Constellation Energy Corporation
07/30/2024 | Press release | Distributed by Public on 07/30/2024 15:16
Material Event Form 8 K
Item 8.01. Other Events
On July 30, 2024, Constellation Energy Corporation (the "Company") learned the results of the PJM capacity auction for the 2025-2026 planning year. Each of the Company's nuclear, natural gas, and oil generation power plants located in the PJM market cleared in the auction. Capacity revenues for nuclear units are included in the gross receipts calculation for the Production Tax Credit. The auction results take effect June 1, 2025.
The table below lists the Company's cleared capacity volumes for the 2025-2026 capacity auction by zone.
| Cleared Volumes at Ownership | Capacity Performance | ||
| MW | Price | ||
| COMED | |||
| Nuclear | 9,750 | $ | 270 |
| Fossil/Others | - | 270 | |
| Sub Total | 9,750 | ||
| EMAAC | |||
| Nuclear | 4,225 | $ | 270 |
| Fossil/Others | 1,525 | 270 | |
| Sub Total | 5,750 | ||
| MAAC | |||
| Nuclear | 1,575 | $ | 270 |
| Fossil/Others | 100 | 270 | |
| Sub Total | 1,675 | ||
| BGE | |||
| Nuclear | - | $ | 466 |
| Fossil/Others | 325 | 466 | |
| Sub Total | 325 | ||
| PJM Portfolio | |||
| Nuclear | 15,550 | ||
| Fossil/Others | 1,950 | ||
| Grand Total | 17,500 | ||
* * * * *
This combined Current Report on Form 8-K is being furnished separately by the Company and Constellation Energy Generation, LLC ("Constellation", and together with the "Company", the "Registrants"). Information contained herein relating to an individual Registrant has been furnished by such Registrant on its own behalf. Neither Registrant makes any representation as to information relating to the other Registrant.
This report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as "could," "may," "expects," "anticipates," "will," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "predicts," and variations on such
words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
The factors that could cause actual results to differ materially from the forward-looking statements made by the Registrants include those factors discussed herein as well as the items discussed in (1) the Registrants' combined 2023 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 19, Commitments and Contingencies; (2) the Registrants' First Quarter 2024 Quarterly Report on Form 10-Q in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 13, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this Current Report on Form 8-K. Neither Registrant undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Current Report on Form 8-K.