Constellation Energy (NASDAQ: CEG) posts 17,950 MW cleared in PJM 2027-2028 capacity auction

Rhea-AI Filing Summary

Constellation Energy Corporation reported the results of the PJM capacity auction for the 2027-2028 planning year. All of the company’s power plants located in the PJM market cleared in the auction, meaning they secured commitments to provide capacity when called upon. The auction results become effective on June 1, 2027.

The company’s cleared capacity totaled 17,950 MW across the PJM portfolio, consisting of 15,525 MW of nuclear capacity and 2,425 MW of fossil/other capacity. Key regional subtotals include 9,725 MW in COMED, 6,175 MW in EMAAC, 1,675 MW in MAAC, 350 MW in BGE and 25 MW in the broader RTO category. The table indicates a capacity price of 333 for each listed zone. Capacity revenues for nuclear units are included in the gross receipts calculation for the federal Production Tax Credit.

Insights

Utility and power markets analyst

All PJM plants cleared 17,950 MW for 2027-2028 at a uniform price.

Constellation Energy disclosed that every power plant it owns in the PJM market cleared in the 2027-2028 capacity auction, covering nuclear and fossil/other generation. Cleared capacity totals 17,950 MW across the PJM portfolio, with nuclear contributing 15,525 MW and fossil/other units 2,425 MW. This establishes commitments for the planning year starting on June 1, 2027.

By zone, the company cleared 9,725 MW in COMED, 6,175 MW in EMAAC, 1,675 MW in MAAC, 350 MW in BGE, and 25 MW in the broader RTO area, at a listed capacity price of 333 in each zone. The disclosure notes that capacity revenues for nuclear units feed into the gross receipts calculation for the Production Tax Credit, linking auction outcomes to federal tax incentives. Actual financial impact will depend on how these cleared volumes and prices flow through revenue and tax calculations in future periods.

Pennsylvania1310 Point StreetBaltimoreMaryland21231-3380(833)883-0162Pennsylvania200 Energy WayKennett SquarePennsylvania19348-2473(833)883-0162☐00018682750001168165False00018682752025-12-172025-12-170001868275ceg:ConstellationEnergyGenerationLLCMember2025-12-172025-12-17

			UNITED STATES SECURITIES AND EXCHANGE COMMISSION
			Washington, D.C. 20549
			FORM			8-K
			CURRENT REPORT
			Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
			December 17, 2025
			Date of Report (Date of earliest event reported)

Commission File Number

Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number

IRS Employer Identification Number

001-41137

CONSTELLATION ENERGY CORPORATION

87-1210716

(a Pennsylvania corporation) 1310 Point Street Baltimore, Maryland 21231-3380 (833) 883-0162

333-85496

CONSTELLATION ENERGY GENERATION, LLC

23-3064219

(a Pennsylvania limited liability company) 200 Energy Way Kennett Square, Pennsylvania 19348-2473 (833) 883-0162

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

CONSTELLATION ENERGY CORPORATION:

Common Stock, without par value

CEG

The Nasdaq Stock Market LLC

Indicate by check mark whether any of the registrants are emerging growth companies as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if any of the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Section 8 - Other Events

Item 8.01. Other Events

On December 17, 2025, Constellation Energy Corporation (the Company) learned the results of the PJM capacity auction for the 2027-2028 planning year. Each of the Company's power plants located in the PJM market cleared in the auction. The cleared volumes for RTO and MAAC include winter-only resources. Capacity revenues for nuclear units are included in the gross receipts calculation for the Production Tax Credit. The auction results take effect June 1, 2027.

The table below lists the Company's cleared capacity volumes for the 2027-2028 capacity auction by zone.

Cleared Volumes at Ownership			Capacity Performance
			MW						Price
COMED
Nuclear			9,725						$	333
Fossil/Others			—						333
Subtotal			9,725
EMAAC
Nuclear			4,250						$	333
Fossil/Others			1,925						333
Subtotal			6,175
MAAC
Nuclear			1,550						$	333
Fossil/Others			125						333
Subtotal			1,675
BGE
Nuclear			—						$	333
Fossil/Others			350						333
Subtotal			350
RTO
Nuclear			—						$	333
Fossil/Others			25						333
Subtotal			25
PJM Portfolio
Nuclear			15,525
Fossil/Others			2,425
Grand Total			17,950

* * * * *

This combined Current Report on Form 8-K is being furnished separately by the Company and Constellation Energy Generation, LLC (Constellation, and together with the Company, the Registrants). Information contained herein relating to one of the Registrants has been furnished by the Registrant on its own behalf. Neither Registrant makes any representation as to information relating to the other Registrant.

This report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.

The factors that could cause actual results to differ materially from the forward-looking statements made by the Registrants include those factors discussed herein as well as the items discussed in (1) the Registrants' combined 2024 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18 — Commitments and Contingencies; (2) the Registrants' Third Quarter 2025 Quarterly Report on Form 10-Q in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 14 — Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.

Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this Current Report on Form 8-K. Neither Registrant undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Current Report on Form 8-K.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CONSTELLATION ENERGY CORPORATION

/s/ Daniel L. Eggers

Daniel L. Eggers

Executive Vice President and Chief Financial Officer

Constellation Energy Corporation

CONSTELLATION ENERGY GENERATION, LLC

/s/ Daniel L. Eggers

Daniel L. Eggers

Executive Vice President and Chief Financial Officer

Constellation Energy Generation, LLC

December 17, 2025

FAQ

What did Constellation Energy Corporation (CEG) disclose in this 8-K?

Constellation Energy Corporation disclosed the results of the PJM capacity auction for the 2027-2028 planning year, stating that all of its power plants located in the PJM market cleared in the auction and that the results take effect on June 1, 2027.

How much capacity did CEG clear in the PJM 2027-2028 auction?

The company cleared a total of 17,950 MW of capacity in the PJM portfolio for the 2027-2028 auction, consisting of 15,525 MW of nuclear capacity and 2,425 MW of fossil/other capacity.

How are CEG's cleared PJM capacities distributed by zone?

Cleared capacity volumes by zone are: COMED 9,725 MW, EMAAC 6,175 MW, MAAC 1,675 MW, BGE 350 MW, and RTO 25 MW, based on ownership.

What capacity price did Constellation Energy report for the PJM 2027-2028 auction?

The disclosure shows a capacity price of 333 for each of the listed zones (COMED, EMAAC, MAAC, BGE, and RTO) in the 2027-2028 PJM capacity auction.

How do PJM capacity revenues affect Constellation Energy's nuclear Production Tax Credit?

The company stated that capacity revenues for nuclear units are included in the gross receipts calculation used for the federal Production Tax Credit, linking auction revenues to the tax benefit.

Which Constellation entities are covered by this PJM capacity disclosure?

The information is furnished by both Constellation Energy Corporation and Constellation Energy Generation, LLC, with each registrant responsible for information relating to itself.