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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.
The Board of Directors of Constellation Energy Corporation (Nasdaq: CEG) has declared a quarterly dividend of $0.141 per share on its common stock. This dividend will be payable on December 9, 2022, to shareholders recorded by 5 p.m. Eastern time on November 15, 2022. Constellation is recognized as the largest producer of clean, carbon-free energy in the U.S., supplying energy to millions, including three-fourths of Fortune 100 companies. The company aims to achieve 100% carbon-free power generation by 2040.
Constellation seeks approval from the Nuclear Regulatory Commission to extend operating licenses for its Clinton and Dresden nuclear plants by 20 years, potentially benefiting Illinois' economy significantly. The plants provide carbon-free energy, enough to power 2 million homes, aligning with Illinois' 2050 clean energy goals. The extension could add approximately $1.55 billion to the state's GDP annually. Supported by federal and state policies, the plants are critical for reducing emissions and ensuring energy security.
Constellation has appointed Nneka L. Rimmer to its Board of Directors, effective November 1, 2022. Rimmer, previously the president of Global Flavors & Extracts at McCormick, brings extensive experience in leadership, growth, and strategic expertise. Her prior role included overseeing a $4.2 billion acquisition, contributing to McCormick's success. Rimmer's appointment aligns with Constellation’s mission to transition to a carbon-free future, aiming for 100% carbon-free power generation by 2040.
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PPG has entered a 12-year agreement with Constellation to procure clean energy for its Adrian, Michigan manufacturing facility. Starting in 2024, PPG will receive 1.5 MW from the Double Black Diamond Solar Energy Project, aiming to reduce its carbon footprint by over 2,400 metric tons annually, equivalent to emissions from 530 gasoline cars. This initiative supports PPG's ongoing sustainability efforts and aligns with its decarbonization goals. The partnership highlights PPG's commitment to renewable energy and its intent to explore more global opportunities in this sector.
This summer, Constellation's nuclear plants delivered high generation reliability amidst extreme weather, with a remarkable capacity factor of 99%. The company, a leader in carbon-free energy, operates 12 nuclear facilities across the East Coast and Midwest, providing uninterrupted electricity to millions of homes. Ongoing maintenance and technology upgrades helped maintain this reliability, critical during tough climatic conditions. Constellation aims for 100% carbon-free power generation by 2040, leveraging its diverse energy mix and largest nuclear fleet in the U.S.
Constellation Energy Corporation (Nasdaq: CEG) leads the U.S. in carbon-free energy production, showcasing the lowest carbon dioxide emissions among the top 20 investor-owned power producers. An independent analysis revealed that Constellation's emissions are nearly four times lower than the next cleanest company. With around 90% of its output from carbon-free sources, Constellation aims for 100% carbon-free electricity by 2040, backed by federal grants for hydrogen production and direct air capture technologies. The firm partners with Microsoft to develop real-time carbon-free energy solutions.
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Constellation Energy Corporation (Nasdaq: CEG) reported a GAAP net loss of ($111) million for Q2 2022, worsening from ($61) million in Q2 2021. Adjusted EBITDA (non-GAAP) fell to $603 million, down from $656 million year-over-year. The company reaffirmed its full-year adjusted EBITDA guidance at $2.35 billion to $2.75 billion, supported by higher energy prices and lower nuclear fuel costs. Recent agreements with Bank of America and PNC Bank aim to procure carbon-free energy. Highlights also included legislation supporting nuclear energy and a significant renewable energy deal from the Mammoth Solar project.
Constellation (NASDAQ: CEG) announced its acceptance of applications for the E2 Energy to Educate grant program for 2022, aimed at funding student projects focused on energy innovation. Grants of up to $25,000 for secondary education and up to $50,000 for college students are available. The previous year's program granted nearly $515,000 across 23 projects, engaging nearly 21,000 students. To date, the initiative has provided nearly $5 million in funding, impacting nearly 250,000 students nationwide.