Constellation Energy Corp 8-K

What Happened
Constellation Energy Corporation announced on July 14, 2026 that each of its power plants located in the PJM market cleared the PJM capacity auction for the 2028–2029 planning year. The auction results take effect June 1, 2028. The company also noted that capacity revenues for its nuclear units are included in the gross receipts calculation for the Production Tax Credit.

Key Details

• Total cleared PJM portfolio: 18,875 MW (Nuclear 15,700 MW; Fossil/Others 3,175 MW).
• Cleared volumes by zone (ownership basis):
  • COMED: Nuclear 9,800 MW, Fossil/Others 400 MW — Subtotal 10,200 MW
  • EMAAC: Nuclear 4,325 MW, Fossil/Others 2,225 MW — Subtotal 6,550 MW
  • MAAC: Nuclear 1,575 MW, Fossil/Others 150 MW — Subtotal 1,725 MW
  • BGE: Nuclear —, Fossil/Others 375 MW — Subtotal 375 MW
  • RTO: Nuclear —, Fossil/Others 25 MW — Subtotal 25 MW
• Auction clearing price shown as $325 (as reported in the filing).
• Cleared capacity for assets held for sale were excluded from these totals.

Why It Matters

• Clearing the PJM capacity auction provides Constellation with price visibility and contractual capacity commitments for the 2028–2029 planning year, supporting forward revenue expectations for those units.
• Inclusion of nuclear capacity revenues in the Production Tax Credit gross receipts calculation can affect the company’s tax credit eligibility and related cash flow/tax benefits.
• Investors should note the effective date (June 1, 2028) and total cleared capacity (18,875 MW) when assessing Constellation’s future capacity revenue profile and tax-related items disclosed in the company’s filings.