CONSTELLATION ENERGY CORP Stock Price, News & Analysis

Constellation (Nasdaq: CEG) received U.S. Nuclear Regulatory Commission approval for a $167 million Digital Modernization Project at the Limerick Clean Energy Center to replace select analog controls with state-of-the-art digital platforms.

The phased upgrade—supported by the U.S. Department of Energy—aims to boost reliability, diagnostics and cyber resilience, will be installed during refueling outages, and is part of a broader $5.1 billion Pennsylvania program to preserve ~5,100 MW and add 1,200 MW. Limerick’s two units supply up to 2,317 MW of carbon-free power, roughly enough for 1.7 million homes, and the project is expected to create skilled construction jobs and local economic activity.

Constellation (NYSE:CEG) extended the expiration of its private exchange offers and related consent solicitations for Calpine notes from Jan 8, 2026 to Jan 12, 2026. Early tender results as of the Dec 22, 2025 early-tender deadline show $646.822M (≈99.51%) of 2029 unsecured, $846.337M (≈99.57%) of 2031 unsecured and $794.462M (≈88.27%) of 2031 secured Calpine notes tendered.

Requisite consents were received to enact Proposed Amendments that largely remove restrictive covenants and, for the secured 2031 notes, release collateral. Settlement is expected on or about the third business day after the Amended Expiration Date and is conditioned on closing the previously announced merger between Constellation and Calpine.

Constellation (NYSE:CEG) secured 20-year NRC renewals for its Clinton and Dresden clean energy centers, allowing Clinton to run through 2047 and Dresden units through 2049 and 2051. The company is investing more than $370 million in state-of-the-art upgrades to boost safety, reliability and efficiency. The renewals are said to preserve ~2,200 jobs and $8.1 billion in federal, state and local tax revenues, and Clinton’s operation is supported by a 20-year agreement with Meta after Illinois’ ZEC program ends in May 2027.

Constellation (NYSE: CEG) won the Platts Global Energy “Energy Deal of the Year” award on Dec. 11, 2025 for its 20-year power purchase agreement with Microsoft that enabled the restart of the Crane Clean Energy Center Unit 1 in Londonderry, Pennsylvania.

The restart returns 835 MW of emissions-free capacity to the grid, is expected to create more than 3,000 jobs, add over $16 billion to Pennsylvania GDP, and generate over $3 billion in community-supporting taxes; Microsoft will use the plant’s output to match PJM data-center power use.

Constellation (NYSE:CEG) commenced private exchange offers and consent solicitations on December 9, 2025 to exchange outstanding Calpine Corporation notes for newly issued Constellation notes with matching maturities and coupons.

Eligible holders may receive equal principal Constellation notes plus a pro rata Cash Consideration (ranging up to $2.00 per $1,000 for certain unsecured series and up to $2.50 per $1,000 for secured 2031 notes) if tendered by the Early Tender Deadline: Dec 22, 2025. Late tenders receive $970 per $1,000 principal amount and no cash. The offers expire Jan 8, 2026 and are conditioned on receiving required consents and consummation of the previously announced merger with Calpine.

Constellation (Nasdaq: CEG) and W. L. Gore & Associates expanded a prior renewable agreement to add hourly carbon-free energy matching, covering approximately 110,000 MWh per year and estimated to reduce Gore's carbon footprint by 33,000 metric tons through November 2026. The hourly matching is enabled by Constellation's always-on nuclear fleet and complements existing solar offtake and additional renewable energy certificates Gore will purchase to support its target of 100% renewable electricity for manufacturing. Both companies frame the change as improving consistency and verifiability of Gore's Scope 2 emissions reduction efforts.

Constellation describes its fleet as nearly 90% carbon-free with generating capacity equivalent to powering 16 million homes, and highlights its role supplying businesses and public-sector customers nationwide.

Constellation (Nasdaq: CEG) announced on December 5, 2025 that it reached a resolution with the U.S. Department of Justice that provides the final regulatory clearance required to complete its acquisition of Calpine.

The resolution requires divestiture of multiple generating assets: four Mid‑Atlantic plants (Hay Road, Edge Moor, Bethlehem, York 1) plus York 2 (828 MW), Jack Fusco Energy Center (605 MW), and a minority interest in Gregory Power Plant (385 MW). Closing can proceed once a court signs the agreed stipulation and order.

The company said it expects a robust market for the divested assets and attractive sale value, and framed the approval as enabling the combined company to serve customers and communities at larger scale.

Constellation (Nasdaq: CEG) announced senior leadership changes effective upon completion of its transaction with Calpine, expected to close in Q4 2025 subject to Department of Justice clearance and customary conditions.

Kathleen Barrón will retire after a long tenure and remain as an advisor through the first half of 2026. Dan Eggers expands to Senior Executive VP, Finance and Data Economy; Shane Smith becomes EVP and Chief Financial Officer; David Dardis will lead external affairs and generation development. Andrew Novotny of Calpine will join as Senior Executive VP, Constellation Power Operations and President and CEO of Calpine.

The company describes a combined scale with nearly 90% carbon-free output, powering the equivalent of 16 million homes.

Constellation (Nasdaq: CEG) awarded more than $500,000 in Energy to Educate (E2) grants on November 20, 2025, funding 24 hands-on STEM and clean-energy projects across nine states.

The grants reach over 31,000 students from middle school to college this year and support projects on solar vehicles, renewable energy systems, battery and inverter technologies, and advanced nuclear training. E2 has provided nearly $7 million in funding since 2010, reaching more than 330,000 students.