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Constellation Energy Corporation reports on operating results, generation fleet performance, customer power agreements, dividends, and capital actions tied to its role as a U.S. power producer and competitive energy supplier. Its updates cover nuclear, natural gas, oil, geothermal, hydro, wind, and solar assets, along with retail energy products and services for utilities, municipalities, cooperatives, commercial, industrial, public-sector, and residential customers.
Company news also includes developments following the completed Calpine acquisition, debt exchange activity, clean-energy project financing, regulatory matters, and large-load power solutions such as Powered Land Capabilities for industrial-scale customers. Recurring disclosures emphasize earnings drivers, outage and availability metrics, renewable energy capture, portfolio conditions, governance actions, and shareholder returns.
Constellation CEO Joe Dominguez testified before the Senate Energy and Natural Resources Committee, urging Congress to authorize $3.5 billion for investments in domestic nuclear fuel sources. This action is necessary to mitigate risks to the environment, energy reliability, and national security amid increasing global supply chain disruptions. Dominguez emphasized the U.S.'s dependence on foreign uranium, particularly from Russia, exacerbated by recent global events. He highlighted the bipartisan Nuclear Fuel Security Act, aimed at establishing a secure domestic supply of nuclear fuel, crucial for maintaining U.S. leadership in nuclear energy.
The nation’s first 1 MW demonstration scale, nuclear-powered clean hydrogen production facility is operational at Constellation’s Nine Mile Point Nuclear Plant in Oswego, New York. This facility marks a significant step in clean hydrogen production, utilizing 1.25 MW of zero-carbon energy to produce 560 kg of hydrogen daily. Supported by a $5.8 million DOE award, this initiative is part of a broader strategy to decarbonize industries like aviation and steelmaking. Constellation plans to invest $900 million through 2025 in clean hydrogen projects, collaborating with public and private entities to create hydrogen production hubs nationwide.
Constellation Energy (Nasdaq: CEG) successfully operated its nuclear plants at full capacity during Winter Storm Elliott, crucially preventing rolling blackouts amid the storm that left nearly a quarter of the PJM energy grid offline on Christmas Eve. As PJM faces up to $2 billion in penalties for non-performing generators, Constellation’s facilities underscore the reliability and carbon-free advantages of nuclear energy. The storm highlighted flaws in PJM's capacity performance policies, raising concerns about the future reliability of the grid amidst climate risks. Constellation calls for improved reliability measures to secure energy supply effectively.
Constellation (Nasdaq: CEG) will invest $800 million to enhance output at its Braidwood and Byron nuclear plants in Illinois, increasing capacity by approximately 135 megawatts. This enhancement will provide enough carbon-free energy to power 100,000 homes year-round, akin to removing 171,000 gas vehicles from the road. The projects, expected to boost output by 2026 fully by 2029, will create jobs for thousands and reflect the impact of recent supportive policies like the Inflation Reduction Act. Constellation aims for 100% carbon-free generation by 2040.
Constellation Energy Corporation (Nasdaq: CEG) reported a GAAP net income of $34 million for Q4 2022, down from $42 million in Q4 2021, while the full year 2022 showed a net loss of $160 million. Adjusted EBITDA decreased to $605 million in Q4 2022 from $1,027 million in Q4 2021, totaling $2,667 million for the year, an increase from $2,185 million in 2021. The company introduced a 2023 Adjusted EBITDA guidance of $2.9 billion to $3.3 billion and announced a capital allocation strategy of $1.5 billion for growth and a $1 billion share repurchase, alongside doubling its annual dividend. The nuclear fleet operated at a capacity factor of 95.4% in Q4 2022.
Exelon (NASDAQ: EXC) will propose two new Board members, Charisse R. Lillie and Matthew C. Rogers, at the April 25, 2023 Annual Shareholders Meeting. Current board members Paul Joskow, Ann Berzin, and Carlos Gutierrez will depart without seeking re-election. Lillie brings extensive experience in law and corporate governance, while Rogers has a background in sustainability and energy transition. Joskow, Berzin, and Gutierrez contributed significantly during their tenures, particularly during Exelon’s separation from Constellation Energy. The Board emphasizes the need for fresh perspectives in guiding Exelon's clean energy transformation.
Constellation Energy Corporation (Nasdaq: CEG) announced a new capability through PJM to provide hourly time-stamped carbon-free energy certificates, aiding customers in demonstrating carbon-free energy use at all times. This enhancement supports Constellation's Hourly Carbon-Free Energy Matching product. This initiative is crucial for businesses, particularly clean hydrogen producers, to meet federal tax credits. By allowing the retirement of energy certificates based on specific hours, the program provides transparency and supports sustainability goals.
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Quaker Houghton (NYSE: KWR) has partnered with Constellation to purchase Renewable Energy Certificates (RECs) that will cover approximately 50% of its U.S. electricity needs. This initiative is part of Quaker Houghton's commitment to sustainability and achieving its greenhouse gas emissions targets by 2030. The RECs are certified by Green-e® Energy and sourced from renewable energy generators in the contiguous U.S. The company's CEO, Andy Tometich, emphasized the importance of sustainability in Quaker Houghton's long-term strategy, while Constellation supports its clients' sustainability goals.
Constellation Energy Corporation (Nasdaq: CEG) reported a third-quarter 2022 GAAP net loss of $188 million, a significant decline from a net income of $607 million in the same period last year. Adjusted EBITDA (non-GAAP) decreased to $592 million from $967 million in Q3 2021. The company has narrowed its full-year adjusted EBITDA guidance to $2.45 billion - $2.65 billion. Notably, S&P upgraded its issuer credit rating to BBB, reflecting improved business risk due to supportive policies from the recently signed Inflation Reduction Act. The company is pursuing license renewals for its nuclear plants.