CEG · Constellation Energy Corporation

Constellation Energy Corp CEG

Generates and sells electricity, primarily from nuclear plants, along with other carbon-free and conventional power sources.

Industry
Utilities
Listed on
Nasdaq NMS
IPO
2022-01-19
Website
constellationenergy.com

Daily brief

Constellation Energy jumps on 20-year nuclear power deal with Google

+12.25% to $300.40 from $267.62

What moved CEG

  • Google and Constellation Energy announced a long-term agreement to add 890 megawatts of new nuclear generating capacity to the PJM grid across Illinois, Pennsylvania and New Jersey.
  • Including a separate 15-year supply agreement for another 2,700 megawatts, Google’s total contracted capacity from Constellation on the PJM grid reaches 3,590 megawatts, with new nuclear power making up roughly a quarter of the supply.
  • Constellation said it would invest more than $4.3 billion in the project, which is expected to create about 7,200 construction jobs, with power from the upgraded plants flowing starting in 2028.
  • The companies also expanded a technology alliance under which Constellation will use Google Cloud and Gemini Enterprise to help optimize power-plant dispatch and protect infrastructure.

Sources: Yahoo Finance · BNN Bloomberg · Constellation Energy

Daily brief

Constellation Energy climbs after earnings beat, raised outlook

-1.52% to $261.10 from $265.12

What moved CEG

  • Second-quarter revenue rose to $7.5 billion from $6.1 billion a year earlier, with adjusted earnings of $2.55 per share beating the $2.33 estimate.
  • Constellation raised full-year adjusted earnings guidance to $11.50-$12.50 per share from $11.00-$12.00, pointing to rising power demand.
  • The company signed an additional 920 megawatts of long-term power-purchase agreements and agreed to sell its 606-megawatt Brazos Valley Energy Center to LS Power for $860 million.

Sources: Yahoo Finance · Benzinga

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