Constellation Increases Charitable Giving by 50%, Eclipses 100,000 Employee Volunteer Hours in 2023

Rhea-AI Summary

Constellation (Nasdaq: CEG) reported a significant increase in philanthropic giving, with a total of $18.7 million contributed in 2023 to support over 4,400 charities. This marks a 50% increase from the previous year, showcasing the company's commitment to corporate social responsibility. The Corporate and Foundation giving totaled $13.6 million, while employees contributed the remaining $5.1 million. Additionally, employees volunteered over 102,000 service hours for community causes.

81% of direct company giving supported organizations, programs or events that were targeted specifically to diverse populations

BALTIMORE--(BUSINESS WIRE)-- Constellation (Nasdaq: CEG), the nation’s largest producer of carbon-free energy, announced it contributed $18.7 million in combined philanthropic giving in support of more than 4,400 charities in 2023. The figure represents a nearly 50% increase from the $12.5 million Constellation and its employees contributed in 2022, Constellation’s first year as a standalone company.

Constellation’s Corporate and Foundation giving totaled $13.6 million while its 13,000 employees accounted for the remaining charitable funding, providing $5.1 million in philanthropic support. Employees also logged more than 102,000 volunteer service hours in support of various community causes.

“Our role in the clean energy transition isn’t just about the carbon-free power we produce, it’s also about ensuring that all individuals and families are afforded the opportunity to experience the benefits of that transition,” said Joe Dominguez, president and CEO, Constellation. “As a company, we take immense pride in our ability to give generously throughout our communities and share our successes with the people we serve.”

In 2023, Constellation also established the Constellation Foundation to expand the company’s philanthropic mission and further its commitment to investing long term in the communities it serves. The Foundation supports causes that are aligned with the company’s giving pillars of Climate & Environment, Equity & Education and Employing Giving & Volunteerism.

In its first year, The Foundation backed several of Constellation’s signature workforce development efforts. In July, the company launched its inaugural Youth Energy Summit (YES), an immersive experience for 35 rising high school juniors and seniors interested in pursuing careers in energy. Hosted at the University of Maryland, Baltimore County, YES offered hands-on STEM learning and trips to Constellation’s Calvert Cliffs Clean Energy Center and Conowingo Hydroelectric Dam. In addition to the summit experience, interested students have been matched with a Constellation mentor to support them as they explore careers in clean energy.

The Foundation also supports the company’s Powering Change initiative, in which it partners with regional and national nonprofit organizations dedicated to breaking down employment barriers for people in historically underserved and underrepresented communities. Constellation teamed up with five organizations in Powering Change’s first year.

Additional notes from Constellation’s 2023 giving and volunteerism include:

• Company and Foundation giving increased by 70% year-over-year.
• Eighty-one percent of the company’s $8.1 million in direct grant funding supported organizations, programs or events that were targeted specifically to diverse populations.
• The company provided direct community support across 31 states and Washington, D.C. with 83% of company philanthropic giving supporting Maryland, Illinois, New York, Pennsylvania and Texas, the states comprising Constellation’s largest operational, employee and customer footprints.
• Employee volunteer hours increased by 28% from 2022 to 2023.

To learn more about the company’s philanthropic efforts, including the Constellation Foundation, please visit www.constellation.com/community

About Constellation

A Fortune 200 company headquartered in Baltimore, Constellation Energy Corporation (Nasdaq: CEG) is the nation’s largest producer of clean, carbon-free energy and a leading supplier of energy products and services to businesses, homes, community aggregations and public sector customers across the continental United States, including three fourths of Fortune 100 companies. With annual output that is nearly 90% carbon-free, our hydro, wind and solar facilities paired with the nation’s largest nuclear fleet have the generating capacity to power the equivalent of 16 million homes, providing about 10% of the nation’s clean energy. We are further accelerating the nation’s transition to a carbon-free future by helping our customers reach their sustainability goals, setting our own ambitious goal of achieving 100% carbon-free generation by 2040, and by investing in promising emerging technologies to eliminate carbon emissions across all sectors of the economy. Follow Constellation on LinkedIn and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240208904148/en/

Dave Snyder

Constellation Communications

667-218-7700

david.snyder@constellation.com

Source: Constellation Energy Corporation

FAQ

What is the ticker symbol for Constellation?

The ticker symbol for Constellation is CEG.

How much did Constellation contribute in philanthropic giving in 2023?

Constellation contributed $18.7 million in philanthropic giving in 2023.

How many charities did Constellation support in 2023?

Constellation supported over 4,400 charities in 2023.

What was the percentage increase in philanthropic giving from 2022 to 2023?

The philanthropic giving increased by nearly 50% from $12.5 million in 2022 to $18.7 million in 2023.

How many volunteer service hours did employees log in support of community causes?

Employees logged over 102,000 volunteer service hours in support of various community causes.