Fact Summary
CEG is the largest private power generation company in the United States and the largest nuclear power generator, having completed its acquisition of Calpine Corporation on 2026-01-07 to form an integrated nuclear, natural gas, and geothermal portfolio (generating capacity of approximately 55GW) (SEC Form 8-K, 2026-01-07). Q1 results announced on 2026-05-11 showed revenue of USD 11.12B (+63.8% year-over-year) and adjusted EPS of USD 2.74 (+28% versus USD 2.14 in the prior-year period). In the PJM 2028/29 capacity market auction on 2026-07-14, a total of 18,875MW of CEG-affiliated generation, including 15,700MW of nuclear, cleared at USD 325/MW-day (the statutory cap) (SEC Form 8-K). The company has signed multiple long-term nuclear power supply agreements with hyperscalers including Microsoft, Meta, and Walmart.
Price-Change Context Note
As of 2026-07-19, CEG shares are down -7.9% over the past month and -21.1% over the past year; over the same period, New York State imposed a one-year moratorium on environmental permits for large data centers (2026-07-14), and half of the 50 million shares issued as consideration for the Calpine acquisition had their lock-up released on 2026-06-30.
Key Financial Multiples (Factual Figures)
Note: P/E and EV/EBITDA are reference approximations from secondary aggregator sources that do not precisely align with the confirmed closing-price reference date (2026-07-17); figures as of the identical reference date are not available.
5-Year Financial Trend
Business Overview · Calpine Acquisition
Constellation Energy Corporation is the largest private power generation company in the United States, with approximately 55GW of generating capacity across nuclear, natural gas, geothermal, hydro, wind, and solar, and supplies retail electricity to more than 2.5 million residential, commercial, and public-sector customers (company materials and news aggregation). It became an independent publicly listed company through a tax-free spin-off from Exelon Corporation on 2022-02-01.
CEG completed its acquisition of Calpine Corporation on 2026-01-07. The consideration consisted of 50 million newly issued CEG shares and USD 4.50 billion in cash, and former Calpine shareholders acquired approximately 13.8% of CEG's outstanding shares as of 2026-01-06 (SEC Form 8-K, 2026-01-07). As a result, CEG's shares outstanding increased by approximately 15.9%, from approximately 312.3 million shares as of 2025-10-31 to approximately 362.0 million shares as of 2026-02-01 (10-Q/10-K XBRL).
Composition of generating capacity cleared in the 2026-07-14 PJM 2028/29 capacity market auction (SEC Form 8-K, A)
Long-Term Hyperscaler Power Supply Agreements
| Counterparty | Details | Reference Date |
|---|---|---|
| Microsoft | Power supply related to the restart of Crane Clean Energy Center (formerly Three Mile Island Unit 1), 835MW, targeted for 2027 | Financing completed 2025-11 |
| Meta | Approximately 1.1GW of nuclear power from Clinton Clean Energy Center, 20-year contract, starting 2027 | Signed 2026-06 |
| Walmart | 176MW of nuclear power from Dresden Clean Energy Center, supply starting 2029–2030 | Announced 2026-06-23 |
| CyrusOne | 380MW for a data center adjacent to the Freestone Energy Center in Texas | Q1 2026 |
Competitor Comparison
Vistra (VST), Constellation Energy (CEG), and Talen Energy (TLN) are frequently cited together as representative 'AI power' theme stocks that hold large-scale nuclear generation facilities and have signed direct power supply agreements with hyperscalers (news aggregation).
| Company | Ticker | Generating Capacity | Notes |
|---|---|---|---|
| Constellation Energy | CEG | Approx. 55GW (post-Calpine acquisition, news aggregation) | Largest nuclear power generator in the US; integrated nuclear, gas, and geothermal portfolio following the Calpine acquisition |
| Vistra | VST | Approx. 38,700MW | Integrated generation and retail electricity company with a large gas-fired generation share centered in Texas; approximately 4.3 million customers across 20 states |
| Talen Energy | TLN | Not available | A smaller, restructured generation company centered on a single nuclear plant site in Pennsylvania |
| NRG Energy | NRG | Not available | Mentioned as having a somewhat higher dividend yield and relatively lower share-price volatility (detailed figures not available) |
Vistra's fiscal year 2025 GAAP net income declined -65% year-over-year, reflecting a pre-tax unrealized hedging loss of USD 808 million (news aggregation) — a reference example illustrating the commodity-price exposure characteristic of a gas-heavy generation business.
Supply-Demand Trends
Short Interest (FINRA Biweekly Settlement Dates)
| Settlement Date | Short Interest (Shares) | Change from Prior Period | % of Float | Days to Cover |
|---|---|---|---|---|
| 2026-05-15 | 10,532,940 | -0.2% | 2.9% | 2.98 |
| 2026-05-29 | 11,593,455 | +10.1% | 3.2% | 3.73 |
| 2026-06-15 | 11,380,943 | -1.8% | 3.2% | 2.33 |
| 2026-06-30 | 12,153,531 | +6.8% | 3.4% | 3.16 |
Source: marketbeat.com (FINRA biweekly short-interest data aggregation, secondary source) · Not cross-checked against the official NASDAQ source due to access failure
Institutional Ownership · Options Market
On 2026-02-09, multiple executives disposed of shares for tax-withholding purposes related to the vesting of long-term incentive plan (LTIP) awards (non-discretionary disposition, not a discretionary trade). No voluntary open-market disposition or acquisition by executives or directors was identified within the 2026-01 to 2026-07-19 review period (secform4.com, aggregated from original SEC EDGAR Form 4 filings).
Governance · Major Shareholders
| Holder | Shares Held | Ownership % | Reference Date |
|---|---|---|---|
| The Vanguard Group (pre-reorganization consolidated basis) | 36,651,641 | 11.7% | 2023-12-29 |
| Vanguard Capital Management LLC (newly formed reporting entity post-reorganization) | 23,174,480 | 6.39% | 2026-03-31 |
| BlackRock, Inc. | 22,564,120 | 7.1–7.2% | 2023-12-29 |
| State Street Corporation | 17,801,601 | 5.57% | 2023-12-29 |
| Capital International Investors | 11,940,831 | 3.3% | 2026-03-31 |
| ECP ControlCo, LLC (Calpine sale-consideration shares) | 22,043,724 | 6.1% | 2026-01-07 |
Source: original SEC Schedule 13G/13G-A filings (primary). ECP ControlCo's holdings are consideration from the Calpine acquisition; half is subject to lock-up release on 2026-06-30 and the remaining half on 2027-06-30. Updated ownership percentages for BlackRock and State Street are not available, as no updated filings since 2024 were confirmed.
The board of directors consists of 12 members, and each committee (Audit and Finance Oversight Committee, Compensation Committee, Governance Committee, and Nuclear Oversight Committee) is composed of 100% independent directors. The board is set to transition from its current three-class staggered structure to a single-class structure following the 2026 annual shareholder meeting (2026-04-28) (DEF 14A, 2026-03-19).
Macro Factors
| Factor | Current Value (Reference Date) | Transmission Channel to CEG |
|---|---|---|
| Natural Gas Spot Price (Henry Hub) | 2.83 USD/MMBtu (2026-07-13) | Rising gas prices are favorable for widening the spread on nuclear assets, but conflict with cost pressure on the gas assets acquired through Calpine |
| 45U Zero-Emission Nuclear Power Production Tax Credit | Maintained at 15 USD/MWh, scheduled to expire in 2032 | Supports a floor on nuclear generation costs; excluded from reduction even after OBBBA took effect |
| NRC Regulatory Environment | Under Executive Order 14300 (2025-05), a target license renewal timeline of approximately 12 months | Reduces the likelihood of regulatory delays for nuclear license renewal and restart projects |
| RGGI Carbon Allowances | 35.00 USD/ton (Q2 2026, +40% versus the prior quarter) | Widens the relative cost advantage of zero-emission nuclear assets |
Recent Timeline
- 2026-07-14: Cleared the PJM 2028/29 capacity market auction (see chart above); New York State signed an executive order imposing a one-year moratorium on environmental permits for large data centers (the first such case nationally)
- 2026-06-30: Shares fell 4.22% (closed at 248.37 USD); half of the 50 million Calpine acquisition-consideration shares had their lock-up released
- 2026-06-23: Announced a long-term 176MW nuclear power supply agreement with Walmart for Dresden Clean Energy Center
- 2026-06-01: FERC approved a PJM rule waiver related to the Crane restart (transfer of capacity interconnection rights from Eddystone to Crane)
- 2026-05-11: Announced Q1 2026 results (revenue 11.12B USD, adjusted EPS 2.74 USD)
- 2026-01-07: Completed the acquisition of Calpine Corporation, reorganizing as the largest US power generation company with approximately 55GW of generating capacity
Risk Factors
- Calpine acquisition integration: debt levels are estimated to have increased significantly (total debt estimated to have risen from 8.99B USD to 22.47B USD, though a confirmed comparison is not possible due to differing reference dates), with business integration execution cited as a key factor
- Nuclear regulation: NRC environmental review of the Crane Clean Energy Center restart project is ongoing, and delays could affect the monetization timeline of hyperscaler power supply agreements
- Data center regulation: New York State imposed a one-year moratorium on environmental permits for large data centers on 2026-07-14, suspending the issuance of new discretionary permits (existing facilities and existing permits are excluded)
- Commodity price volatility: the Calpine acquisition expanded the share of natural gas and geothermal assets, potentially increasing commodity price exposure (peer Vistra recorded a pre-tax unrealized hedging loss of 808 million USD in 2025 as a comparable case)
- Share price volatility: shares have reportedly fallen approximately -20% since the start of 2026 and approximately -30% from the all-time high in October 2025 (for reference)
Theme Exposure
Fact Highlights
Generated by FomoLog Agent · Data sources: Korea Exchange · NASDAQ · DART · SEC EDGAR
This is not investment advice. FomoLog provides factual summaries and post-hoc price-change context only. Investment decisions and their outcomes are solely the responsibility of the investor.