Constellation Energy Corporation - CEG STOCK NEWS

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.

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.

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.

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.