Constellation Energy (NASDAQ: CEG) clears 18,875 MW in PJM 2028-29 auction
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Constellation Energy Corporation reported the results of the PJM capacity auction for the 2028-2029 planning year, in which each of its power plants located in the PJM market cleared. The auction results take effect on June 1, 2028.
The company lists total cleared capacity of 18,875 MW, consisting of 15,700 MW of nuclear generation and 3,175 MW of fossil and other units, excluding generation assets held for sale. By zone, cleared nuclear volumes are 9,800 MW in COMED, 4,325 MW in EMAAC, and 1,575 MW in MAAC, with additional fossil and other capacity in COMED, EMAAC, MAAC, BGE, and the RTO. The table shows a capacity price of $325 in each listed zone. Capacity revenues for nuclear units are included in the gross receipts calculation for the federal Production Tax Credit, and related statements are characterized as forward-looking and subject to previously disclosed risks.
Positive
- None.
Negative
- None.
8-K Event Classification
Item 8.01 — Other Events
1 item
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Key Figures
Total PJM cleared capacity 2028-2029: 18,875 MW
Nuclear cleared capacity: 15,700 MW
Fossil/other cleared capacity: 3,175 MW
+5 more
8 metrics
Total PJM cleared capacity 2028-2029
18,875 MW
Cleared capacity volumes at ownership in PJM capacity auction for the 2028-2029 planning year
Nuclear cleared capacity
15,700 MW
Total nuclear capacity in the PJM portfolio cleared for the 2028-2029 planning year
Fossil/other cleared capacity
3,175 MW
Total fossil and other capacity in the PJM portfolio cleared for the 2028-2029 planning year
COMED cleared capacity
10,200 MW
Subtotal COMED cleared capacity at ownership in the PJM 2028-2029 capacity auction
EMAAC cleared capacity
6,550 MW
Subtotal EMAAC cleared capacity at ownership in the PJM 2028-2029 capacity auction
MAAC cleared capacity
1,725 MW
Subtotal MAAC cleared capacity at ownership in the PJM 2028-2029 capacity auction
BGE cleared capacity
375 MW
Subtotal BGE cleared capacity at ownership in the PJM 2028-2029 capacity auction
Capacity price
$325
Price shown for each listed PJM zone in the 2028-2029 capacity auction table
Key Terms
PJM capacity auction, Production Tax Credit, Capacity Performance MW, forward-looking statements
4 terms
PJM capacity auction market
"results of the PJM capacity auction for the 2028-2029 planning year"
PJM capacity auction is a market run by the regional grid operator where electricity suppliers bid to be paid for being available to provide power during future peak demand periods; winners receive regular payments for that availability while buyers (utilities) secure enough backup supply. Think of it as buying insurance that enough power will be there when needed. For investors, auction results shape predictable revenue streams and project financing for generators, batteries and demand-response resources, and influence asset values and local power prices.
Production Tax Credit financial
"included in the gross receipts calculation for the Production Tax Credit"
A production tax credit is a government benefit that pays producers a fixed amount for each unit they make or sell — for example a set payment per megawatt-hour of electricity or per barrel of a commodity. It matters to investors because it directly raises a project’s cash flow and lowers the effective cost of production, much like a per‑unit coupon, which can change profitability, valuation and the attractiveness of financing or new investment.
Capacity Performance MW technical
"Cleared Volumes at Ownership | Capacity Performance MW | Price"
forward-looking statements regulatory
"This report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
FAQ
What did Constellation Energy (CEG) disclose about the PJM 2028-2029 capacity auction?
Constellation Energy (CEG) disclosed that all of its power plants located in the PJM market cleared the capacity auction for the 2028-2029 planning year. The company provided detailed cleared volumes by zone and noted that the auction results take effect on June 1, 2028.
How much capacity did CEG clear in the PJM 2028-2029 auction, and how is it split by resource type?
CEG reports total cleared PJM capacity of 18,875 MW for 2028-2029. This includes 15,700 MW of nuclear generation and 3,175 MW of fossil and other units, with volumes measured at ownership and excluding generation assets held for sale.
What capacity price did CEG’s resources receive in the PJM 2028-2029 auction?
The capacity table for CEG’s PJM portfolio shows a price of $325 for each listed zone. This price applies across COMED, EMAAC, MAAC, BGE, and RTO zones for the cleared Capacity Performance MW in the 2028-2029 planning year auction.
When do the PJM 2028-2029 capacity auction results become effective for CEG?
CEG states that the PJM 2028-2029 capacity auction results take effect on June 1, 2028. From that date, the cleared Capacity Performance MW will govern capacity obligations and revenues for the planning year covered by the auction results.
How do PJM capacity revenues affect CEG’s Production Tax Credit calculations?
CEG explains that capacity revenues for its nuclear units are included in the gross receipts calculation for the Production Tax Credit. This means nuclear capacity payments earned in PJM contribute to the revenue base used to determine eligibility and amounts under that federal tax incentive.
Which PJM zones contribute most to CEG’s cleared capacity for 2028-2029?
For 2028-2029, CEG highlights major cleared volumes in COMED at 10,200 MW and EMAAC at 6,550 MW, with MAAC contributing 1,725 MW. Smaller cleared fossil and other capacities appear in BGE and the broader RTO, bringing the PJM portfolio total to 18,875 MW.