Constellation Energy Corporation

Is Constellation Energy publicly traded?
Yes. Constellation Energy trades on Nasdaq under the ticker CEG. It became a standalone public company on February 1, 2022, when Exelon separated its competitive generation business, and shares are widely held by institutional investors.

When was Constellation Energy founded?
Constellation Energy Corporation was formed in 2022 as a spinoff from Exelon. The name and Baltimore roots trace to Constellation Energy Group, which Exelon had acquired in 2012, and the nuclear plants it operates were built by predecessor utilities from the 1960s onward.

What did Constellation buy in 2026?
Constellation completed its acquisition of Calpine Corporation on January 7, 2026, for $4.5 billion in cash plus 50 million shares. The deal added about 23 gigawatts of natural gas and geothermal capacity and made Constellation the largest private-sector power producer in the world.

What is the Crane Clean Energy Center?
The Crane Clean Energy Center is the restarted Three Mile Island Unit 1 nuclear reactor in Pennsylvania, which was retired in 2019. Microsoft signed a 20-year PPA to buy its output for data centers, and a $1 billion DOE loan guarantee supports the restart, expected in the late 2020s.

Who is the CEO of Constellation?
Joseph "Joe" Dominguez is president and chief executive officer. He led the 2022 separation from Exelon after serving in senior roles at Exelon Generation and as an Exelon executive.

How much revenue did Constellation make in 2025?
Constellation reported operating revenues of $25.5 billion for fiscal year 2025, with GAAP net income of $7.40 per share and adjusted operating earnings of $9.39 per share. Those figures exclude Calpine, which closed after year-end in January 2026.

The modern company was created on February 1, 2022, when Exelon Corporation completed the separation of its competitive generation and customer-facing energy businesses into a new public company. CEG Parent was formed as a Pennsylvania corporation for the distribution and began trading on Nasdaq under ticker CEG, a nod to the Baltimore-based Constellation Energy Group that Exelon had acquired in 2012.

The separated business combined a nuclear fleet assembled over decades, originally operated by utilities such as Commonwealth Edison and PECO, with the Exelon Generation merchant fleet and the Constellation NewEnergy retail supply business. Under CEO Joe Dominguez, a former Exelon lawyer and Exelon Generation executive, the new company positioned nuclear as premium clean energy for corporate customers.

The defining shift came with the AI-driven electricity demand surge. In September 2024, Constellation announced a 20-year power purchase agreement with Microsoft to restart Three Mile Island Unit 1, renamed the Crane Clean Energy Center, which had been retired for economic reasons in 2019. In June 2025, Meta signed a 20-year PPA supporting the Clinton nuclear station in Illinois. Those deals made Constellation the flagship supplier for hyperscaler clean-power demand.

In January 2025, Constellation agreed to acquire Calpine Corporation for $4.5 billion in cash plus 50 million shares, a deal valued around $16 billion including assumed debt. The transaction closed on January 7, 2026, adding approximately 23 gigawatts across 72 gas and geothermal assets and creating the nation's largest electricity producer. Later in 2026, Calpine signed a 380-megawatt agreement to support a CyrusOne data center in Texas, and the Department of Energy approved a $1 billion loan guarantee for the Crane restart. The NRC approved 20-year license extensions for the Clinton and Dresden stations during the same period.

Constellation's core product is its sustainability story: the nuclear fleet produces carbon-free electricity at roughly 90%+ capacity factors, and the company says it supplies about 10% of the nation's clean energy. It has committed to phasing out coal and expanding clean generation, and it markets verified carbon-free energy attributes and RECs through its retail business.

The dominant environmental issue is nuclear waste. Constellation stores spent fuel on site under NRC licenses pending a national repository; it reports no spent-fuel accidents and funds decommissioning trusts. Critics also note that the Calpine acquisition added a large fossil fleet, making the combined company the largest US gas-fired generator as well as the largest clean-energy producer, a tension climate groups have flagged.

Safety disclosures are standard for the industry. The fleet operates under NRC oversight, and Constellation reports above-industry-average performance metrics in capacity factor and safety records. The Crane restart has faced scrutiny from some ratepayer advocates concerned about the deal's costs and precedent for restarting retired plants.

The most significant recent scrutiny concerns the Crane Clean Energy Center restart. Consumer advocates and some state officials have questioned whether utility customers should bear any costs associated with a private plant restart serving a single corporate customer, though the Microsoft PPA is structured to keep costs on Constellation and Microsoft. The project has also drawn mixed local reaction, with the Pennsylvania community that once opposed the site largely supporting the jobs it brings.

The Calpine acquisition drew antitrust review. The Justice Department required divestitures of certain gas plants as a condition of approval before the January 2026 closing, reflecting concern about concentration in Texas and California power markets.

Three Mile Island's history is an unavoidable reputational backdrop: the 1979 Unit 2 accident remains the worst US commercial nuclear incident, and the Crane restart has been covered in that context, though the restart applies to the unaffected Unit 1.