CEGConstellation Energy

2025 vs. 2024 vs. 2023 $ Change % Change(a) Change Description Mid-Atlantic $ 228 10.3% 965 17.5% • unfavorable cost favorable retail load revenue of ($100) associated with purchased power $700 primarily due to supply higher contracted energy prices and load relative to generation volumes primarily driven by higher prices during peak load periods and higher net transmission costs • unfavorable settlement of favorable realized economic hedges of ($75) $450 due to settled prices relative to hedged prices Midwest 200 14.3% • favorable wholesale load revenue of $325 primarily due to higher contracted energy prices; partially offset by • unfavorable cost activity due to absence of ($170) nuclear PTC revenue of $515 due to higher energy and capacity prices in the current year Midwest 999 20.8% • favorable net generation and wholesale load revenue of $730 primarily due to higher energy prices, partially offset by lower generation volumes • favorable realized economic hedges of $720 due to settled prices relative to hedged prices • favorable retail load revenue of $520 primarily due to higher contracted energy prices and load volumes • favorable net capacity revenue of $195 primarily due to higher prices • favorable net ZEC revenue of $130 primarily due to revenue recognized for Illinois ZECs delivered in prior planning years; partially offset by • unfavorable activity due to lower nuclear PTC revenue of $1,090 and lower net CMC program revenue of $210 due to higher energy and capacity prices in the current year New York 140 6.8% • favorable net generation revenue of $255 associated with purchased the sale of generation volumes relative to purchase power to supply load relative to generation volumes primarily driven by higher net transmission costs • unfavorable nuclear fuel cost of ($55) primarily due to higher amortization rates related energy prices and generation volumes • favorable retail load revenue of $110 primarily due to higher contracted energy prices • favorable ZEC program revenue of $105 primarily due to the reversal absence of the previous decision refund associated with nuclear PTC revenue; partially offset by • unfavorable activity due to absence of nuclear PTC revenue of $150 due to higher energy prices in 2020 to retire certain sites New York (173) (22.5)% the current year • favorable settlement of unfavorable realized economic hedges of $230 $185 due to settled prices relative to hedged prices ERCOT (261) (34.2)% 354 22.8% • favorable cost of $245 associated with purchased power to supply load relative to generation volumes primarily due to higher generation volumes • favorable settlement of realized economic hedges of $70 $150 due to settled prices relative to hedged prices Other Power Regions (373) (8.1)% • favorable purchased power and fuel wholesale load revenue of $390 $120 primarily due to higher contracted energy prices, partially offset by lower load volumes • favorable retail load revenue of $75 primarily due to higher contracted energy prices and load served, partially offset by the expiration of the Mystic COS volumes

Market Designs. Design. The wholesale markets vary from region to region with distinct rules, practices practices, and procedures. Changes in these market rules, problems with rule implementation, or failure of any of these markets could adversely affect our business. In addition, business with little notice. The imposition of price caps, the issuance of orders extending the operation of generation resources slated for retirement, the imposition of requirements that new large load secure supply from new generation resources or agree to be interrupted, policies allowing utility-owned generation in restructured states, and policies favoring new resources at the expense of existing resources may lead to a significant decrease market design that results in the premature retirement of existing resources, which would negatively affect our portfolio of assets as well as the market participation could affect as a whole. For example, PJM is considering market liquidity rule changes as part of its stakeholder process, and the Trump administration, in conjunction with Governors of PJM states, have proposed a detrimental effect on market stability. framework to govern new load connection and the generation that can serve that load. The outcome of this process is uncertain. See Item 7. Management’s Discussion and Analysis of Financial

In December 2021, approximately 130 insurance companies which insured Texas homeowners and businesses filed a subrogation lawsuit against multiple defendants alleging that defendants were at fault for the energy failure that resulted from the winter storm, causing significant property damage to the insureds. Subsequently, several hundred other insurance companies filed similar claims. All of these cases were combined in a Multi-District-Litigation (MDL) pending in Texas state court, which established a bellwether process to consider initial motions to dismiss by the different industry groups of defendants. Defendants filed motions to dismiss the amended complaints in five bellwether cases in July 2022. In February 2023, the court granted the motions to dismiss pertaining to us in part and denied them in part, leaving the plaintiffs' negligence and nuisance claims to proceed. Since the motions to dismiss were partially denied, thousands of new claimants, many in multiple mass tort actions, filed lawsuits in various Texas state courts naming us, among hundreds of other defendants. The majority of these cases were transferred to the MDL. The MDL involves over 200 cases brought by approximately 30,000 plaintiffs, including more than 1,300 insurance companies, and we are defendants in the majority of them. We are had also been named in an alleged class action that seeks sought to assert claims on behalf of over 4.1 million Texans within ERCOT who lost power during Winter Storm Uri. The court subsequently denied certification of the class, and plaintiffs have not presently pursued on appeal.