Constellation Energy Corp (CEG)

Constellation Energy Corporation (CEG Parent, together with its subsidiary Constellation) is a competitive power generation and customer-facing energy company. It was separated from Exelon on February 1, 2022, when Exelon distributed all of the Company's shares to its shareholders pro rata. In January 2026 it acquired Calpine in a cash and stock transaction. After that merger, the company describes itself as the largest private-sector power producer in the world and the nation's largest producer of clean and reliable energy, with about 55 GWs of nuclear, natural gas, geothermal, hydro, wind and solar capacity. It is also the largest nuclear energy company in the U.S. and a leading competitive retail supplier. Unless noted, the information described here excludes Calpine.

At December 31, 2025, owned generating capacity was 31,676 MWs, with another 4,798 MWs under unit-specific contracts. The company has five reportable segments based on geography: Mid-Atlantic (33% of capacity), Midwest (37%), New York (10%), ERCOT (15%) and Other Power Regions (5%, covering New England, South, West and Canada). The nuclear fleet is about 22 GWs across 14 stations and 25 units, and supplied 68% of 2025 electric supply. The company also operates about 7 GWs of natural gas and oil generation and holds about 2.6 GWs of hydroelectric, wind and solar assets. Calpine adds about 23 GWs across 72 generation and battery storage assets, including 21 GWs of gas-fired plants, the Geysers geothermal assets (about 730 MWs) and about 800 MWs of battery storage. In 2024 the company signed a 20-year PPA with Microsoft to support the restart of Three Mile Island Unit 1, renamed the Crane Clean Energy Center (about 835 MWs).

On the customer-facing side, the company sells electricity, natural gas and energy-related products and sustainable solutions to distribution utilities, municipalities, cooperatives, and commercial, industrial, public sector and residential customers across the lower 48 states. It serves about 2 million customer accounts, including about 1.4 million residential customers and three-fourths of the Fortune 100, and supplied about 204 TWhs of power in 2025. Of that, about 147 TWhs was retail load, mainly to C&I customers, and about 57 TWhs was wholesale load. It also served about 800 Bcf of gas. Its C&I renewal rates in 2025 were 77% for power and 84% for gas, and it holds over 32% of the direct C&I market. Products include the CORe+ and Hourly Carbon-Free Energy offerings, long-term nuclear supply agreements, RECs and other environmental attributes, demand response, and energy efficiency services.

The company operates all of its nuclear stations except Salem (run by PSEG Nuclear) and STP (run by STPNOC). It wholly owns most stations and holds undivided interests in Quad Cities, Peach Bottom, Salem, NMP Unit 2 and STP. Nuclear capacity factors were 94.7% in 2025, and all units have received 20-year license renewals from the NRC. Its power operations are regulated by bodies such as the NRC and FERC, and it buys power from RTO/ISO spot markets and bilateral transactions. It manages commodity risk through a hedging program using retail sales, exchange trades, bilateral contracts and wholesale sales. The company is also active in wholesale gas trading, transport, storage and physical supply. The Calpine merger adds about 2,500 employees.