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• The NextEra Energy of clean electricity, especially nuclear power.
• The ExxonMobil of zero-carbon electricity.

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• Clean Electricity Generation: Production of carbon-free electricity primarily from nuclear, hydro, solar, and wind power plants.
• Retail Electricity Supply: Sale and delivery of electricity to residential, commercial, and industrial customers across the United States.
• Retail Natural Gas Supply: Sale and delivery of natural gas to residential, commercial, and industrial customers.
• Energy Management Solutions: Services for businesses and public sector customers focusing on energy efficiency, demand response, and sustainability strategies.

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• Other Electric Utilities and Electric Distribution Companies: These entities purchase wholesale electricity from Constellation Energy to serve their own customer bases within regulated or deregulated territories. Examples of public companies in this sector that operate in regions where Constellation sells power (but are not confirmed major customers of CEG specifically) include:
  • Public Service Enterprise Group (NYSE: PEG)
  • PPL Corporation (NYSE: PPL)
  • Exelon Corporation (NASDAQ: EXC) - Note: Constellation Energy spun off from Exelon, but Exelon's utility subsidiaries often procure power on the wholesale market.
• Large Commercial and Industrial Enterprises: This category encompasses major corporations such as data centers, manufacturing facilities, large retail chains, universities, and healthcare systems that procure electricity directly from Constellation Energy through bilateral contracts. Specific company names for these direct-sale customers are generally not publicly disclosed due to confidentiality.
• Power Marketers and Energy Traders: These are companies that actively buy and sell electricity and other energy commodities on wholesale markets to manage portfolios, arbitrage prices, or fulfill supply obligations.
• Governmental Entities: While not "companies," federal, state, and local government agencies and municipalities represent a significant segment of large organizational buyers that contract with Constellation Energy for their power needs.

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Joseph Dominguez, President and Chief Executive Officer

Joseph Dominguez was appointed President and Chief Executive Officer of Constellation in October 2021. He is responsible for overseeing Constellation's clean energy fleet, which includes nuclear, wind, solar, hydroelectric, and natural gas facilities, as well as the company's competitive retail and commodities business. Prior to his role at Constellation, Dominguez served as CEO of ComEd, an Exelon company. He also held the position of executive vice president of governmental and regulatory affairs and public policy for Exelon. Earlier in his career, he was a partner in the law firm of White and Williams, LLP, and an assistant U.S. Attorney. Dominguez founded the Association of Latino Energy & Environmental Professionals in 2011. Constellation became a standalone, publicly traded company after spinning off from Exelon Corporation in 2022. He earned a bachelor's degree in mechanical engineering from the New Jersey Institute of Technology and a law degree from Rutgers University School of Law.

Daniel L. Eggers, Executive Vice President and Chief Financial Officer

Daniel L. Eggers serves as Constellation's Executive Vice President and Chief Financial Officer, a position he assumed in 2022. In this role, he is responsible for leading all financial activities for the company. Before joining Constellation, Eggers was the senior vice president of Corporate Finance for Exelon Corporation, where his responsibilities included investor relations, treasury, corporate planning, corporate financial operations, and insurance. He also held the position of senior vice president of investor relations at Exelon. Prior to his tenure at Exelon, which began in 2016, Eggers spent nearly two decades at Credit Suisse as a managing director in the Investment Banking division, specializing in equity research covering regulated utility, integrated power, and independent power producer stocks. He holds a bachelor's degree in Finance from Texas Christian University.

Kathleen L. Barrón, Executive Vice President and Chief Strategy and Growth Officer

Kathleen L. Barrón is the Executive Vice President and Chief Strategy and Growth Officer for Constellation. She is part of the Constellation Executive Committee, which is responsible for setting the company's strategy and direction.

David O. Dardis, Executive Vice President and Chief Legal and Policy Officer

David O. Dardis holds the title of Executive Vice President and Chief Legal and Policy Officer at Constellation. He is a member of the Constellation Executive Committee, which guides the company's strategy.

Bryan Hanson, Executive Vice President and Chief Generation Officer

Bryan Hanson serves as the Executive Vice President and Chief Generation Officer for Constellation. He is responsible for the company's generation operations and is also a member of the Constellation Executive Committee. Prior to this role, he served as the President, Chief Nuclear Officer, and Senior Vice President at the company.

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The key risks to Constellation Energy (CEG) are primarily associated with its operational foundation, market exposure, and regulatory landscape.

1. Reliance on an aging nuclear fleet and associated costs: Constellation Energy heavily relies on its nuclear fleet, which exposes the company to substantial maintenance and upgrade costs, particularly as facilities age. Unexpected repairs or compliance hurdles with evolving regulatory standards could erode profit margins. The capital-intensive nature of nuclear operations also necessitates continuous investment to ensure safety and operational efficiency.
2. Volatile wholesale power markets and commodity price risk: As an independent power producer, Constellation Energy's financial performance is significantly influenced by the inherent volatility of wholesale power markets. Fluctuations in energy prices can pressure earnings if declines outpace the company's ability to adapt its cost structure. The recent acquisition of Calpine, with its considerable exposure to natural gas assets, further introduces commodity-linked uncertainty to Constellation's portfolio.
3. Regulatory and policy environment changes: Constellation Energy's operations and profitability are susceptible to shifts in energy policies and nuclear regulations. While the company currently benefits from initiatives like nuclear production tax credits (PTCs), changes to such supportive policies could impact its financial outlook. Additionally, the ability to pass on increased operating expenses to consumers is subject to regulatory oversight and prevailing market conditions.

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Emerging Threats to Constellation Energy (CEG)

The clear emerging threat for Constellation Energy, similar to historical disruptive shifts, lies in the accelerating adoption and decreasing costs of Distributed Energy Resources (DERs), particularly rooftop solar and residential/commercial battery storage. This trend empowers consumers and businesses to generate and store their own electricity, significantly reducing their reliance on the centralized grid and traditional utility providers for their energy needs.

As DERs become more affordable and efficient, a growing segment of the population can either drastically reduce their electricity purchases from the grid or potentially achieve near energy independence. This phenomenon directly threatens Constellation Energy's core business model, which relies on selling electricity generated from its large-scale power plants (nuclear, hydro, wind, solar) into the grid. A sustained and widespread reduction in demand for grid-supplied power due to DER proliferation could lead to decreased sales volumes, underutilization of generation assets, and pressure on wholesale energy prices, challenging the economic viability and growth trajectory of traditional centralized generation companies.

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Constellation Energy (CEG) operates primarily in the United States, providing electric power, natural gas, and energy management services, with a significant focus on clean, carbon-free energy generation, particularly nuclear power.

The addressable markets for Constellation Energy's main products and services in the U.S. are:

• U.S. Power Market (Electricity Generation, Transmission, Distribution, and Sale): The U.S. power market was valued at approximately $363.6 billion in 2024 and is projected to reach $517 billion by 2032. In 2023, the U.S. electricity sector generated $491 billion in revenue.

• U.S. Nuclear Power Market: The U.S. nuclear power market was valued at $13.3 billion in 2024 and is expected to grow to $19.6 billion by 2032. Another estimate values the U.S. nuclear power market at $14.23 billion in 2024, projected to reach $16.68 billion by 2034. Constellation is the nation's largest operator of nuclear power plants.

• U.S. Clean/Renewable Energy Market: The U.S. clean energy market was valued at $85.7 billion in 2023 and is projected to reach $198.2 billion by 2033. The U.S. renewable energy market size reached $237.2 billion in 2024 and is expected to reach $549.7 billion by 2033. Additionally, the U.S. clean technology market generated approximately $165.03 billion in revenue in 2024 and is expected to reach about $305.13 billion by 2030.

• U.S. Natural Gas Market: While Constellation is a significant marketer of natural gas, delivering approximately 730 billion cubic feet annually, a specific market size for the entire U.S. natural gas retail/supply market was not explicitly available as a standalone monetary value in the search results.

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Constellation Energy (CEG) is strategically positioned for future revenue growth over the next 2-3 years, driven by several key initiatives and market trends:

1. Strategic Acquisitions and Portfolio Expansion: Constellation Energy is actively pursuing and integrating strategic acquisitions to expand its market reach and enhance its clean energy portfolio. A significant driver is the acquisition of Calpine, valued at approximately $16.4 billion, which is expected to close in the fourth quarter of 2025. This acquisition will combine Constellation's leading clean energy production with Calpine's natural gas assets, aiming to boost Constellation's earnings per share (EPS) by more than 20% in 2026 and generate over $2 billion in annual free cash flow. Furthermore, in 2023, CEG acquired a 44% ownership stake in the South Texas Project Electric Generating Station, adding nearly 1,100 megawatts (MW) of carbon-free nuclear capacity.
2. Growing Demand for Clean Energy from Data Centers and Commercial Customers: The rapid expansion of artificial intelligence (AI) infrastructure and data centers is creating substantial new demand for large-scale, reliable, and carbon-free power sources. Constellation is leveraging its nuclear fleet to meet this increasing demand. The company has secured long-term power purchase agreements (PPAs) with major technology companies like Meta (a 20-year agreement starting in 2027 for the output of its Clinton Clean Energy Center) and Microsoft (supporting the restart of Three Mile Island Unit 1, renamed the Crane Clean Energy Center).
3. Expansion and Optimization of Nuclear Fleet: Constellation, as the largest operator of carbon-free nuclear plants, is focused on maximizing the output and lifespan of its existing assets while also bringing previously decommissioned units back online. Initiatives include relicensing and expanding facilities such as the Calvert Cliffs Clean Energy Center, with the potential to double its output, and investing in plant uprates to increase efficiency and output. The restart of the Crane Clean Energy Center (Three Mile Island Unit 1) is a key project expected to add 835 megawatts of zero-carbon electricity to the grid by 2028.
4. Benefits from Nuclear Production Tax Credits (PTCs): The federal nuclear production tax credits are expected to backstop and support Constellation's projected earnings growth, contributing to the financial viability and expansion of its nuclear operations. The company targets at least 13% compound base EPS growth through 2030, partially driven by these tax credits.
5. Investments in Renewable Energy and Advanced Technologies: Beyond its nuclear core, Constellation is investing in a diversified clean energy portfolio, including wind, solar, and hydroelectric assets, along with battery storage projects. The company plans to invest in up to 5,800 MW of power generation and battery storage projects in Maryland, including converting existing gas-fired units to hydrogen fuel to further cut emissions. This strategic focus on expanding its renewable portfolio and developing innovative products and services is integral to supporting the transition to a carbon-free economy and capturing future growth.

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Share Repurchases

• Constellation Energy completed an initial $1 billion in share repurchases and authorized an additional $1 billion program in late 2023.
• The company repurchased approximately 10.6 million shares in 2023 and 1.2 million shares in 2024, totaling $1.15 billion in value as of December 31, 2024.
• As of August 2025, Constellation had cumulatively deployed $2.4 billion to repurchase 17 million shares since its separation, with approximately $600 million remaining under its authorized $3.0 billion share repurchase program.

Outbound Investments

• Constellation Energy acquired a 44% stake in the South Texas Project (STP) from NRG Energy Inc. for $1.65 billion, adding 1,100 MW of nuclear capacity to its fleet.
• The company is in the process of a large-scale acquisition of Calpine, expected to close by year-end 2025, which involves 50 million newly issued shares of Constellation common stock and $4.5 billion in cash, plus the assumption of approximately $12.7 billion of Calpine's debt.
• Constellation signed a 20-year Power Purchase Agreement with Meta for the full output of its Clinton Clean Energy Center.

Capital Expenditures

• Annual capital expenditures were $1.689 billion in 2022, $2.422 billion in 2023, and $2.565 billion in 2024, with a trailing twelve-month figure of $2.854 billion as of June 30, 2025.
• Expected capital expenditures are projected to be approximately $3 billion for 2025 and $3.5 billion for 2026, with about 35% of this earmarked for nuclear fuel acquisition.
• The primary focus of capital expenditures includes the maintenance and uprates of its nuclear generation fleet, wind repowering, and investments in new clean energy projects such as restarting the Crane Clean Energy Center and extending operating licenses for other nuclear plants, aiming to add new clean energy capacity.