More from CEG Q2 2026

Constellation Energy Corporation

CEG2026 Q2Energy & Utilities

1mo

920 MW long-term nuclear contracting momentum with customers

Management said Constellation signed approximately 920 megawatts of long-term nuclear deals since the last call, consistent with its view of long-term value.
The contracts described had an average duration of 18.5 years and were with investment-grade customers.
While pricing was not disclosed, management said deals recognize existing clean and reliable nuclear energy as a premium product.
After this quarter’s contracting, Constellation stated it has contracted roughly 30% of its clean baseload output under long-term agreements.
In Q&A, management said Walmart’s first nuclear power purchase agreement aligns with their long-term fleet value view while respecting customer discretion on announcing deal details.

Constellation Energy Corporation

CEG2026 Q2Energy & Utilities

1mo

Financial Performance Summary

Illinois ZEC bank credits recognized were $85 million versus $200 million last year, stated as a timing item reflected in 2026 guidance with no impact to full-year results.
Nuclear operations delivered a 93% capacity factor and generated 40 terawatt hours of low-carbon electricity while completing six planned refueling outages.
Planned outage days reduced capacity factor by 1.8% versus Q2 2025, but Byron Unit 1’s turbine upgrade was successfully implemented during the 23-day average refueling duration.
Quarterly results were partially offset by higher planned nuclear refueling outage days and Illinois ZEC revenue recognition timing.
Second quarter GAAP earnings were $1.42 per share and adjusted operating earnings were $2.55 per share, up $0.64 year-over-year.
Year-over-year strength was attributed to accretion from Calpine, higher capacity prices in PJM, strong commercial performance, and portfolio optimization during volatility.

Constellation Energy Corporation

CEG2026 Q2Energy & Utilities

1mo

The direction and the speed are very promising. We urge PJM to keep it up.

Tim Flottemesch

IR, Constellation Energy Corporation

Context

Joe Dominguez was wrapping up remarks on regulatory developments improving the contracting backdrop, urging PJM to maintain momentum. Management discussed FERC’s unprecedented speed in requiring PJM reforms and described PJM’s interim progress on reliability backstop procurement and IRAS, despite some remaining clarification needs. Management also emphasized that greater regulatory certainty would allow customers and suppliers to make investment decisions with more confidence.

More from CEG Q2 2026

Constellation Energy Corporation

CEG2026 Q2Energy & Utilities

1mo

920 MW long-term nuclear contracting momentum with customers

Management said Constellation signed approximately 920 megawatts of long-term nuclear deals since the last call, consistent with its view of long-term value.
The contracts described had an average duration of 18.5 years and were with investment-grade customers.
While pricing was not disclosed, management said deals recognize existing clean and reliable nuclear energy as a premium product.
After this quarter’s contracting, Constellation stated it has contracted roughly 30% of its clean baseload output under long-term agreements.
In Q&A, management said Walmart’s first nuclear power purchase agreement aligns with their long-term fleet value view while respecting customer discretion on announcing deal details.

Constellation Energy Corporation

CEG2026 Q2Energy & Utilities

1mo

Financial Performance Summary

Illinois ZEC bank credits recognized were $85 million versus $200 million last year, stated as a timing item reflected in 2026 guidance with no impact to full-year results.
Nuclear operations delivered a 93% capacity factor and generated 40 terawatt hours of low-carbon electricity while completing six planned refueling outages.
Planned outage days reduced capacity factor by 1.8% versus Q2 2025, but Byron Unit 1’s turbine upgrade was successfully implemented during the 23-day average refueling duration.
Quarterly results were partially offset by higher planned nuclear refueling outage days and Illinois ZEC revenue recognition timing.
Second quarter GAAP earnings were $1.42 per share and adjusted operating earnings were $2.55 per share, up $0.64 year-over-year.
Year-over-year strength was attributed to accretion from Calpine, higher capacity prices in PJM, strong commercial performance, and portfolio optimization during volatility.

Constellation Energy Corporation

CEG2026 Q2Energy & Utilities

1mo

The direction and the speed are very promising. We urge PJM to keep it up.

Tim Flottemesch

IR, Constellation Energy Corporation

Context

Constellation Energy Corporation: Crane restart cleared major NRC and FERC steps within the quarter

More from CEG Q2 2026

Constellation Energy Corporation 2026 Q2: 920 MW long-term nuclear contracting momentum with customers

Constellation Energy Corporation 2026 Q2: Financial Performance summary

More from CEG Q2 2026

More from CEG Q2 2026

Constellation Energy Corporation 2026 Q2: 920 MW long-term nuclear contracting momentum with customers

Constellation Energy Corporation 2026 Q2: Financial Performance summary