Constellation Energy Corporation (CEG) is the largest operator of carbon-free nuclear power in the U.S., providing wholesale power and clean energy solutions across 48 states and Canada following its 2022 spin-off from Exelon.

Peerless zero-carbon baseload nuclear fleet concentrated heavily within the PJM interconnection market, perfectly positioned to capture gigawatt-scale hyperscale data center power demand where speed-to-power and reliability are paramount.

• PJM Regulatory & RBP Progress: Actively engaging in PJM Reliability Backstop Procurement (RBP) Phase I bilateral contracting and preparing for EIT and Phase II central auctions, navigating regulatory clarification around large load interconnections.
• Nuclear License Renewals: Filed nuclear license renewal applications for two New York plants in June 2026, reinforcing long-term fleet visibility.
• Blue Energy Investment: Announced a strategic investment in small modular reactor (SMR) developer Blue Energy in July 2026.
• Crane Clean Energy Center (TMI): Advancing towards a planned 2027 restart, addressing PJM interconnection and CIR transfer requirements.

• PJM Capacity & Regulatory Overhang: Transition rules, RBP auction dynamics, and potential price suppression from $0 offer rules create near-term earnings visibility debates.
• Restart Execution Risk: The Three Mile Island (Crane) restart is unprecedented and carries technical, regulatory, and cost overrun risks.
• DOJ Divestitures: Required divestitures of efficient assets (York 2, Jack Fusco) proceeding through 2H 2026.