable or clean energy procurement requirement.
Other Environmental Regulation
Under the federal Clean Water Act, NPDES permits for discharges into waterways are required to be obtained from the EPA or from the state environmental agency to which the permit program has been delegated, and permits must be renewed periodically. Certain of the company’s facilities discharge water into waterways and are therefore, subject to these regulations and operate under NPDES permits.
The company’s power generation facilities with cooling water intake systems are subject to the EPA’s Section 316(b) regulations finalized in 2014; the regulation’s requirements have been or will be addressed through renewal of these facilities’ NPDES permits. It has completed all required studies and have submitted recommendations for compliance as part of the NPDES/SPDES renewal process. The company has submitted the NPDES/SPDES renewal timely for all its owned and operated nuclear stations.
The company’s hydroelectric and nuclear facilities are required to secure a federal license or permit for activities that may result in a discharge to covered waters. It is required to obtain a state water quality certification for those facilities under Clean Water Act section 401.
The company is also subject to the jurisdiction of the Delaware River Basin Commission and the Susquehanna River Basin Commission, regional agencies that primarily regulate water usage.
The company is a party to proceedings initiated by the EPA, state agencies, and/or other responsible parties under CERCLA and RCRA or similar state laws with respect to several sites or may undertake to investigate and remediate sites for which it is subject to enforcement actions by an agency or third party.
Nuclear Waste Storage and Disposal
The company stores all SNF generated by its nuclear generating facilities on-site in storage pools or in dry cask storage facilities. Since the company’s SNF storage pools generally do not have sufficient storage capacity for the life of the respective plant, it has developed dry cask storage facilities to support operations.
As of December 31, 2024, the company had approximately 95,800 SNF assemblies (23,400 tons) stored on-site in SNF pools or dry cask storage. All its nuclear sites have on-site dry cask storage. On-site dry cask storage in concert with on-site storage pools can meet all current and future SNF storage requirements at each of the company’s sites, including Crane, for the duration of both current and subsequent license periods of all stations and through decommissioning.
The company ships its Class A LLRW, which represents 93% of LLRW generated at its stations, to disposal facilities in Utah and South Carolina, which have enough storage capacity to store all Class A LLRW for the duration of both current and subsequent license periods for all the stations in its nuclear fleet. The disposal facility in South Carolina is only receiving LLRW from LLRW generators in South Carolina, New Jersey (which includes Salem), and Connecticut.
The company utilizes on-site storage capacity at all its stations to store and stage for shipping Class B and Class C LLRW. It has a contract through 2040 to ship Class B and Class C LLRW to a disposal facility in Texas. The agreement provides for disposal of all Class B and Class C LLRW stored at each station, as well as the Class B and Class C LLRW generated during the term of the agreement. However, because the production of LLRW from the company’s nuclear fleet will exceed the capacity at the Texas site (3.9 million curies through 2027, with applications submitted by the facility for a 10-year extension and an increase in storage capacity), it will still be required to utilize on-site storage at its stations for Class B and Class C LLRW. The company has enough storage capacity to store all Class B and Class C LLRW for the duration of both current and subsequent license periods for of all the stations in its nuclear fleet and, it continues to pursue alternative disposal strategies for LLRW, including an LLRW reduction program to minimize on-site storage and cost impacts.
History
Constellation Energy Corporation was founded in 2021. The company was incorporated in 2021.
