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14:00
May 11 ◎

CEG FY2026 Q1 Watch

Constellation Energy Corporation (CEG) FY2026 Q1 Earnings Call

ETR PEG VST AEP ▾

Joe Dominguez

Constellation has submitted ~5,000 MW of new capacity resources (nuclear upgrades, new gas, battery storage) into PJM's interconnection queue, positioning itself to benefit from PJM's proposed capacity backstop framework. — Constellation's ability to offer new-build capacity solutions to data center customers in PJM gives it a competitive edge over other providers that may not have such a diverse project pipeline.

"We have submitted approximately 5,000 megawatts of new capacity resources into PJM's interconnection queue, including unique nuclear upgrades, new natural gas generation, and new battery storage projects."

ETR WATCH PEG WATCH

Joe Dominguez

PJM's backstop capacity proposal is moving faster than expected, with a planned FERC submission in June, which management believes will unlock stalled data center demand and co-location agreements in the region. — Faster regulatory clarity in PJM could accelerate demand for new power generation and data center deals, benefiting utilities and independent power producers with capacity in the region.

"PJM has established a proposed timeline for providing clarity on when it expects to vote on the final framework with the goal of submitting the proposal to FERC in June. Frankly, this is faster than we had hoped..."

VST WATCH AEP WATCH

MED

12:00
Mar 31 ◎

CEG FY2025 Q4 Watch

Constellation Energy Corporation (CEG) FY2025 Q4 Earnings Call

AMZN EMR GRBY NVDA ORCL ▾

Joe Dominguez

Amazon is building a large data center project next to CEG's nuclear plant, representing a significant potential customer for co-location or long-term power agreements.

"nor can I comment much on Amazon's community night last week in Maryland, where they described a large data center project next to our Calvert Cliffs Clean Energy Center."

AMZN WATCH

Joe Dominguez

Partnered with CEG and NVIDIA on the technology to shift data center workloads, positioning them within the energy-tech ecosystem for demand flexibility.

"You might have seen an announcement we made with NVIDIA, Emerald AI, and other companies last week where we are pioneering new technology that will allow the data centers to move data projects from one data center to another at a peak."

EMR WATCH

Joe Dominguez

CEG partners with GridBeyond to offer demand response, helping data center customers manage peak loads and meet capacity requirements.

"Our suite of solutions from short or long-term carbon offerings, access to renewables through our core product, or innovative demand response participation with partnerships with GridBeyond and others gives us strategic capability to meet"

GRBY WATCH

Joe Dominguez

CEG is developing technology with NVIDIA to enable data centers to shift workloads to different regions at peak, turning data centers from cost-causers into cost-reducers on the grid. — This capability may be necessary for data center developers to secure power contracts, positioning CEG as a key service provider for the data economy.

NVDA WATCH ORCL WATCH MSFT WATCH

Joe Dominguez

Management expresses extreme confidence, guiding to 20%+ CAGR in base earnings through 2029, driven by demand for clean firm power, a strong balance sheet, and the benefits of the Calpine acquisition.

"we're going to provide a longer term and more comprehensive update on the business, describe what makes Constellation special, and explain why we think Constellation has unmatched opportunities to grow, beginning with a 20% kegger on base"

CEG WATCH

HIGH

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