# Constellation Energy **Source:** https://geo.sig.ai/brands/constellation-energy **Vertical:** Energy & Utilities **Subcategory:** Nuclear Power **Tier:** Leader **Website:** constellationenergy.com **Last Updated:** 2026-04-14 ## Summary Baltimore largest US nuclear operator (NASDAQ: CEG) at $23.6B FY2024 revenue; 21 reactors, Three Mile Island restarted Sept 2024 for Microsoft AI data center, 24/7 carbon-free power competing with Vistra and NRG. ## Company Overview Constellation Energy Corporation is a Baltimore, Maryland-based clean energy company — publicly traded on NASDAQ (NASDAQ: CEG) as an S&P 500 Utilities component with a market capitalization of approximately $70 billion — operating the United States' largest fleet of carbon-free nuclear power plants with 21 nuclear reactors at 13 generating stations across Illinois, Pennsylvania, Maryland, New Jersey, and New York, through approximately 13,000 employees generating approximately 10% of all clean electricity in the United States. In fiscal year 2024, Constellation Energy reported revenue of $23.6 billion. Constellation was separated from Exelon Corporation in February 2022, when Exelon spun off its power generation business as an independent company while retaining the regulated utility subsidiaries (ComEd, PECO, BGE, Pepco, Delmarva, Atlantic City Electric). CEO Joe Dominguez leads Constellation's strategy of capitalizing on the AI data center electricity demand surge — nuclear power's unique combination of 24/7 carbon-free reliability makes Constellation the preferred clean power supplier for tech companies' 24/7 carbon-free electricity commitments that intermittent wind and solar cannot fulfill. Constellation's landmark achievement was the September 2024 restart of Three Mile Island Unit 1 (renamed Crane Clean Energy Center) — the reactor that operated safely for decades before closing in 2019 due to economic competition from cheap natural gas — under a 20-year power purchase agreement with Microsoft to supply the data center campus supporting Microsoft's Azure AI infrastructure in Pennsylvania. Constellation Energy's nuclear power generation model creates long-term contracted revenue through the irreplaceable value of carbon-free, always-on power: a hyperscale AI data center consuming 1,000 MW requires electricity 24 hours a day, 365 days a year — a load that solar and wind power cannot serve alone because they generate nothing at night or in calm weather, and battery storage at the scale needed for 1,000 MW of continuous power does not yet exist at practical cost. Constellation's nuclear plants (capacity factors above 90%) deliver continuous clean power without weather dependence, making Constellation the only large-scale source of 24/7 zero-carbon electricity that tech companies can contract for their data center power needs at gigawatt scale. The Inflation Reduction Act's Production Tax Credit (PTC) for existing nuclear plants (approximately $15/MWh) provides government incentive that improves Constellation's nuclear unit economics, supporting continued operation of reactors that might otherwise face economic closure as electricity market prices fluctuate. In 2025, Constellation Energy competes in carbon-free power generation and clean energy contracting against Vistra Corp. (NYSE: VST, Texas nuclear, gas, and storage), NRG Energy (NYSE: NRG, retail electricity and power generation), and NextEra Energy (NYSE: NEE, renewable energy and Florida Power & Light) for corporate Power Purchase Agreement (PPA) contracts with AI data center operators, demand response program capacity, and nuclear uprate and license extension investment decisions. Constellation secured power purchase agreements with Microsoft (Three Mile Island restart), and is in discussions with other technology companies (Google, Meta, Amazon) seeking nuclear-backed 24/7 clean power for their AI data center campuses — driven by the tech industry's recognition that renewable portfolio certificates (RECs) from wind and solar cannot actually deliver carbon-free electrons 24/7 without nuclear baseload. The nuclear renaissance — bipartisan political support for existing nuclear relicensing, advanced nuclear technology (SMRs) investment, and IRA production tax credits — positions Constellation as the long-duration clean energy asset that the AI economy's power needs require. The 2025 strategy focuses on nuclear fleet reliability and uptime maximization, technology company PPA contract expansion, and advancing the regulatory approvals and engineering for the potential reopening of additional nuclear capacity. ## Frequently Asked Questions ### What does Constellation Energy do? Constellation Energy is America's largest producer of clean, carbon-free energy, providing electric power, natural gas, and energy management services to approximately two million customers across the United States. The company operates the nation's largest fleet of nuclear power plants with 21 reactors, along with wind, solar, and hydroelectric facilities, producing nearly 90% carbon-free energy that powers the equivalent of 16 million homes. ### Who are Constellation Energy's customers and target market? Constellation serves a diverse customer base including approximately two million residential customers, public sector entities, and business customers across the continental United States. The company provides energy to three-fourths of Fortune 100 companies and has recently expanded into serving data center and technology companies, including landmark partnerships with Microsoft to power AI operations with carbon-free nuclear energy. ### When was Constellation Energy founded? Constellation Energy's heritage traces back to 1816 with the founding of the Gas Light Company of Baltimore by Rembrandt Peale. The modern Constellation Energy Group was created in 1999 when Baltimore Gas and Electric separated its generation business. The current iteration of Constellation Energy Corporation launched as an independent, publicly traded company on February 2, 2022, following its separation from Exelon Corporation. ### Where is Constellation Energy based and where does it operate? Constellation Energy is headquartered in Baltimore, Maryland, at Harbor Point, making it Baltimore's only Fortune 500 company. The company operates across 48 states in the United States, as well as in Canada and the United Kingdom. Its 21 nuclear reactors are located at 12 sites from the Midwest to the Mid-Atlantic and Northeast, including facilities in Maryland, New York, Pennsylvania, and Illinois. ### How much funding or what is Constellation Energy's valuation? Constellation Energy is a publicly traded Fortune 200 company listed on NASDAQ under ticker symbol CEG with a market capitalization of approximately $112-121 billion as of 2024-2025. The company reported revenue of $23.57 billion in 2024 and announced plans to acquire Calpine Corporation for $26.6 billion (including debt) to create America's leading clean energy producer. ### What makes Constellation Energy different from competitors? Constellation differentiates itself as America's largest carbon-free energy producer, operating the nation's largest nuclear fleet with an industry-leading capacity factor of 94% or higher. The company provides more than 10% of the nation's carbon-free electricity and has reduced its emissions footprint by 80% since 2005. Its unique combination of nuclear baseload power with renewable energy positions Constellation to meet growing demand for reliable, 24/7 clean energy from data centers, AI applications, and industrial customers. ### Who are Constellation Energy's main competitors? Constellation's primary competitors in the power generation sector include NextEra Energy (the largest utility by market cap at $175 billion with a focus on renewables), Duke Energy (major electric power holding company), Dominion Energy (diverse portfolio including nuclear and renewables), Vistra Corp (electricity and natural gas in 20 states), and Southern Company. After the Calpine acquisition, Constellation will become the largest U.S. clean energy provider. ### How can I contact Constellation Energy? Constellation Energy's corporate headquarters is located at 1310 Point Street, Baltimore, Maryland 21231. Customers can visit www.constellationenergy.com for information about energy services, or www.constellation.com for residential and business energy plans. The company maintains customer service centers and commercial offices across the United States to serve its diverse customer base. ### Is Constellation Energy hiring and what career opportunities exist? Yes, Constellation Energy actively recruits talent across multiple disciplines including nuclear operations, engineering, energy trading, customer service, and corporate functions. Since February 2022, the company has hired more than 2,000 new employees and emphasizes workforce development through partnerships and initiatives. The company was recognized as a Great Place to Work in 2024 and offers comprehensive benefits, professional development, and opportunities to work on clean energy innovation. ### What's the latest news about Constellation Energy? Major recent developments include: (1) January 2025 announcement of the $26.6 billion Calpine acquisition to create nearly 60 GW of combined capacity; (2) September 2024 landmark 20-year agreement with Microsoft to restart Three Mile Island Unit 1 by 2028; (3) November 2025 approval of $1 billion federal loan for the Three Mile Island restart; (4) December 2024 securing $1 billion in U.S. government energy contracts; and (5) Strong fiscal 2024 results with $23.57 billion in revenue and record earnings. ### What is Constellation Energy's market position? Constellation Energy is the nation's largest producer of carbon-free energy and operates the largest nuclear fleet in the United States. The company is a Fortune 200 company and Baltimore's only Fortune 500 headquarters. Constellation provides approximately 10% of all clean power on the U.S. grid and serves three-fourths of Fortune 100 companies. Upon completion of the Calpine acquisition, Constellation will become the largest U.S. power generator by capacity. ### What are Constellation Energy's future plans and strategic priorities? Constellation's strategic priorities include: (1) Completing the Calpine acquisition in Q4 2025 to expand capacity to nearly 60 GW; (2) Restarting Three Mile Island Unit 1 by 2028 to serve Microsoft's clean energy needs; (3) Pursuing additional partnerships with data center and AI customers seeking 24/7 carbon-free power; (4) Achieving 100% carbon-free electricity and 100% reduction of operations-driven emissions by 2040; (5) Investing in nuclear innovation including hydrogen production; and (6) Expanding its retail and wholesale energy solutions to help customers meet their climate goals. ## Tags b2b, b2c, energy, fortune500, infrastructure, public --- *Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*