Constellation Energy Corporation - CEG STOCK NEWS

Constellation Energy Corporation (Nasdaq: CEG) reported a GAAP net income of $34 million for Q4 2022, down from $42 million in Q4 2021, while the full year 2022 showed a net loss of $160 million. Adjusted EBITDA decreased to $605 million in Q4 2022 from $1,027 million in Q4 2021, totaling $2,667 million for the year, an increase from $2,185 million in 2021. The company introduced a 2023 Adjusted EBITDA guidance of $2.9 billion to $3.3 billion and announced a capital allocation strategy of $1.5 billion for growth and a $1 billion share repurchase, alongside doubling its annual dividend. The nuclear fleet operated at a capacity factor of 95.4% in Q4 2022.

Exelon (NASDAQ: EXC) will propose two new Board members, Charisse R. Lillie and Matthew C. Rogers, at the April 25, 2023 Annual Shareholders Meeting. Current board members Paul Joskow, Ann Berzin, and Carlos Gutierrez will depart without seeking re-election. Lillie brings extensive experience in law and corporate governance, while Rogers has a background in sustainability and energy transition. Joskow, Berzin, and Gutierrez contributed significantly during their tenures, particularly during Exelon’s separation from Constellation Energy. The Board emphasizes the need for fresh perspectives in guiding Exelon's clean energy transformation.

Constellation Energy Corporation (Nasdaq: CEG) announced a new capability through PJM to provide hourly time-stamped carbon-free energy certificates, aiding customers in demonstrating carbon-free energy use at all times. This enhancement supports Constellation's Hourly Carbon-Free Energy Matching product. This initiative is crucial for businesses, particularly clean hydrogen producers, to meet federal tax credits. By allowing the retirement of energy certificates based on specific hours, the program provides transparency and supports sustainability goals.

Quaker Houghton (NYSE: KWR) has partnered with Constellation to purchase Renewable Energy Certificates (RECs) that will cover approximately 50% of its U.S. electricity needs. This initiative is part of Quaker Houghton's commitment to sustainability and achieving its greenhouse gas emissions targets by 2030. The RECs are certified by Green-e® Energy and sourced from renewable energy generators in the contiguous U.S. The company's CEO, Andy Tometich, emphasized the importance of sustainability in Quaker Houghton's long-term strategy, while Constellation supports its clients' sustainability goals.

Constellation Energy Corporation (Nasdaq: CEG) reported a third-quarter 2022 GAAP net loss of $188 million, a significant decline from a net income of $607 million in the same period last year. Adjusted EBITDA (non-GAAP) decreased to $592 million from $967 million in Q3 2021. The company has narrowed its full-year adjusted EBITDA guidance to $2.45 billion - $2.65 billion. Notably, S&P upgraded its issuer credit rating to BBB, reflecting improved business risk due to supportive policies from the recently signed Inflation Reduction Act. The company is pursuing license renewals for its nuclear plants.

The Board of Directors of Constellation Energy Corporation (Nasdaq: CEG) has declared a quarterly dividend of $0.141 per share on its common stock. This dividend will be payable on December 9, 2022, to shareholders recorded by 5 p.m. Eastern time on November 15, 2022. Constellation is recognized as the largest producer of clean, carbon-free energy in the U.S., supplying energy to millions, including three-fourths of Fortune 100 companies. The company aims to achieve 100% carbon-free power generation by 2040.

Constellation seeks approval from the Nuclear Regulatory Commission to extend operating licenses for its Clinton and Dresden nuclear plants by 20 years, potentially benefiting Illinois' economy significantly. The plants provide carbon-free energy, enough to power 2 million homes, aligning with Illinois' 2050 clean energy goals. The extension could add approximately $1.55 billion to the state's GDP annually. Supported by federal and state policies, the plants are critical for reducing emissions and ensuring energy security.

Constellation has appointed Nneka L. Rimmer to its Board of Directors, effective November 1, 2022. Rimmer, previously the president of Global Flavors & Extracts at McCormick, brings extensive experience in leadership, growth, and strategic expertise. Her prior role included overseeing a $4.2 billion acquisition, contributing to McCormick's success. Rimmer's appointment aligns with Constellation’s mission to transition to a carbon-free future, aiming for 100% carbon-free power generation by 2040.