ECP discloses 6.1% Constellation Energy (CEG) ownership in 13G filing

Rhea-AI Filing Summary

Constellation Energy Corp reported that a group of affiliated Energy Capital Partners (ECP) entities has filed a Schedule 13G showing a significant passive ownership position in its common stock. ECP ControlCo, LLC reports beneficial ownership of 22,043,724 shares of Constellation Energy common stock, representing 6.1% of the class, based on 362,355,476 shares outstanding as of January 7, 2026 as disclosed by the company. The shares are held through multiple Delaware-organized investment vehicles, including Energy Capital Partners III and IV funds and several ECP Volt and Calpine-related partnerships. ECP ControlCo’s board of managers collectively shares voting and dispositive power over these shares, but all reporting persons and individuals expressly disclaim beneficial ownership beyond their indirect interests. The filers certify that the securities were not acquired and are not held for the purpose of changing or influencing control of Constellation Energy, indicating a passive investment intent under Schedule 13G.

Insights

Equity ownership & governance analyst

ECP reports a passive 6.1% stake in Constellation Energy through multiple affiliated funds.

The filing shows a group of related Energy Capital Partners entities reporting beneficial ownership of 22,043,724 Constellation Energy common shares, or 6.1% of the class, based on 362,355,476 shares outstanding as of January 7, 2026. The position is aggregated across various ECP III, ECP IV, Volt and Calpine vehicles, with ECP ControlCo, LLC at the top of the ownership chain.

Control over voting and disposition is described as shared: ECP ControlCo, LLC is managing member of several upstream entities, and its board of managers collectively directs voting and investment decisions. The filing is on Schedule 13G, and the certifying language states the holdings were not acquired and are not held to change or influence control of Constellation Energy, characterizing this as a passive ownership disclosure rather than an activist move.

While the aggregate stake exceeds the 5% reporting threshold, the impact depends on how ECP votes its shares in future corporate matters. The current disclosure emphasizes passive intent and includes standard disclaimers of beneficial ownership beyond each entity’s indirect economic interests, with no specific strategic actions or timelines described.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Constellation Energy Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

21037T109

(CUSIP Number)

01/07/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 21037T109

1

Names of Reporting Persons

ECP ControlCo, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 22,043,724.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 22,043,724.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

22,043,724.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.1 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 21037T109

1

Names of Reporting Persons

Energy Capital Partners III, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 11,183,651.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,183,651.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,183,651.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.1 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 21037T109

1

Names of Reporting Persons

Energy Capital Partners IV, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,266,957.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,266,957.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,266,957.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.6 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 21037T109

1

Names of Reporting Persons

ECP Calpine GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,593,116.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,593,116.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,593,116.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.4 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 21037T109

1

Names of Reporting Persons

ECP III Volt Holdings, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 106,918.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 106,918.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

106,918.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.03 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 21037T109

1

Names of Reporting Persons

ECP III-A Volt Holdings, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,599,243.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,599,243.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,599,243.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 21037T109

1

Names of Reporting Persons

ECP III-B Volt Holdings, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 434,667.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 434,667.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

434,667.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.1 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 21037T109

1

Names of Reporting Persons

ECP III-C Volt Holdings, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,487,983.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,487,983.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,487,983.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.4 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 21037T109

1

Names of Reporting Persons

ECP III-D Volt Holdings, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,836,426.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,836,426.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,836,426.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.5 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 21037T109

1

Names of Reporting Persons

ECP Checkerspot Holdings, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,718,414.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,718,414.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,718,414.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 21037T109

1

Names of Reporting Persons

ECP IV-A Volt Holdings, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 543,086.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 543,086.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

543,086.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.1 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 21037T109

1

Names of Reporting Persons

ECP IV-B Volt Holdings, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 91,013.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 91,013.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

91,013.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.03 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 21037T109

1

Names of Reporting Persons

ECP IV-C Volt Holdings, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 450,142.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 450,142.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

450,142.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.1 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 21037T109

1

Names of Reporting Persons

ECP IV-D Volt Holdings, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,182,716.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,182,716.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,182,716.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.3 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 21037T109

1

Names of Reporting Persons

ECP Calpine Fund GP, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,593,116.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,593,116.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,593,116.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.4 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 21037T109

1

Names of Reporting Persons

ECP Calpine Continuation Fund, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,270,971.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,270,971.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,270,971.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 21037T109

1

Names of Reporting Persons

ECP Calpine Rollover Fund, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 618,188.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 618,188.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

618,188.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.2 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Constellation Energy Corp
(b)	Address of issuer's principal executive offices: 1310 Point Street, Baltimore, Maryland 21231
Item 2.
(a)	Name of person filing: Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of: ECP ControlCo, LLC Energy Capital Partners III, LLC Energy Capital Partners IV, LLC ECP Calpine GP, LLC ECP III Volt Holdings, LLC ECP III-A Volt Holdings, LLC ECP III-B Volt Holdings, LLC ECP III-C Volt Holdings, LP ECP III-D Volt Holdings, LP ECP Checkerspot Holdings, LP ECP IV-A Volt Holdings, LP ECP IV-B Volt Holdings, LP ECP IV-C Volt Holdings, LP ECP IV-D Volt Holdings, LP ECP Calpine Fund GP, LP ECP Calpine Continuation Fund, LP ECP Calpine Rollover Fund, LP
(b)	Address or principal business office or, if none, residence: The principal business office address for each of the Reporting Persons is c/o ECP ControlCo, LLC, 40 Beechwood Road, Summit, NJ 07901.
(c)	Citizenship: Each of the Reporting Persons is organized under the laws of the State of Delaware.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 21037T109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information contained on the cover pages to this Schedule 13G is incorporated by reference into this Item 4. The ownership information presented herein represents beneficial ownership of Common Stock as of the date of this filing, based upon 362,355,476 shares of Common Stock outstanding as of January 7, 2026, as disclosed by the Issuer. The number of securities reported as beneficially owned herein includes: 106,918 shares of Common Stock held by ECP III Volt Holdings, LLC; 3,599,243 shares of Common Stock held by ECP III-A Volt Holdings, LLC; 434,667 shares of Common Stock held by ECP III-B Volt Holdings, LLC; 1,487,983 shares of Common Stock held by ECP III-C Volt Holdings, LP; 1,836,426 shares of Common Stock held by ECP III-D Volt Holdings, LP; 3,718,414 shares of Common Stock held by ECP Checkerspot Holdings, LP; 543,086 shares of Common Stock held by ECP IV-A Volt Holdings, LP; 91,013 shares of Common Stock held by ECP IV-B Volt Holdings, LP; 450,142 shares of Common Stock held by ECP IV-C Volt Holdings, LP; 1,182,716 shares of Common Stock held by ECP IV-D Volt Holdings, LP; 703,957 shares of Common Stock held by ECP Calpine Fund GP, LP.; 7,270,971 shares of Common Stock held by ECP Calpine Continuation Fund, LP; and 618,188 shares of Common Stock held by ECP Calpine Rollover Fund, LP. ECP ControlCo, LLC is the managing member of each of Energy Capital Partners III, LLC, Energy Capital Partners IV, LLC and ECP Calpine GP, LLC. Energy Capital Partners III, LLC, as a result of its indirect control over each of the following entities, may be deemed to share beneficial ownership of the securities held of record by each of ECP III Volt Holdings, LLC, ECP III-A Volt Holdings, LLC, ECP III-B Volt Holdings, LLC, ECP III-C Volt Holdings, LP, ECP III-D Volt Holdings, LP, and ECP Checkerspot Holdings, LP. Energy Capital Partners IV, LLC, as a result of its indirect control over each of the following entities, may be deemed to share beneficial ownership of the securities held of record by each of ECP IV-A Volt Holdings, LP, ECP IV-B Volt Holdings, LP, ECP IV-C Volt Holdings, LP, and ECP IV-D Volt Holdings, LP. ECP Calpine GP, LLC, as a result of its direct control over ECP Calpine Fund GP, LP and indirect control over each of the following entities, may be deemed to share beneficial ownership of the securities held of record by each of ECP Calpine Continuation Fund, LP and ECP Calpine Rollover Fund, LP. ECP Calpine Fund GP, LP in its capacity as the general partner of ECP Calpine Continuation Fund, LP and ECP Calpine Rollover Fund, LP may also be deemed to share beneficial ownership of the securities held of record by each of ECP Calpine Continuation Fund, LP and ECP Calpine Rollover Fund, LP. ECP ControlCo, LLC is controlled by its board of managers, which consists of Douglas Kimmelman, Peter Labbat, Tyler Reeder, Rahman D'Argenio, Raoul Hughes and Xavier Robert, all of whom collectively share the power to vote and dispose of the securities beneficially owned by ECP ControlCo, LLC. As a result of the relationships described herein, each of ECP ControlCo, LLC and the individuals named herein may be deemed to share beneficial ownership of the securities that may be deemed to be beneficially owned by each of Energy Capital Partners IV, LLC, Energy Capital Partners III, LLC and ECP Calpine GP, LLC. Each of them disclaims any such beneficial ownership.
(b)	Percent of class: See the information contained on the cover pages to this Schedule 13G.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the information contained on the cover pages to this Schedule 13G.
	(ii) Shared power to vote or to direct the vote: See the information contained on the cover pages to this Schedule 13G.
	(iii) Sole power to dispose or to direct the disposition of: See the information contained on the cover pages to this Schedule 13G.
	(iv) Shared power to dispose or to direct the disposition of: See the information contained on the cover pages to this Schedule 13G.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

ECP ControlCo, LLC

Signature:	By /s/ Jennifer Gray
Name/Title:	Jennifer Gray, General Counsel
Date:	01/14/2026

Energy Capital Partners III, LLC

Signature:	By: ECP ControlCo, LLC, its managing member, By: /s/ Jennifer Gray
Name/Title:	Jennifer Gray, General Counsel
Date:	01/14/2026

Energy Capital Partners IV, LLC

Signature:	By: ECP ControlCo, LLC, its managing member, By: /s/ Jennifer Gray
Name/Title:	Jennifer Gray, General Counsel
Date:	01/14/2026

ECP Calpine GP, LLC

Signature:	By: ECP ControlCo, LLC, its managing member, By: /s/ Jennifer Gray
Name/Title:	Jennifer Gray, General Counsel
Date:	01/14/2026

ECP III Volt Holdings, LLC

Signature:	By: Energy Capital Partners III, LP, Energy Capital Partners GP III, LP, Energy Capital Partners III, LLC, ECP ControlCo, LLC, By: /s/ Jennifer Gray
Name/Title:	Jennifer Gray, General Counsel
Date:	01/14/2026

ECP III-A Volt Holdings, LLC

Signature:	By: /s/ Jennifer Gray
Name/Title:	Jennifer Gray, Executive Vice President & General Counsel
Date:	01/14/2026

ECP III-B Volt Holdings, LLC

Signature:	By: /s/ Jennifer Gray
Name/Title:	Jennifer Gray, Executive Vice President & General Counsel
Date:	01/14/2026

ECP III-C Volt Holdings, LP

Signature:	By: ECP III Volt Holdings GP, LLC, its general partner, By: /s/ Jennifer Gray
Name/Title:	Jennifer Gray, Executive Vice President & General Counsel
Date:	01/14/2026

ECP III-D Volt Holdings, LP

Signature:	By: ECP III Volt Holdings GP, LLC, its general partner, By: /s/ Jennifer Gray
Name/Title:	Jennifer Gray, Executive Vice President & General Counsel
Date:	01/14/2026

ECP Checkerspot Holdings, LP

Signature:	By: Volt Parent GP, LLC, Energy Capital Partners III, LLC, ECP ControlCo, LLC, By: /s/ Jennifer Gray
Name/Title:	Jennifer Gray, General Counsel
Date:	01/14/2026

ECP IV-A Volt Holdings, LP

Signature:	By: ECP IV Volt Holdings GP, LLC, its general partner, By: /s/ Jennifer Gray
Name/Title:	Jennifer Gray, Executive Vice President & General Counsel
Date:	01/14/2026

ECP IV-B Volt Holdings, LP

Signature:	By: ECP IV Volt Holdings GP, LLC, its general partner, By: /s/ Jennifer Gray
Name/Title:	Jennifer Gray, Executive Vice President & General Counsel
Date:	01/14/2026

ECP IV-C Volt Holdings, LP

Signature:	By: ECP IV Volt Holdings GP, LLC, its general partner, By: /s/ Jennifer Gray
Name/Title:	Jennifer Gray, Executive Vice President & General Counsel
Date:	01/14/2026

ECP IV-D Volt Holdings, LP

Signature:	By: ECP IV Volt Holdings GP, LLC, its general partner, By: /s/ Jennifer Gray
Name/Title:	Jennifer Gray, Executive Vice President & General Counsel
Date:	01/14/2026

ECP Calpine Fund GP, LP

Signature:	By: ECP Calpine GP, LLC, its general partner, By: ECP ControlCo, LLC, its managing member, By: /s/ Jennifer Gray
Name/Title:	Jennifer Gray, General Counsel
Date:	01/14/2026

ECP Calpine Continuation Fund, LP

Signature:	By: ECP Calpine Fund GP, LP, By: ECP Calpine GP, LLC, By: ECP ControlCo, LLC, By: /s/ Jennifer Gray
Name/Title:	Jennifer Gray, General Counsel
Date:	01/14/2026

ECP Calpine Rollover Fund, LP

Signature:	By: ECP Calpine Fund GP, LP, By: ECP Calpine GP, LLC, By: ECP ControlCo, LLC, By: /s/ Jennifer Gray
Name/Title:	Jennifer Gray, General Counsel
Date:	01/14/2026

Exhibit Information

Exhibit 99: Joint Filing Agreement.

FAQ

How much of Constellation Energy (CEG) does Energy Capital Partners beneficially own?

The reporting group led by ECP ControlCo, LLC reports beneficial ownership of 22,043,724 shares of Constellation Energy common stock, representing 6.1% of the outstanding shares based on 362,355,476 shares outstanding as of January 7, 2026.

Which ECP entities are included in the Constellation Energy (CEG) Schedule 13G filing?

The Schedule 13G is filed on behalf of multiple affiliated entities, including ECP ControlCo, LLC, Energy Capital Partners III, LLC, Energy Capital Partners IV, LLC, ECP Calpine GP, LLC, several ECP III and ECP IV Volt Holdings entities, ECP Checkerspot Holdings, LP, and various ECP Calpine funds such as ECP Calpine Fund GP, LP, ECP Calpine Continuation Fund, LP and ECP Calpine Rollover Fund, LP.

Is the ECP stake in Constellation Energy (CEG) reported as passive or active?

The filing is on Schedule 13G, and the certifying language states that the securities were not acquired and are not held for the purpose of changing or influencing the control of Constellation Energy, indicating a passive investment intent under the rules applicable to Schedule 13G filers.

How many Constellation Energy (CEG) shares are outstanding in this filing?

The ownership percentages are calculated based on 362,355,476 shares of Constellation Energy common stock outstanding as of January 7, 2026, as disclosed by the issuer in the document.

Who ultimately controls voting and disposition of the Constellation Energy (CEG) shares held by ECP entities?

ECP ControlCo, LLC is described as the managing member of key upstream entities and is controlled by a board of managers consisting of Douglas Kimmelman, Peter Labbat, Tyler Reeder, Rahman D'Argenio, Raoul Hughes and Xavier Robert, who collectively share the power to vote and dispose of the securities beneficially owned by ECP ControlCo, LLC.

Do the ECP reporting persons claim full beneficial ownership of all Constellation Energy (CEG) shares in the filing?

The document states that ECP ControlCo, LLC, its related entities, and the named individuals may be deemed to share beneficial ownership of certain securities through their control relationships, but that each of them disclaims such beneficial ownership beyond their indirect interests.