Constellation’s 2024 Sustainability Report Showcases Work to Advance Clean Energy Future, Uplift Communities

Rhea-AI Summary

Constellation (Nasdaq: CEG), the largest producer of carbon-free energy in the U.S., has published its 2024 Sustainability Report. The report emphasizes the company's strategy to accelerate the transition to a carbon-free energy future, support community sustainability goals, and invest in nuclear and renewable energy. Key achievements include producing 178 TWh of clean electricity in 2023, avoiding 125 million metric tons of carbon emissions, and maintaining a 94.4% nuclear fleet capacity factor. Constellation plans to invest $800 million in new equipment for its Illinois nuclear centers, adding 158 MW of clean energy capacity. Additional highlights include acquiring a stake in the South Texas Electric Generating Station, upgrading the Criterion wind project, and spending over $521 million with diverse suppliers. The report also details significant charitable contributions and workforce development initiatives.

Positive

• Produced 178 TWh of clean, carbon-free electricity in 2023.
• Avoided 125 million metric tons of carbon emissions.
• Maintained a 94.4% nuclear fleet capacity factor.
• Invested $800 million in new equipment for Illinois nuclear centers to add 158 MW capacity.
• Acquired a stake in the South Texas Electric Generating Station.
• Upgraded the Criterion wind project to increase clean energy production by 79,000 MWh.
• Spent over $521 million with diverse suppliers.
• Earned a Great Place To Work® Certification.
• Ranked ninth on Barron's list of 100 Most Sustainable U.S. companies.

Negative

• None.

Continued positive momentum for nuclear energy propels investment in Constellation’s existing fleet as policymakers, customers and communities increasingly recognize the value of reliable, clean energy

BALTIMORE--(BUSINESS WIRE)-- Constellation (Nasdaq: CEG), the nation’s largest producer of carbon-free energy, released its 2024 Sustainability Report today, highlighting the company’s sustainable business strategy focused on accelerating the nation’s transition to a carbon-free energy future, responding to the climate crisis and delivering long-term value for customers, communities, employees and shareholders. The report details key progress in the company’s work to lead the clean energy transition by providing the most important commodity in the world today – energy that is emissions-free and always on. The report also details Constellation’s efforts to support the sustainability goals of customers seeking to reduce their own carbon footprints, as well as initiatives to strengthen and support local communities, particularly those historically underserved, to ensure the benefits of clean, reliable and affordable energy are shared by all.

Recently named to the Fortune 200 for the second consecutive year, Constellation and its approximately 14,000 employees, backed by the nation’s largest zero-emissions nuclear fleet, safely generated about 10% of the country’s clean energy last year. In addition, Constellation continues to add reliable, clean energy to the grid by seeking license extensions for existing plants and installing new equipment to increase the output of its emissions-free nuclear and renewable fleet. The landmark Inflation Reduction Act helped stabilize the nuclear energy industry and set the table for continued investment in the existing nuclear fleet, while policymakers on both sides of the aisle, other key stakeholders and the majority of Americans increasingly support nuclear energy and recognize its role in meeting demand for a growing economy.

“Leading America’s clean energy transition and reliably meeting our nation’s growing energy needs for everything from transportation and heavy industry to the booming data economy is an enormous responsibility,” said Joe Dominguez, president and CEO, Constellation. “That’s why we’re focused on helping our customers achieve their sustainability goals, advocating for sound policies to advance the clean energy transition, and ensuring Americans of all backgrounds benefit from our investments in workforce development, philanthropy and small and diverse businesses across the communities we serve.”

A few highlights of the report include:

• Produced 178 terawatt hours of clean, carbon-free electricity in 2023, enough to power the equivalent of 16 million homes and avoid 125 million metric tons of carbon emissions.
• Achieved a leading nuclear fleet capacity factor by remaining online 94.4% of the time, continuing a nearly two decade stretch of best-in-industry performance.
• Sought to renew the licenses of the Clinton and Dresden clean energy centers in Illinois, which if pursued across Constellation’s full nuclear fleet would provide as much additional carbon-free power as all the renewable energy in America over the past 40 years.
• Announced plans to invest $800 million in new equipment to increase the output of the Braidwood and Byron clean energy centers in Illinois, increasing the capacity of those nuclear plants by 158 megawatts, which together with similar projects at other plants, could add up to one gigawatt of new clean energy capacity over the next decade.
• Acquired a partial ownership stake in the South Texas Electric Generating Station, a 2,645-MW dual-unit nuclear plant located in Bay City, Texas.
• Completed the repowering of the Criterion wind project in Maryland by upgrading 28 turbines with new, state-of-the-art components that will increase clean energy production by 79,000 MWh and extend its life for an additional 20 years.
• Collaborated with LevelTen to help form the Granular Certificate Trading Alliance, a trading platform for carbon-free energy attributes that supports hourly clean energy matching for business customers.
• Continued to grow the Constellation Offsite Renewables (CORe) business, which has helped support 2,600 MW of new renewable energy capacity since 2019.
• Earned a Great Place To Work® Certification based on how employees rate their experience working at Constellation.
• Ranked ninth on Barron’s list of the 100 Most Sustainable U.S. companies and were named to JUST Capital’s JUST100.
• Spent more than $521 million with diverse suppliers, which represents 21% of the company’s total spend on materials and services with suppliers that are managed through its Supply organization.
• Supported economic growth and progress, including through the $1.25 million annual Powering Change investment and other workforce development programs that provide family-sustaining jobs in underserved communities.
• Contributed $18.7 million in combined charitable donations -- $13.6 million by the company and its foundation, and another $5.1 million by employees, who also volunteered more than 102,000 hours in the community. Notably, 81% of the company’s direct grants supported organizations, programs or events serving underrepresented populations.

Constellation will report additional details on positive economic and community impacts in its forthcoming inaugural DEI and Economic Impact reports. Stay tuned to constellationenergy.com and Constellation’s social media platforms for updates.

About Constellation

A Fortune 200 company headquartered in Baltimore, Constellation Energy Corporation (Nasdaq: CEG) is the nation’s largest producer of clean, carbon-free energy and a leading supplier of energy products and services to businesses, homes, community aggregations and public sector customers across the continental United States, including three fourths of Fortune 100 companies. With annual output that is nearly 90% carbon-free, our hydro, wind and solar facilities paired with the nation’s largest nuclear fleet have the generating capacity to power the equivalent of 16 million homes, providing about 10% of the nation’s clean energy. We are further accelerating the nation’s transition to a carbon-free future by helping our customers reach their sustainability goals, setting our own ambitious goal of achieving 100% carbon-free generation by 2040, and by investing in promising emerging technologies to eliminate carbon emissions across all sectors of the economy. Follow Constellation on LinkedIn and X.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240625086094/en/

Dave Snyder

Constellation Communications

667-218-7700

david.snyder@constellation.com

Source: Constellation Energy Corporation

FAQ

What is Constellation's stock symbol?

Constellation's stock symbol is CEG.

How much clean electricity did Constellation produce in 2023?

Constellation produced 178 TWh of clean, carbon-free electricity in 2023.

What are some key investments Constellation is making in its nuclear fleet?

Constellation is investing $800 million in new equipment for its Illinois nuclear centers to add 158 MW of capacity.

What stake did Constellation acquire in Texas?

Constellation acquired a partial ownership stake in the South Texas Electric Generating Station.

What achievements are highlighted in Constellation's 2024 Sustainability Report?

Highlights include producing 178 TWh of clean electricity, avoiding 125 million metric tons of carbon emissions, investing $800 million in Illinois nuclear centers, and upgrading the Criterion wind project.

How did Constellation support diverse suppliers in 2023?

Constellation spent over $521 million with diverse suppliers in 2023.

What recognition did Constellation receive for its workplace environment?

Constellation earned a Great Place To Work® Certification.

What is the capacity increase from Constellation's Criterion wind project upgrade?

The upgrade increases clean energy production by 79,000 MWh.