Constellation Energy raises adjusted earnings guidance to $11.50 to $12.50 a share

Constellation Energy reported results for the quarter ended June 30, 2026, on August 6, 2026. GAAP net income was $1.42 per share, down from $2.67 a year earlier. Adjusted operating earnings rose to $920 million, or $2.55 per share, from $599 million, or $1.91 per share. The company attributed the increase primarily to the addition of Calpine and favorable market and portfolio conditions, partly offset by unfavorable nuclear outages.

The FERC approved Constellation Energy's waiver request to transfer capacity interconnection rights from Eddystone Units 3 and 4 in Pennsylvania to the Crane Clean Energy Center. The NRC approved a fuel license amendment for Crane. The company said it expects the transfer to expedite the plant's ability to deliver emissions-free power, and it targets restarting operations in 2027.

Constellation Energy entered into an agreement with LS Power in August 2026 to divest the Brazos Valley Energy Center, formerly the Jack A. Fusco Energy Center, a 606 MW natural gas-fired plant in ERCOT, for $860 million before closing adjustments. The company said it expects the sale to close by the end of 2026, subject to DOJ approval and other customary closing conditions. The company also said the sale marks the last asset sale required by its regulatory commitments under the Calpine acquisition.

Constellation Energy also signed an additional 920 megawatts of long-term power purchase agreements for clean nuclear generation with investment grade customers. The company said the agreements run 15 to 20 years and are set to begin in 2029 through 2032.

The company also filed license renewal applications with the NRC for the Ginna Clean Energy Center and the Nine Mile Point Unit 1 reactor in New York. It said that, if approved, their operating licenses would be extended 20 years, to 2049.