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Constellation Energy (CEG)

The largest US nuclear energy company, adding output at existing reactors under long contracts with Google and Amazon.

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Information and analysis only, not a recommendation to buy, sell or hold any security. The author may own securities discussed.

Researched and drafted with AI agents. Every figure is taken from a source cited on the page.

Analysis and information

What it does

Constellation Energy, based in Baltimore, is the largest nuclear energy company in the US. Its fleet has 55 GW of nuclear, natural gas, oil, geothermal, hydro, wind and solar capacity. It acquired Calpine in January 2026. It also runs a competitive retail power business.

Role in the theme

In Power for data centers, Constellation signs long contracts with tech companies that pay for new output at its existing nuclear plants. Recent 20-year agreements cover 890 MW of new uprate capacity for Google and 690 MW for Amazon at Calvert Cliffs. The Amazon deal includes a 190 MW uprate due online between 2030 and 2032. It plans to restart the Crane Clean Energy Center in 2027.

Latest

  • 2026-10-27: the Department of Energy (DOE) offered a conditional loan commitment of up to $5 billion for uprates at eight plants. They are Braidwood, Byron, Clinton, Dresden, LaSalle and Quad Cities in Illinois, Calvert Cliffs in Maryland and Limerick in Pennsylvania. DOE says the work adds nearly 1.1 GW across PJM and MISO. Constellation must meet technical, legal, environmental and financial conditions before DOE funds the loan.
  • 2026-10-14: completed the sale of the 606 MW Brazos Valley Energy Center in ERCOT to LS Power. A separate sale of about 4.4 GW of mostly gas plants in Delaware and Pennsylvania to LS Power is expected to close by the end of 2026.
  • 2026-10-06: signed a 20-year agreement with Google for 890 MW of new nuclear capacity in PJM. It comes from uprates at 11 units at six sites, with the first expected by 2028. A separate 15-year agreement covers 2,700 MW from existing PJM plants.
  • 2026-09-29, PJM: FERC accepted PJM's one-time reliability backstop procurement but suspended it for five months, to an effective date of 2027-02-28.
  • 2026-08-06, Q2 results: GAAP net income of $1.42 per share and adjusted operating earnings of $2.55 per share. It raised 2026 adjusted operating earnings guidance to $11.50-12.50 per share. It signed 920 MW of new 15- to 20-year nuclear agreements that start between 2029 and 2032.

What to watch

  • Whether DOE's conditional loan becomes a final agreement, and which uprates go ahead.
  • Closing of the 4.4 GW plant sale to LS Power by the end of 2026.
  • Progress on the Crane restart, planned for 2027.
  • PJM's new timeline for the backstop procurement.
  • Q3 report: date not confirmed.

Covered in

Sources

Primary means the publisher of the data or the filing; secondary means press or an aggregator.