CONSTELLATION REPORTS THIRD QUARTER 2026 RESULTS
Linsey Wisniewski Corporate Communications Contact: 667-218-7700 Tim Flottemesch Investor Relations 833-447-2783
• GAAP Net Income of $5.19 per share and Adjusted (non-GAAP) Operating Earnings of $5.06 per share for the third quarter of 2026
• Raising midpoint and narrowing full-year Adjusted (non-GAAP) Operating Earnings guidance range to $12.50 - $12.80 per share
• Entered into long-term agreement supporting Calvert Cliffs Clean Energy Center investment and expansion
• Entered into long-term collaboration with Google supporting new nuclear capacity
• Signed a new 20-year, 270-megawatt agreement for energy, capacity, and nuclear attributes through our Peak+, an integrated customer solution that combines new capacity to support peak demand growth with energy products tailored to customer needs
• Signed a conditional DOE loan commitment for up to $5 billion supporting nuclear uprates
— Constellation Energy Corporation (Nasdaq: CEG) today reported its financial results for the third quarter of 2026.
“This past quarter Constellation announced agreements that are helping meet one of the nation’s greatest challenges – powering a growing economy while protecting existing customers. These agreements add more than 1,000 megawatts of new, emissions-free generation to the grid and help ensure the continued operations of existing clean power for generations to come. The new megawatts, which are the equivalent of a new large-scale nuclear plant, are coming online with no costs being borne by existing customers,” said Joe Dominguez, chairman, president and chief executive officer of Constellation. “We’re building on that progress with Peak+, an integrated solution that brings together new capacity, including new generation and demand response, with energy products to help large customers meet their evolving needs. Our approach proves we can power the growing digital economy while strengthening our electric grid – all with private investment.” 1 “Third quarter adjusted operating earnings were $5.06 per share, compared with $3.04 a year ago. This strong performance allowed us to raise the midpoint of our adjusted operating earnings guidance range for the second time this year,” said Shane Smith, executive vice president and chief financial officer of Constellation. “Our disciplined capital allocation strategy, including accretive organic growth through nuclear uprates, the acquisition of Rhode Island State Energy Center and our continued aggressive pace of share repurchases, positions us to deliver sustained earnings growth.”
Our GAAP Net Income for the third quarter of 2026 increased to $5.19 per share from $2.97 per share in the third quarter of 2025. Adjusted (non-GAAP) Operating Earnings for the third quarter of 2026 increased to $5.06 per share from $3.04 per share in the third quarter of 2025. For the reconciliations of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings, refer to the GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation section below.
Adjusted (non-GAAP) Operating Earnings in the third quarter of 2026 primarily reflects:
• Favorable market and portfolio conditions and addition of Calpine, partially offset by unfavorable interest and nuclear PTC portfolio
• Agreement to Acquire Rhode Island State Energy Center: We entered into an agreement to acquire all of the equity interests in RISEC Holdings, LLC, the owner of the Rhode Island State Energy Center, from Shell Energy North America (US), L.P. for $715 million, subject to customary purchase price adjustments. The Rhode Island State Energy Center is a natural gas-fired combined-cycle electric generation facility with a generating capacity of 609 megawatts (MW). The facility sells electricity and capacity into the competitive ISO New England wholesale power market and is expected to become part of our merchant generation portfolio. Completion of the transaction is subject to receipt of required regulatory approvals and other customary closing conditions.
• Long-Term Agreement with Amazon Supporting Calvert Cliffs Clean Energy Center Investment and Expansion: In September 2026, we announced a 20-year, 690 MW PPA with Amazon and a related retail supply agreement supporting Amazon's operations in PJM. The agreement will enable more than $3 billion in infrastructure investment in our Calvert Cliffs Clean Energy Center, including facility improvements and a 190 MW capacity expansion expected to come online between 2030 and 2032, while supporting the facility's continued operation and future relicensing.
• Long-Term Collaboration with Google Supporting New Nuclear Capacity in the PJM Grid: In October 2026, we announced a 20-year PPA with Google that will enable more than $4.3 billion in investment across 11 of our nuclear units in Illinois, Pennsylvania, and New Jersey to add approximately 890 MW of incremental generation capacity to the PJM grid, with the first uprate expected in 2028. We also entered into a 15-year financial energy load following agreement with Google for 2,700 MW in PJM. 2 • Conditional DOE Loan Commitment Supporting Nuclear Uprates: In October 2026, we signed a conditional loan commitment with the DOE Office of Energy Dominance Financing. Subject to the execution of a loan agreement, the DOE would issue a guarantee for up to $5.0 billion for an unsecured loan from the Federal Financing Bank to support uprates at various nuclear facilities. The loan would have a 30-year term. Interest rates would be fixed upon each advance at a spread of 0.375% above U.S. Treasuries of comparable maturity.
• Peak+ Agreement: We have signed a 20-year agreement for 270 MW of unit- contingent energy, capacity, and attributes from our existing nuclear fleet set to begin in 2028. This is our first Peak+ transaction, an integrated solution that brings together new capacity, including new generation and demand response, with energy products to help large customers meet their evolving needs.
Nuclear Operations: Our nuclear fleet, including our owned output from the Salem and South Texas Project (STP) Generating Stations, produced 46,677 gigawatt- hours (GWhs) in the third quarter of 2026, compared with 46,477 GWhs in the third quarter of 2025. Excluding Salem and STP, our nuclear plants at ownership achieved a 97.2% capacity factor for the third quarter of 2026, compared with 96.8% for the third quarter of 2025. There were 20 planned refueling outage days in the third quarter of 2026 and 23 in the third quarter of 2025 for sites we operate. There were six non-refueling outage days in the third quarter of 2026 and five in the third quarter of 2025 for sites we operate.
• Natural Gas, Oil, and Renewables Operations: As a result of our expanded fleet following the acquisition of Calpine in January 2026, we now consider Equivalent Forced Outage Factor (EFOF) to be a key operational metric beginning in 2026. EFOF represents the percentage for which a generating unit is not available due to forced outages and forced deratings in a given period. The EFOF of our natural gas, oil, and pumped-storage hydro fleet for the third quarter of 2026 is 5.9%. Renewable energy capture for our wind, solar and run-of-river hydro fleet was 96.4% in the third quarter of 2026, compared with 96.8% in the third quarter of 2025. 3 GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
The table below provides a reconciliation of GAAP Net Income to Adjusted (non- GAAP) Operating Earnings. Adjusted (non-GAAP) Operating Earnings is not a standardized financial measure and may not be comparable to other companies’ presentations of similarly titled measures.
Unless otherwise noted, the income tax impact of each reconciling adjustment between GAAP Net Income (Loss) Attributable to Common Shareholders and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part, which may result in an effective tax rate that differs from the marginal rate. The marginal statutory income tax rate was 25.4% and 25.6% for the three months ended September 30, 2026 and 2025, respectively. The following table provides a reconciliation between GAAP Net Income (Loss) Attributable to Common Shareholders and Adjusted (non-GAAP) Operating Earnings for the three months ended September 30, 2026 compared to the same period in 2025.
(a) Amounts may not sum due to rounding. Earnings per share amount is based on average diluted common shares outstanding of 354 million and 313 million for the three months ended September 30, 2026 and 2025, respectively.
(b) Includes unrealized gains and losses on economic hedges, interest rate swaps, and fair value adjustments related to gas imbalances and equity investments.
(c) Reflects all gains and losses associated with NDTs, ARO accretion, ARC depreciation, ARO remeasurement, and impacts of contractual offset for Regulatory Agreement Units. The tax effects of Regulatory Agreement Units result in a 100% effective tax rate under contractual offset accounting. Additionally, the tax effects of NDT investment returns result in different effective tax rates depending on whether the underlying funds are held within qualified or non-qualified trusts.
(d) In 2026, reflects the non-cash impacts of the amortization of certain commodity contracts recorded at fair value associated with the Calpine acquisition.
(e) Reflects costs associated with the completion of the Calpine merger and subsequent integration of its operations. Certain of these transaction-related expenses are not tax deductible.
(f) Adjustment to deferred income taxes due to changes in forecasted apportionment.
(g) Represents elimination of the noncontrolling interest portion of certain adjustments included above. 4
We will discuss third quarter 2026 earnings in a conference call scheduled for today at 9:00 a.m. Eastern Time. The webcast and associated materials can be accessed at https://investors.constellationenergy.com.
Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation’s largest producer of clean and reliable energy. With 55 gigawatts of capacity from nuclear, natural gas, oil, geothermal, hydro, wind and solar facilities, our fleet has the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation’s clean energy and delivering the around-the-clock reliability needed to power America’s growing economy. We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including 80% of the Fortune 100. We are committed to investing in innovation and new technologies to drive the transition to a reliable, sustainable and secure energy future. Follow Constellation on LinkedIn and X.
We utilize Adjusted (non-GAAP) Operating Earnings (and/or its per share equivalent) in our internal analysis, and in communications with investors and analysts, as a consistent measure for comparing our financial performance and discussing the factors and trends affecting our business. The presentation of Adjusted (non-GAAP) Operating Earnings is intended to complement and should not be considered an alternative to, nor more useful than, the presentation of GAAP Net Income (Loss).
The tables above provide a reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings. Adjusted (non-GAAP) Operating Earnings is not a standardized financial measure and may not be comparable to other companies’ presentations of similarly titled measures.
Due to the forward-looking nature of our Adjusted (non-GAAP) Operating Earnings guidance, we are unable to reconcile this non-GAAP financial measure to GAAP Net Income (Loss) given the inherent uncertainty required in projecting gains and losses associated with the various fair value adjustments required by GAAP. These adjustments include future changes in fair value impacting the derivative instruments utilized in our current business operations, as well as the debt and equity securities held within our nuclear decommissioning trusts, which may have a material impact on our future GAAP results.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the acquisition of Calpine Corporation, the pro forma combined company and its operations, strategies and plans, enhancements to investment-grade credit profile, synergies, opportunities and anticipated future performance and capital structure, and expected accretion to earnings per share and free cash flow. Information adjusted for the acquisition should not be considered a forecast of future results. 5 Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. The factors that could cause actual results to differ materially from the forward-looking statements made by Constellation Energy Corporation and Constellation Energy Generation, LLC, (the Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2025 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18 — Commitments and Contingencies; (2) the Registrants' Third Quarter 2026 Quarterly Report on Form 10-Q (to be filed on November 9, 2026) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 15 — Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. Neither Registrant undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release. 6 Table of Contents
Consolidated Statements of Operations 1 Consolidated Balance Sheets 2 Consolidated Statements of Cash Flows 3 GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling # Adjustments Statistics 6
Three Months Nine Months Ended Ended September 30, September 30, 2026 2026 ────────────────────────────────────────────────────────────────────────────── Operating $ 9,550 $ 28,176 revenues Operating expenses Purchased power and 4,400 14,775 fuel Operating and 1,991 6,024 maintenance Depreciation and 454 1,340 amortization Taxes other than income 225 661 taxes Total operating 7,070 22,800 expenses Gain (loss) on sales of 12 28 assets Operating income 2,492 5,404 (loss) Other income and (deductions) Interest -217 -753 expense, net Other, net -44 605 Total other income and -261 -148 (deductions) Income (loss) 2,231 5,256 before income taxes Income tax (benefit) 405 1,333 expense Equity in income (losses) of 9 23 unconsolida… affiliates Net income 1,835 3,946 (loss) Net income (loss) attributable — 8 to noncontroll… interests Net income (loss) attributable $ 1,835 $ 3,938 to common shareholders Three Months Nine Months Ended Ended September 30, September 30, 2025 2025 Operating $ 6,570 $ 19,459 revenues Operating expenses Purchased power and 3,567 11,083 fuel Operating and 1,511 4,673 maintenance Depreciation and 241 743 amortization Taxes other than income 165 472 taxes Total operating 5,484 16,971 expenses Operating income 1,086 2,488 (loss) Other income and (deductions) Interest -134 -398 expense, net Other, net 443 729 Total other income and 309 331 (deductions) Income (loss) 1,395 2,819 before income taxes Income tax (benefit) 466 928 expense Net income 929 1,891 (loss) Net income (loss) attributable -1 4 to noncontroll… interests Net income (loss) attributable $ 930 $ 1,887 to common shareholders Change in Net income (loss) attributable $ 905 $ 2,051 to common shareholders from 2025 to 2026
September 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── Assets Current assets Cash and cash equivalents $ 603 $ 3,641 Restricted cash and cash 406 107 equivalents Accounts receivable, net 4,537 4,266 Derivative assets 2,187 945 Inventories, net 3,386 1,736 Renewable energy credits 968 789 Assets held for sale 5,661 126 Other 1,171 509 Total current assets 18,919 12,119 Property, plant, and 41,738 22,474 equipment, net Deferred debits and other assets Nuclear decommissioning 20,382 19,336 trust funds Goodwill 11,499 420 Derivative assets 2,073 450 Other 4,574 2,450 Total deferred debits and 38,528 22,656 other assets Total assets $ 99,185 $ 57,249 Liabilities and shareholders’ equity Current liabilities Short-term borrowings $ 3,989 $ 1,650 Long-term debt due within 359 92 one year Accounts payable and 4,900 4,294 accrued expenses Derivative liabilities 970 467 Renewable energy credit 1,021 1,075 obligation Other 1,493 366 Total current liabilities 12,732 7,944 Long-term debt 19,039 7,250 Deferred credits and other liabilities Deferred income taxes and unamortized 8,854 3,544 ITCs Asset retirement 12,887 13,193 obligations Pension and non-pension postretirement 1,838 1,977 benefit obligations Payable related to Regulatory Agreement 5,826 5,334 Units Derivative liabilities 723 414 Other 4,247 2,740 Total deferred credits and other 34,375 27,202 liabilities Total liabilities 66,146 42,396 Commitments and contingencies Shareholders’ equity Common stock 25,702 11,043 Retained earnings (deficit) 9,376 5,899 Accumulated other comprehensive income -2,366 -2,425 (loss), net Total shareholders’ equity 32,712 14,517 Noncontrolling interests 327 336 Total equity 33,039 14,853 Total liabilities and shareholders’ $ 99,185 $ 57,249 equity
Nine Months Ended Cash flows from September 30, operating activities 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income (loss) $ 3,946 $ 1,891 Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities Depreciation, amortization, and accretion, including 2,898 1,945 nuclear fuel and contract amortization Deferred income taxes and amortization 932 248 of ITCs Net fair value changes related to -776 328 derivatives Net realized and unrealized (gains) -384 -588 losses on NDT funds Net realized and unrealized (gains) 32 256 losses on equity investments Other non-cash operating -93 -74 activities Changes in assets and liabilities: Accounts receivable 462 -184 Inventories -181 -62 Accounts payable and -1,099 -25 accrued expenses Option premiums received -36 49 (paid), net Collateral received 25 -192 (posted), net Income taxes 177 423 Pension and non-pension postretirement -225 -193 benefit contributions Other assets and -699 -390 liabilities Net cash flows provided by (used in) 4,979 3,432 operating activities Cash flows from investing activities Capital expenditures -3,461 -1,963 Proceeds from NDT fund 6,423 5,525 sales Investment in NDT funds -6,688 -5,773 Acquisition of Calpine, net of cash and -2,537 — restricted cash acquired Other investing 199 -10 activities Net cash flows provided by (used in) -6,064 -2,221 investing activities Cash flows from financing activities Change in short-term 2,092 — borrowings Proceeds from short-term borrowings with 4,500 1,650 maturities greater than 90 days Repayments of short-term borrowings with -4,250 — maturities greater than 90 days Issuance of long-term 5,001 — debt Retirement of long-term -5,460 -1,036 debt Dividends paid on common -459 -365 stock Repurchases of common -3,001 -400 stock Other financing -77 -98 activities Net cash flows provided by (used in) -1,654 -249 financing activities Increase (decrease) in cash, restricted -2,739 962 cash, and cash equivalents Cash, restricted cash, and cash 3,748 3,129 equivalents at beginning of period Cash, restricted cash, and cash $ 1,009 $ 4,091 equivalents at end of period
(b) Adjustment for unrealized gains and losses on economic hedges, interest rate swaps, and fair value adjustments related to gas imbalances and equity investments.
(c) Adjustment for all gains and losses associated with Nuclear Decommissioning Trusts (NDT), Asset Retirement Obligation (ARO) accretion, Asset Retirement Cost (ARC) Depreciation, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units.
(d) In 2026, reflects the non-cash impacts of the amortization of certain commodity contracts at fair value associated with the Calpine acquisition.
(e) Adjustment for costs associated with the completion of the Calpine merger and subsequent integration of its operations.
(g) Adjustment to deferred income taxes due to changes in forecasted apportionment.
(j) Adjustment for elimination of the noncontrolling interest related to certain adjustments. 4 Table of Contents
(b) Adjustment for unrealized gains and losses on economic hedges, interest rate swaps, and fair value adjustments related to gas imbalances and equity investments.
(c) Adjustment for all gains and losses associated with NDTs, ARO accretion, ARC Depreciation, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units.
(d) In 2026, reflects the non-cash impacts of the amortization of certain commodity contracts at fair value associated with the Calpine acquisition.
(e) Adjustment for costs associated with the completion of the Calpine merger and subsequent integration of its operations.
(g) Adjustment to deferred income taxes due to changes in forecasted apportionment.
(j) Adjustment for elimination of the noncontrolling interest related to certain adjustments. 5 Table of Contents
(a) Includes the proportionate share of output where we have an undivided ownership interest in jointly-owned generating plants. (b) Outage days exclude Salem and STP. 6 Table of Contents
__________ (a) Reference prices may not necessarily reflect prices we ultimately realized.
(b) We did not have significant activity at this zone for the three months ended September 30, 2025.
(c) The NY and NJ state-sponsored programs providing compensation for the emissions-free attributes of generation from certain of our nuclear units include contractual provisions that require us to refund that compensation up to the amount of the nuclear PTC received. (d) The New Jersey ZEC program concluded in May 2025.
(g) Pacific Gas & Electric Company virtual trading point located in West region.
(h) Algonquin Gas Transmission physical delivery point located in New England region. 7
Full text with the tables
Exhibit 99.1
News Release
Linsey Wisniewski
Corporate Communications
Contact: 667-218-7700
Tim Flottemesch
Investor Relations
833-447-2783
CONSTELLATION REPORTS THIRD QUARTER 2026 RESULTS
Earnings Release Highlights
• GAAP Net Income of $5.19 per share and Adjusted (non-GAAP) Operating Earnings
of $5.06 per share for the third quarter of 2026
• Raising midpoint and narrowing full-year Adjusted (non-GAAP) Operating
Earnings guidance range to $12.50 - $12.80 per share
• Agreed to Acquire Rhode Island State Energy Center
• Entered into long-term agreement supporting Calvert Cliffs Clean Energy Center
investment and expansion
• Entered into long-term collaboration with Google supporting new nuclear
capacity
• Signed a new 20-year, 270-megawatt agreement for energy, capacity, and nuclear
attributes through our Peak+, an integrated customer solution that combines new
capacity to support peak demand growth with energy products tailored to customer
needs
• Signed a conditional DOE loan commitment for up to $5 billion supporting
nuclear uprates
Baltimore (Nov 9, 2026)
— Constellation Energy Corporation (Nasdaq: CEG) today reported its financial
results for the third quarter of 2026.
“This past quarter Constellation announced agreements that are helping meet one
of the nation’s greatest challenges – powering a growing economy while
protecting existing customers. These agreements add more than 1,000 megawatts of
new, emissions-free generation to the grid and help ensure the continued
operations of existing clean power for generations to come. The new megawatts,
which are the equivalent of a new large-scale nuclear plant, are coming online
with no costs being borne by existing customers,” said Joe Dominguez, chairman,
president and chief executive officer of Constellation. “We’re building on that
progress with Peak+, an integrated solution that brings together new capacity,
including new generation and demand response, with energy products to help large
customers meet their evolving needs. Our approach proves we can power the
growing digital economy while strengthening our electric grid – all with private
investment.”
1
“Third quarter adjusted operating earnings were $5.06 per share, compared with
$3.04 a year ago. This strong performance allowed us to raise the midpoint of
our adjusted operating earnings guidance range for the second time this year,”
said Shane Smith, executive vice president and chief financial officer of
Constellation. “Our disciplined capital allocation strategy, including accretive
organic growth through nuclear uprates, the acquisition of Rhode Island State
Energy Center and our continued aggressive pace of share repurchases, positions
us to deliver sustained earnings growth.”
Third Quarter 2026
Our GAAP Net Income for the third quarter of 2026 increased to $5.19 per share
from $2.97 per share in the third quarter of 2025. Adjusted (non-GAAP) Operating
Earnings for the third quarter of 2026 increased to $5.06 per share from $3.04
per share in the third quarter of 2025. For the reconciliations of GAAP Net
Income (Loss) to Adjusted (non-GAAP) Operating Earnings, refer to the
GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation section below.
Adjusted (non-GAAP) Operating Earnings in the third quarter of 2026 primarily
reflects:
• Favorable market and portfolio conditions and addition of Calpine, partially
offset by unfavorable interest and nuclear PTC portfolio
Recent Developments and Third Quarter Highlights
• Agreement to Acquire Rhode Island State Energy Center: We entered into an
agreement to acquire all of the equity interests in RISEC Holdings, LLC, the
owner of the Rhode Island State Energy Center, from Shell Energy North America
(US), L.P. for $715 million, subject to customary purchase price adjustments.
The Rhode Island State Energy Center is a natural gas-fired combined-cycle
electric generation facility with a generating capacity of 609 megawatts (MW).
The facility sells electricity and capacity into the competitive ISO New England
wholesale power market and is expected to become part of our merchant generation
portfolio. Completion of the transaction is subject to receipt of required
regulatory approvals and other customary closing conditions.
• Long-Term Agreement with Amazon Supporting Calvert Cliffs Clean Energy Center
Investment and Expansion: In September 2026, we announced a 20-year, 690 MW PPA
with Amazon and a related retail supply agreement supporting Amazon's operations
in PJM. The agreement will enable more than $3 billion in infrastructure
investment in our Calvert Cliffs Clean Energy Center, including facility
improvements and a 190 MW capacity expansion expected to come online between
2030 and 2032, while supporting the facility's continued operation and future
relicensing.
• Long-Term Collaboration with Google Supporting New Nuclear Capacity in the PJM
Grid: In October 2026, we announced a 20-year PPA with Google that will enable
more than $4.3 billion in investment across 11 of our nuclear units in Illinois,
Pennsylvania, and New Jersey to add approximately 890 MW of incremental
generation capacity to the PJM grid, with the first uprate expected in 2028. We
also entered into a 15-year financial energy load following agreement with
Google for 2,700 MW in PJM.
2
• Conditional DOE Loan Commitment Supporting Nuclear Uprates: In October 2026,
we signed a conditional loan commitment with the DOE Office of Energy Dominance
Financing. Subject to the execution of a loan agreement, the DOE would issue a
guarantee for up to $5.0 billion for an unsecured loan from the Federal
Financing Bank to support uprates at various nuclear facilities. The loan would
have a 30-year term. Interest rates would be fixed upon each advance at a spread
of 0.375% above U.S. Treasuries of comparable maturity.
• Peak+ Agreement: We have signed a 20-year agreement for 270 MW of unit-
contingent energy, capacity, and attributes from our existing nuclear fleet set
to begin in 2028. This is our first Peak+ transaction, an integrated solution
that brings together new capacity, including new generation and demand response,
with energy products to help large customers meet their evolving needs.
•
Nuclear Operations: Our nuclear fleet, including our owned output from the Salem
and South Texas Project (STP) Generating Stations, produced 46,677 gigawatt-
hours (GWhs) in the third quarter of 2026, compared with 46,477 GWhs in the
third quarter of 2025. Excluding Salem and STP, our nuclear plants at ownership
achieved a 97.2% capacity factor for the third quarter of 2026, compared with
96.8% for the third quarter of 2025. There were 20 planned refueling outage days
in the third quarter of 2026 and 23 in the third quarter of 2025 for sites we
operate. There were six non-refueling outage days in the third quarter of 2026
and five in the third quarter of 2025 for sites we operate.
• Natural Gas, Oil, and Renewables Operations: As a result of our expanded fleet
following the acquisition of Calpine in January 2026, we now consider Equivalent
Forced Outage Factor (EFOF) to be a key operational metric beginning in 2026.
EFOF represents the percentage for which a generating unit is not available due
to forced outages and forced deratings in a given period. The EFOF of our
natural gas, oil, and pumped-storage hydro fleet for the third quarter of 2026
is 5.9%. Renewable energy capture for our wind, solar and run-of-river hydro
fleet was 96.4% in the third quarter of 2026, compared with 96.8% in the third
quarter of 2025.
3
GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
The table below provides a reconciliation of GAAP Net Income to Adjusted (non-
GAAP) Operating Earnings. Adjusted (non-GAAP) Operating Earnings is not a
standardized financial measure and may not be comparable to other companies’
presentations of similarly titled measures.
Unless otherwise noted, the income tax impact of each reconciling adjustment
between GAAP Net Income (Loss) Attributable to Common Shareholders and Adjusted
(non-GAAP) Operating Earnings is based on the marginal statutory federal and
state income tax rates, taking into account whether the income or expense item
is taxable or deductible, respectively, in whole or in part, which may result in
an effective tax rate that differs from the marginal rate. The marginal
statutory income tax rate was 25.4% and 25.6% for the three months ended
September 30, 2026 and 2025, respectively. The following table provides a
reconciliation between GAAP Net Income (Loss) Attributable to Common
Shareholders and Adjusted (non-GAAP) Operating Earnings for the three months
ended September 30, 2026 compared to the same period in 2025.
(In Three
millio… Months
except Ended
per Septem… Earnings Earnin…
share 30, Per Per
data) 2026 Share(a) 2025 Share(…
──────────────────────────────────────────────────────────────────────────────
GAAP
Net
Income
(Loss) $ 1,835 $ 5.19 $ 930 $ 2.97
Attrib…
to
Common
Shareh…
Unreal…
(Gain)
Loss on
Fair
Value
Adjust… -127 -0.36 94 0.30
(net of
taxes
of $44
and
$32,
respec…
Decomm…
Activi…
(net
of
taxes 56 0.16 -117 -0.37
of $23
and
$187,
respec…
Amorti…
of
Acquir…
Commod…
Contra… 39 0.11 — —
(net of
taxes
of $13
and $—,
respec…
Calpine
Merger
and
Integr…
Costs
(net of 73 0.20 28 0.09
taxes
of $30
and
$10,
respec…
Plant
Retire…
and
Divest…
(net -9 -0.03 -5 -0.02
of
taxes
of $3
and $2,
respec…
Pension
& OPEB
Non-Se…
(Credi…
Costs 25 0.07 9 0.03
(net of
taxes
of $8
and $3,
respec…
Change
in
Legal
and
Enviro…
Liabil… 9 0.02 1 —
(net of
taxes
of $3
and $—,
respec…
Income
Tax-Re… -108 -0.30 13 0.04
Adjust…
Noncon… -1 — -1 —
Intere…
Adjust…
(non-G… $ 1,792 $ 5.06 $ 952 $ 3.04
Operat…
Earnin…
_______
(a) Amounts may not sum due to rounding. Earnings per share amount is based on
average diluted common shares outstanding of 354 million and 313 million for the
three months ended September 30, 2026 and 2025, respectively.
(b) Includes unrealized gains and losses on economic hedges, interest rate
swaps, and fair value adjustments related to gas imbalances and equity
investments.
(c) Reflects all gains and losses associated with NDTs, ARO accretion, ARC
depreciation, ARO remeasurement, and impacts of contractual offset for
Regulatory Agreement Units. The tax effects of Regulatory Agreement Units result
in a 100% effective tax rate under contractual offset accounting. Additionally,
the tax effects of NDT investment returns result in different effective tax
rates depending on whether the underlying funds are held within qualified or
non-qualified trusts.
(d) In 2026, reflects the non-cash impacts of the amortization of certain
commodity contracts recorded at fair value associated with the Calpine
acquisition.
(e) Reflects costs associated with the completion of the Calpine merger and
subsequent integration of its operations. Certain of these transaction-related
expenses are not tax deductible.
(f) Adjustment to deferred income taxes due to changes in forecasted
apportionment.
(g) Represents elimination of the noncontrolling interest portion of certain
adjustments included above.
4
Webcast Information
We will discuss third quarter 2026 earnings in a conference call scheduled for
today at 9:00 a.m. Eastern Time. The webcast and associated materials can be
accessed at https://investors.constellationenergy.com.
About Constellation
Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company
headquartered in Baltimore, is the largest private-sector power producer in the
world and the nation’s largest producer of clean and reliable energy. With 55
gigawatts of capacity from nuclear, natural gas, oil, geothermal, hydro, wind
and solar facilities, our fleet has the generating capacity to power the
equivalent of 27 million homes, providing about 10% of the nation’s clean energy
and delivering the around-the-clock reliability needed to power America’s
growing economy. We are also the largest nuclear energy company in the U.S. and
a leading competitive retail supplier, serving approximately 2.5 million
customer accounts nationwide, including 80% of the Fortune 100. We are committed
to investing in innovation and new technologies to drive the transition to a
reliable, sustainable and secure energy future. Follow Constellation on LinkedIn
and X.
Non-GAAP Financial Measures
We utilize Adjusted (non-GAAP) Operating Earnings (and/or its per share
equivalent) in our internal analysis, and in communications with investors and
analysts, as a consistent measure for comparing our financial performance and
discussing the factors and trends affecting our business. The presentation of
Adjusted (non-GAAP) Operating Earnings is intended to complement and should not
be considered an alternative to, nor more useful than, the presentation of GAAP
Net Income (Loss).
The tables above provide a reconciliation of GAAP Net Income (Loss) to Adjusted
(non-GAAP) Operating Earnings. Adjusted (non-GAAP) Operating Earnings is not a
standardized financial measure and may not be comparable to other companies’
presentations of similarly titled measures.
Due to the forward-looking nature of our Adjusted (non-GAAP) Operating Earnings
guidance, we are unable to reconcile this non-GAAP financial measure to GAAP Net
Income (Loss) given the inherent uncertainty required in projecting gains and
losses associated with the various fair value adjustments required by GAAP.
These adjustments include future changes in fair value impacting the derivative
instruments utilized in our current business operations, as well as the debt and
equity securities held within our nuclear decommissioning trusts, which may have
a material impact on our future GAAP results.
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that are subject
to risks and uncertainties. Words such as “could,” “may,” “expects,”
“anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,”
“believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and
similar expressions that reflect our current views with respect to future events
and operational, economic, and financial performance, are intended to identify
such forward-looking statements. These forward-looking statements include, but
are not limited to, statements regarding the acquisition of Calpine Corporation,
the pro forma combined company and its operations, strategies and plans,
enhancements to investment-grade credit profile, synergies, opportunities and
anticipated future performance and capital structure, and expected accretion to
earnings per share and free cash flow. Information adjusted for the acquisition
should not be considered a forecast of future results.
5
Forward-looking statements are based on current expectations, estimates and
assumptions that involve a number of risks and uncertainties that could cause
actual results to differ materially from those projected. The factors that could
cause actual results to differ materially from the forward-looking statements
made by Constellation Energy Corporation and Constellation Energy Generation,
LLC, (the Registrants) include those factors discussed herein, as well as the
items discussed in (1) the Registrants' 2025 Annual Report on Form 10-K in (a)
Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and
Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM
8. Financial Statements and Supplementary Data: Note 18 — Commitments and
Contingencies; (2) the Registrants' Third Quarter 2026 Quarterly Report on Form
10-Q (to be filed on November 9, 2026) in (a) Part II, ITEM 1A. Risk Factors,
(b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition
and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 15
— Commitments and Contingencies; and (3) other factors discussed in filings with
the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking
statements, whether written or oral, which apply only as of the date of this
press release. Neither Registrant undertakes any obligation to publicly release
any revision to its forward-looking statements to reflect events or
circumstances after the date of this press release.
6
Table of Contents
Earnings Release Attachments
Table of Contents
Consolidated Statements of Operations 1
Consolidated Balance Sheets 2
Consolidated Statements of Cash Flows 3
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling #
Adjustments
Statistics 6
Table of Contents
Constellation Energy Corporation and Subsidiary Companies
Consolidated Statements of Operations
(unaudited)
(in millions)
Three Months Nine Months
Ended Ended
September 30, September 30,
2026 2026
──────────────────────────────────────────────────────────────────────────────
Operating $ 9,550 $ 28,176
revenues
Operating
expenses
Purchased
power and 4,400 14,775
fuel
Operating
and 1,991 6,024
maintenance
Depreciation
and 454 1,340
amortization
Taxes other
than income 225 661
taxes
Total
operating 7,070 22,800
expenses
Gain (loss)
on sales of 12 28
assets
Operating
income 2,492 5,404
(loss)
Other income
and
(deductions)
Interest -217 -753
expense, net
Other, net -44 605
Total other
income and -261 -148
(deductions)
Income
(loss) 2,231 5,256
before
income taxes
Income tax
(benefit) 405 1,333
expense
Equity in
income
(losses) of 9 23
unconsolida…
affiliates
Net income 1,835 3,946
(loss)
Net income
(loss)
attributable — 8
to
noncontroll…
interests
Net income
(loss)
attributable $ 1,835 $ 3,938
to common
shareholders
Three Months Nine Months
Ended Ended
September 30, September 30,
2025 2025
Operating $ 6,570 $ 19,459
revenues
Operating
expenses
Purchased
power and 3,567 11,083
fuel
Operating
and 1,511 4,673
maintenance
Depreciation
and 241 743
amortization
Taxes other
than income 165 472
taxes
Total
operating 5,484 16,971
expenses
Operating
income 1,086 2,488
(loss)
Other income
and
(deductions)
Interest -134 -398
expense, net
Other, net 443 729
Total other
income and 309 331
(deductions)
Income
(loss) 1,395 2,819
before
income taxes
Income tax
(benefit) 466 928
expense
Net income 929 1,891
(loss)
Net income
(loss)
attributable -1 4
to
noncontroll…
interests
Net income
(loss)
attributable $ 930 $ 1,887
to common
shareholders
Change in
Net income
(loss)
attributable $ 905 $ 2,051
to common
shareholders
from 2025 to
2026
1
Table of Contents
Constellation Energy Corporation and Subsidiary Companies
Consolidated Balance Sheets
(unaudited)
(in millions)
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Current assets
Cash and cash equivalents $ 603 $ 3,641
Restricted cash and cash 406 107
equivalents
Accounts receivable, net 4,537 4,266
Derivative assets 2,187 945
Inventories, net 3,386 1,736
Renewable energy credits 968 789
Assets held for sale 5,661 126
Other 1,171 509
Total current assets 18,919 12,119
Property, plant, and 41,738 22,474
equipment, net
Deferred debits and other
assets
Nuclear decommissioning 20,382 19,336
trust funds
Goodwill 11,499 420
Derivative assets 2,073 450
Other 4,574 2,450
Total deferred debits and 38,528 22,656
other assets
Total assets $ 99,185 $ 57,249
Liabilities and
shareholders’ equity
Current liabilities
Short-term borrowings $ 3,989 $ 1,650
Long-term debt due within 359 92
one year
Accounts payable and 4,900 4,294
accrued expenses
Derivative liabilities 970 467
Renewable energy credit 1,021 1,075
obligation
Other 1,493 366
Total current liabilities 12,732 7,944
Long-term debt 19,039 7,250
Deferred credits and other
liabilities
Deferred income taxes and
unamortized 8,854 3,544
ITCs
Asset retirement 12,887 13,193
obligations
Pension and non-pension
postretirement 1,838 1,977
benefit obligations
Payable related to
Regulatory Agreement 5,826 5,334
Units
Derivative liabilities 723 414
Other 4,247 2,740
Total deferred credits and
other 34,375 27,202
liabilities
Total liabilities 66,146 42,396
Commitments and
contingencies
Shareholders’ equity
Common stock 25,702 11,043
Retained earnings (deficit) 9,376 5,899
Accumulated other
comprehensive income -2,366 -2,425
(loss), net
Total shareholders’ equity 32,712 14,517
Noncontrolling interests 327 336
Total equity 33,039 14,853
Total liabilities and
shareholders’ $ 99,185 $ 57,249
equity
2
Table of Contents
Constellation Energy Corporation and Subsidiary Companies
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Nine Months Ended
Cash flows from September 30,
operating activities 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income (loss) $ 3,946 $ 1,891
Adjustments to reconcile
net income
(loss) to net cash flows
provided by
(used in) operating
activities
Depreciation,
amortization, and
accretion, including 2,898 1,945
nuclear fuel and
contract amortization
Deferred income taxes
and amortization 932 248
of ITCs
Net fair value changes
related to -776 328
derivatives
Net realized and
unrealized (gains) -384 -588
losses on NDT funds
Net realized and
unrealized (gains) 32 256
losses on equity
investments
Other non-cash operating -93 -74
activities
Changes in assets and
liabilities:
Accounts receivable 462 -184
Inventories -181 -62
Accounts payable and -1,099 -25
accrued expenses
Option premiums received -36 49
(paid), net
Collateral received 25 -192
(posted), net
Income taxes 177 423
Pension and non-pension
postretirement -225 -193
benefit contributions
Other assets and -699 -390
liabilities
Net cash flows provided
by (used in) 4,979 3,432
operating activities
Cash flows from
investing activities
Capital expenditures -3,461 -1,963
Proceeds from NDT fund 6,423 5,525
sales
Investment in NDT funds -6,688 -5,773
Acquisition of Calpine,
net of cash and -2,537 —
restricted cash acquired
Other investing 199 -10
activities
Net cash flows provided
by (used in) -6,064 -2,221
investing activities
Cash flows from
financing activities
Change in short-term 2,092 —
borrowings
Proceeds from short-term
borrowings with 4,500 1,650
maturities greater than
90 days
Repayments of short-term
borrowings with -4,250 —
maturities greater than
90 days
Issuance of long-term 5,001 —
debt
Retirement of long-term -5,460 -1,036
debt
Dividends paid on common -459 -365
stock
Repurchases of common -3,001 -400
stock
Other financing -77 -98
activities
Net cash flows provided
by (used in) -1,654 -249
financing activities
Increase (decrease) in
cash, restricted -2,739 962
cash, and cash
equivalents
Cash, restricted cash,
and cash 3,748 3,129
equivalents at beginning
of period
Cash, restricted cash,
and cash $ 1,009 $ 4,091
equivalents at end of
period
3
Table of Contents
Constellation Energy Corporation
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments
(unaudited)
(in millions, except per share data)
Th… Thr…
Mo… Mon…
En… End…
Se… Sep…
30, 30,
20… 2025
──────────────────────────────────────────────────────────────────────────────
GAA… Non… GA… No…
Adj… Ad…
Op… $ 9,… $ 413 -b)… $ 6,5… $ 140 -b…
re…
Op…
ex…
Pu…
po… 4,… 474 -b)… 3,5… 2 -b
and
fu…
Op…
and 1,… -1… -c)… 1,5… -100 -c…
ma…
De…
and 454 -17 -c)… 241 -23 -c
am…
Ta…
ot…
th… 225 — 165 —
in…
ta…
To…
op… 7,… 5,4…
ex…
Ga…
(l…
on 12 -12 -h — —
sa…
of
as…
Op…
in… 2,… 1,0…
(l…
Ot…
in…
and
(d…
In…
ex… -2… -67 -b -134 6 -b
net
Ot… -44 56 -b)… 443 -400 -b…
net
To…
ot…
in… -2… 309
and
(d…
In…
(l…
be… 2,… 1,3…
in…
ta…
In…
tax 405 138 -b)… 466 -156 -b…
(b…
ex…
Eq…
in
in…
(l… 9 — — —
of
un…
af…
Net
in… 1,… 929
(l…
Net
in…
(l…
at… — — -1 1 -j
to
no…
in…
Net
in…
(l…
at… $ 1,… $ 930
to
co…
sh…
Ef…
tax 18… % 33.4 %
ra…
Ea…
per
av…
co…
sh…
Ba… $ 5.… $ 2.98
Di… $ 5.… $ 2.97
Av…
co…
sh…
ou…
Ba… 354 313
Di… 354 313
__________
(a) Results reported in accordance with GAAP.
(b) Adjustment for unrealized gains and losses on economic hedges, interest rate
swaps, and fair value adjustments related to gas imbalances and equity
investments.
(c) Adjustment for all gains and losses associated with Nuclear Decommissioning
Trusts (NDT), Asset Retirement Obligation (ARO) accretion, Asset Retirement Cost
(ARC) Depreciation, ARO remeasurement, and any earnings neutral impacts of
contractual offset for Regulatory Agreement Units.
(d) In 2026, reflects the non-cash impacts of the amortization of certain
commodity contracts at fair value associated with the Calpine acquisition.
(e) Adjustment for costs associated with the completion of the Calpine merger
and subsequent integration of its operations.
(f) Adjustment for Pension and Other Postretirement Employee Benefits (OPEB)
Non-Service credits.
(g) Adjustment to deferred income taxes due to changes in forecasted
apportionment.
(h) Adjustments related to plant retirements and divestitures.
(i) Adjustment for changes in legal and environmental liabilities.
(j) Adjustment for elimination of the noncontrolling interest related to certain
adjustments.
4
Table of Contents
Constellation Energy Corporation
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments
(unaudited)
(in millions, except per share data)
Ni… Nine
Mo… Mon…
En… End…
Se… Sep…
30, 30,
20… 2025
──────────────────────────────────────────────────────────────────────────────
GAA… Non… GA… No…
Adj… Ad…
Op… $ 28… $ -1… -b)… $ 19,… $ 339 -b…
re…
Op…
ex…
Pu…
po… 14… 58 -b)… 11,… -5 -b
and
fu…
Op…
and 6,… -3… -c)… 4,6… -254 -c…
ma…
De…
and 1,… -50 -c)… 743 -92 -c…
am…
Ta…
ot…
th… 661 -5 -e 472 —
in…
ta…
To…
op… 22… 16,…
ex…
Ga…
(l…
on 28 -13 -h — —
sa…
of
as…
Op…
in… 5,… 2,4…
(l…
Ot…
in…
and
(d…
In…
ex… -7… -34 -b)… -398 38 -b
net
Ot… 605 -5… -b)… 729 -631 -b…
net
To…
ot…
in… -1… 331
and
(d…
In…
(l…
be… 5,… 2,8…
in…
ta…
In…
tax 1,… -1… -b)… 928 -244 -b…
(b…
ex…
Eq…
in
in…
(l… 23 — — —
of
un…
af…
Net
in… 3,… 1,8…
(l…
Net
in…
(l…
at… 8 4 -j 4 4 -j
to
no…
in…
Net
in…
(l…
at… $ 3,… $ 1,8…
to
co…
sh…
Ef…
tax 25… % 32.9 %
ra…
Ea…
per
av…
co…
sh…
Ba… $ 11… $ 6.02
Di… $ 11… $ 6.02
Av…
co…
sh…
ou…
Ba… 356 313
Di… 356 314
__________
(a) Results reported in accordance with GAAP.
(b) Adjustment for unrealized gains and losses on economic hedges, interest rate
swaps, and fair value adjustments related to gas imbalances and equity
investments.
(c) Adjustment for all gains and losses associated with NDTs, ARO accretion, ARC
Depreciation, ARO remeasurement, and any earnings neutral impacts of contractual
offset for Regulatory Agreement Units.
(d) In 2026, reflects the non-cash impacts of the amortization of certain
commodity contracts at fair value associated with the Calpine acquisition.
(e) Adjustment for costs associated with the completion of the Calpine merger
and subsequent integration of its operations.
(f) Adjustment for Pension and OPEB Non-Service credits.
(g) Adjustment to deferred income taxes due to changes in forecasted
apportionment.
(h) Adjustments related to plant retirements and divestitures.
(i) Adjustment for changes in legal and environmental liabilities.
(j) Adjustment for elimination of the noncontrolling interest related to certain
adjustments.
5
Table of Contents
Statistics
Three Nine
Months Months
Ended Ended
Septe… Septe…
30, 30,
(GWhs) 2026 2025 2026 2025
Nucle…
Gener…
Mid-A… 13,659 13,665 39,661 39,105
Midwe… 24,333 23,644 70,420 71,000
New 6,177 6,671 18,528 19,585
York
ERCOT 2,508 2,497 6,896 7,541
Total
Nucle… 46,677 46,477 135,505 137,2…
Gener…
Natur…
Gas,
Oil,
and
Renew…
Mid-A… 377 242 1,728 1,683
Midwe… 156 141 773 785
ERCOT 4,626 4,325 11,106 10,615
Other
Power 1,436 1,466 4,287 4,556
Regio…
Calpi… 38,387 — 89,797 —
Total
Natur…
Gas, 44,982 6,174 107,691 17,639
Oil,
and
Renew…
Purch…
Power
Mid-A… 4,953 5,416 12,110 13,960
Midwe… 326 403 1,137 1,366
ERCOT 673 714 1,999 2,209
Other
Power 9,173 11,451 26,669 32,295
Regio…
Calpi… 1,890 — 6,707 —
Total
Purch… 17,015 17,984 48,622 49,830
Power
Total
Suppl…
by
Region
Mid-A… 18,989 19,323 53,499 54,748
Midwe… 24,815 24,188 72,330 73,151
New 6,177 6,671 18,528 19,585
York
ERCOT 7,807 7,536 20,001 20,365
Other
Power 10,609 12,917 30,956 36,851
Regio…
Calpi… 40,277 — 96,504 —
Total
Suppl… 108,674 70,635 291,818 204,7…
by
Region
Three Nine
Months Months
Ended Ended
Septe… Septe…
30, 30,
2026 2025 2026 2025
Outage
Days(…
Refue… 20 23 205 152
Non-r… 6 5 26 27
Total
Outage 26 28 231 179
Days
__________
(a) Includes the proportionate share of output where we have an undivided
ownership interest in jointly-owned generating plants.
(b) Outage days exclude Salem and STP.
6
Table of Contents
Three Nine
Mont… Months
Elect… Ended Ended
Refer… Sept… Septe…
ISO/… Price… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
PJM -
PJM $ 69.97 $ 46.77 $ 72.84 $ 47.63
West
PJM - 51.44 42.72 43.82 36.37
ComEd
NYISO
- 51.07 49.51 67.94 54.07
Cent…
ERCOT
- 34.41 35.05 34.88 33.06
North
ERCOT
- 36.05 35.90 35.74 34.86
Hous…
ISO-…
- 54.05 50.43 73.68 65.16
Sout…
Mass…
CAISO
- 43.18 41.35 29.82 36.31
NP15
Three Nine
Capa… Months Mont…
Refe… Ended Ended
Pric… Septe… Sept…
30, 30,
ISO/… 2026 2025 2026 2025
PJM -
East…
Mid-… $ 329.… $ 269.92 $ 296.25 $ 149.…
Area
Coun…
PJM - 329.… 269.92 296.25 136.…
ComEd
NYISO
-
Rest 162.… 193.33 156.89 137.…
of
State
ISO-…
-
Rest 86.24 84.37 85.20 83.37
of
Pool…
Three Nine
ZEC Months Mont…
Refe… Ended Ended
Pric… Septe… Sept…
30, 30,
State 2026 2025 2026 2025
(Seg…
New
Jers… $ — $ — $ — $ 10.00
(Mid…
Illi… 1.02 1.17 1.10 5.73
(Mid…
New
York 14.76 14.76 14.76 15.93
(New
York…
Three Nine
Natu… Months Mont…
Gas Ended Ended
Pric… Septe… Sept…
30, 30,
Loca… 2026 2025 2026 2025
Henry $ 2.87 $ 3.03 $ 3.56 $ 3.48
Hub
Tran…
Zone 1.85 2.23 4.46 3.55
6(e)
Hous…
Ship 2.46 2.69 2.72 2.96
Chan…
PG&E 3.09 3.47 2.24 3.33
City…
Algo… 2.24 2.96 6.19 5.85
City…
__________
(a) Reference prices may not necessarily reflect prices we ultimately realized.
(b) We did not have significant activity at this zone for the three months ended
September 30, 2025.
(c) The NY and NJ state-sponsored programs providing compensation for the
emissions-free attributes of generation from certain of our nuclear units
include contractual provisions that require us to refund that compensation up to
the amount of the nuclear PTC received.
(d) The New Jersey ZEC program concluded in May 2025.
(e) Transcontinental Gas pipeline located in Mid-Atlantic region.
(f) Houston-area pipeline and industrial network located in ERCOT region.
(g) Pacific Gas & Electric Company virtual trading point located in West region.
(h) Algonquin Gas Transmission physical delivery point located in New England
region.
7