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Constellation Energy
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Exhibit 99.1
News Release
Paul Adams
Corporate Communications
667-218-7700
Emily Duncan
Investor Relations
833-447-2783
CONSTELLATION REPORTS FOURTH QUARTER AND FULL YEAR 2024
RESULTS
Earnings Release Highlights
• GAAP Net Income of $2.71 per share and Adjusted (non-GAAP) Operating Earnings of $2.44 per
share for the fourth quarter of 2024. GAAP Net Income of $11.89 per share and Adjusted (non-
GAAP) Operating Earnings of $8.67 per share for the full year 2024, far exceeding the top end of
our twice revised guidance range of $8.00-$8.40 per share.
• Affirming full-year 2025 Adjusted (non-GAAP) Operating Earnings guidance range of $8.90 -
$9.60 per share. You can find our full 2025 disclosures on the IR section of our website as part of
the Calpine Acquisition presentation from January 10, 2025.
• Entered a definitive agreement to acquire Calpine Corporation, which will combine the largest
producer of clean, emissions-free energy, with the reliable, dispatchable natural gas assets of
Calpine, and will also create the nation's leading competitive retail supplier poised to meet growing
demand for customers and communities
• Announced the signing of a 20-year power purchase agreement with Microsoft that will support
the launch of the Crane Clean Energy Center
• Delivered on our commitment to shareholders:
◦ Completed $1 billion of share repurchases; cumulatively we have repurchased $2 billion
since 2023, with $1 billion authorization remaining
◦ Our issuer credit rating was upgraded by Moody’s Investor Services (Moody’s) from Baa2
to Baa1
◦ Issued the nation’s first corporate green bond including nuclear energy
◦ Increased the annual per share dividend by 25%, and expect to grow the dividend per share
by another 10% in 2025
▪ Declared a quarterly dividend of $0.3878 per share on our common stock, payable
on March 18, 2025, to shareholders of record as of 5 p.m. Eastern time on March 7,
2025
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• Ranked the No. 1 producer of emissions-free energy and boasted the lowest rate of carbon dioxide
emissions for the 11th consecutive year
• Achieved a nuclear operating capacity factor of 94.6% and 94.4% for the twelve months ended
December 31, 2024 and 2023, respectively
• Awarded 2024 Great Place to Work® certification for second year in a row, earning a place on
three Great Place to Work Award lists:
◦ Fortune Best Workplaces for ParentsTM 2024
◦ Fortune Best Workplaces for WomenTM 2024
◦ Fortune Best Workplaces in Manufacturing & ProductionTM 2024
• Contributed more than $20 million through Constellation, its foundation and its employees to over
4,100 organizations and our people logged 116,500 volunteer hours in our communities
Baltimore (Feb. 18, 2025) — Constellation Energy Corporation (Nasdaq: CEG) today reported its
financial results for the fourth quarter and full year 2024.
“The 14,000 women and men of Constellation remain the driving force behind our strong operational and
financial performance in 2024. Whether it’s AI and the many technologies of the future, or the everyday
needs of families and businesses across our nation, Constellation provides the reliable and sustainable
energy needed today and is investing billions of dollars to power our country for decades to come. We
know that reliable, affordable and sustainable power is the key to America’s freedom and the life-blood of
our economic prosperity, and over the past three years we have built a company that can meet that need
for power with unmatched capabilities,” said Joe Dominguez, president and CEO, Constellation. “As we
look forward to closing the Calpine acquisition later this year, Constellation will create new capabilities
that will increase product offerings across America to help families and businesses thrive and grow. There
has never been a more exciting time for our country and for the energy industry. We are privileged to be at
the heart of it all.”
“For the second consecutive year since forming our new company, Constellation has outperformed the top
end of its guidance range – a testament to the combined value of our commercial and generation
businesses, which were firing on all cylinders in 2024,” said Dan Eggers, chief financial officer,
Constellation. “Backstopped by our strong balance sheet and industry leading generation and commercial
businesses, we’re affirming our 2025 adjusted operating earnings guidance range at $8.90-9.60 per share.
Independent of our pending acquisition of Calpine, Constellation will invest over $2.5 billion in 2025 to
reliably operate our business for the long-term and fund our growth investments to help meet growing
power demand.”
Fourth Quarter 2024
Our GAAP Net Income (Loss) for the fourth quarter of 2024 increased to $2.71 per share from ($0.11) per
share in the fourth quarter of 2023. Adjusted (non-GAAP) Operating Earnings for the fourth quarter of
2024 increased to $2.44 per share from $1.74 per share in the fourth quarter of 2023. For the
reconciliations of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings, refer to the GAAP/
Adjusted (non-GAAP) Operating Earnings Reconciliation section below.
Adjusted (non-GAAP) Operating Earnings in the fourth quarter of 2024 primarily reflects:
• Favorable nuclear PTC portfolio results and favorable labor (incentives), contracting and materials
partially offset by unfavorable market and portfolio conditions and impacts of nuclear outages
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Full Year 2024
Our GAAP Net Income for 2024 increased to $11.89 per share compared to $5.01 per share in 2023.
Adjusted (non-GAAP) Operating Earnings for 2024 increased to $8.67 per share from $6.28 per share in
2023. For the reconciliations of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings, refer to
the GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation section below.
Adjusted (non-GAAP) Operating Earnings for the full year 2024 primarily reflects:
• Favorable nuclear PTC portfolio results and market and portfolio conditions partially offset by
unfavorable labor (incentives), contracting and materials, banked ZEC revenues and interest
expense
Recent Developments and Highlights
• Affirming 2025 Adjusted (non-GAAP) Operating Earnings Guidance: On January 10, 2025,
we initiated an adjusted operating earnings guidance range of $8.90 - $9.60 per share. We are
affirming that guidance today. In addition to Adjusted (non-GAAP) Operating Earnings guidance
we provided our expectations for Adjusted (non-GAAP) O&M and Capital for 2025 and 2026 as
well as other disclosures and tools to help model the company. These materials can be found on the
Investor Relations sections of the Constellation website as part of the Calpine Acquisition
presentation.
• Proposed Acquisition of Calpine Corporation: We have entered a definitive agreement to
acquire Calpine in a cash and stock transaction composed of 50 million shares of our common
stock and $4.5 billion in cash. The agreement will couple the nation’s leading clean energy
producer with the reliable, dispatchable natural gas assets of Calpine, opening opportunities to
supply more customers coast-to-coast. The combination also will create the nation’s leading
competitive retail electric supplier, providing 2.5 million customers with a broader array of
customized energy and sustainability solutions and new product offerings to help them manage
energy costs and achieve their sustainability goals. This acquisition will help us better serve our
customers across America, from families to businesses and utilities.
• Delivering on Our Capital Allocation Promises in 2024: We continued our share repurchase
program, buying back approximately $1 billion of our common stock in 2024. Since our Board of
Directors approved our share repurchase program, we have successfully repurchased
approximately $2 billion of our common stock with approximately $1 billion of remaining
authority to repurchase under the program. Our credit rating was upgraded by Moody’s to Baa1
from Baa2 and assigned a stable outlook based on the company’s improved debt coverage metrics
and strong financial performance. The upgrade by Moody’s follows two similar upgrades by
ratings firm S&P Global Ratings since 2022. We issued a $900 million, 30-year term green bond to
be used to finance green projects such as nuclear uprates that will increase production of clean,
carbon-free energy at our clean energy centers. Lastly, we increased the annual per share dividend
by 25%, and expect to grow the dividend per share by another 10% in 2025.
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• Dividend Declaration: Our Board of Directors has declared a quarterly dividend of $0.3878 per
share on our common stock. The dividend is payable on Tuesday, March 18, 2025, to shareholders
of record as of 5 p.m. Eastern time on Friday, March 7, 2025.
• No. 1 Producer of Emissions-Free Energy: For the 11th consecutive year, we are the nation’s
largest producer of emissions-free energy and have the lowest rate of carbon dioxide emissions
among the 20 largest private, investor-owned power producers in the United States, according to
an independent analysis based on publicly reported 2022 air emissions data. The annual
Benchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States
report showed that the next cleanest company among the group of 20 had more than four-and-a-
half times the rate of carbon dioxide emissions as Constellation.
• Nuclear Operations: Our nuclear fleet, including our owned output from the Salem and South
Texas Project (STP) Generating Stations, produced 45,494 gigawatt-hours (GWhs) in the fourth
quarter of 2024, compared with 45,563 GWhs in the fourth quarter of 2023. Excluding Salem and
STP, our nuclear plants at ownership achieved a capacity factor of 94.8% and 95.1% for the fourth
quarter of 2024 and 2023, respectively, and 94.6% and 94.4% for the twelve months ended
December 31, 2024 and 2023, respectively. There were 66 planned refueling outage days in the
fourth quarter of 2024 and 56 in the fourth quarter of 2023. There were 3 non-refueling outage
days in the fourth quarter of 2024 and 7 in the fourth quarter of 2023.
• Natural Gas, Oil, and Renewables Operations: The dispatch match rate for our gas and pumped
storage hydro fleet was 93.2% and 97.5% in the fourth quarter of 2024 and 2023, respectively, and
97.4% and 98.5% for the twelve months ended December 31, 2024 and 2023, respectively. Energy
capture for the wind, solar and run-of-river hydro fleet was 95.7% and 96.3% in the fourth quarter
of 2024 and 2023, respectively, and 96.1% and 96.4% for the twelve months ended December 31,
2024 and 2023, respectively.
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GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation
Unless otherwise noted, the income tax impact of each reconciling adjustment between GAAP Net Income
(Loss) Attributable to Common Shareholders and Adjusted (non-GAAP) Operating Earnings is based on
the marginal statutory federal and state income tax rates, taking into account whether the income or
expense item is taxable or deductible, respectively, in whole or in part. For all adjustments except the
Nuclear Decommissioning Trust (NDT) fund investment returns, which are included in decommissioning-
related activities, the marginal statutory income tax rate was 25.5% and 25.1% for the three and twelve
months ended December 31, 2024 and 2023. Under IRS regulations, NDT fund investment returns are
taxed at different rates for investments if they are in qualified or non-qualified funds. The effective tax
rates for the unrealized and realized gains and losses related to NDT funds were 56.3% and 52.9% for the
three months ended December 31, 2024 and 2023, respectively and 54.8% and 52.4% for the twelve
months ended December 31, 2024 and 2023, respectively. Adjusted (non-GAAP) Operating Earnings for
the three and twelve months ended December 31, 2024 and 2023, respectively, does not include the
following items (after tax) that were included in our reported GAAP Net Income (Loss):
Three Months Ended December 31,
2024 2023
Earnings Per Earnings Per
(In millions, except per share data) Share(a) Share(a)
GAAP Net Income (Loss) Attributable to Common Shareholders $ 852 $ 2.71 $ (36) $ (0.11)
Unrealized (Gain) Loss on Fair Value Adjustments (net of taxes $82 and
$254, respectively) (241) (0.77) 758 2.36
Plant Retirements and Divestitures (net of taxes $14 and $3, respectively) (40) (0.13) 9 0.03
respectively) 177 0.56 (181) (0.56)
Pension & OPEB Non-Service (Credits) Costs (net of taxes $1 and $3,
respectively) 4 0.01 (10) (0.03)
Separation Costs (net of taxes $— and $2, respectively) — — (5) (0.02)
ERP System Implementation Costs (net of taxes $— and $1, respectively) 1 — 4 0.01
Change in Environmental Liabilities (net of taxes $2 and $4, respectively) 5 0.02 11 0.03
Noncontrolling Interests (2) (0.01) (1) —
Adjusted (non-GAAP) Operating Earnings $ 765 $ 2.44 $ 555 $ 1.74
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Twelve Months Ended December 31,
2024 2023
Earnings Per Earnings Per
(In millions, except per share data) Share(a) Share(a)
GAAP Net Income (Loss) Attributable to Common Shareholders $ 3,749 $ 11.89 $ 1,623 $ 5.01
Unrealized (Gain) Loss on Fair Value Adjustments (net of taxes $346 and
$169, respectively) (1,026) (3.25) 506 1.56
Plant Retirements and Divestitures (net of taxes $9 and $2, respectively) 28 0.09 (7) (0.02)
respectively) (50) (0.16) (183) (0.56)
Pension & OPEB Non-Service (Credits) Costs (net of taxes $2 and $14,
respectively) 5 0.02 (41) (0.13)
Separation Costs (net of taxes $3 and $21, respectively) 9 0.03 62 0.19
ERP System Implementation Costs (net of taxes $3 and $6, respectively) 8 0.02 19 0.06
Change in Environmental Liabilities (net of taxes $22 and $11,
respectively) 65 0.21 33 0.10
Asset Impairments (net of taxes $— and $9, respectively) — — 62 0.19
Noncontrolling Interests (7) (0.02) (40) (0.12)
Adjusted (non-GAAP) Operating Earnings $ 2,735 $ 8.67 $ 2,034 $ 6.28
__________
(a) Amounts may not sum due to rounding. Earnings per share amount is based on average diluted common shares outstanding
of 314 million and 321 million for the three months ended December 31, 2024 and 2023, respectively and 315 million and
324 million for the twelve months ended December 31, 2024 and 2023, respectively.
About Constellation
CEG), a Fortune 200 company headquartered in Baltimore, is
the nation’s largest producer of reliable, emissions-free energy and a leading energy supplier to
businesses, homes and public sector customers nationwide, including three-fourths of Fortune 100
companies. With annual output that is nearly 90% carbon-free, our hydro, wind and solar facilities paired
with the nation’s largest nuclear fleet have the generating capacity to power the equivalent of 16 million
homes, providing about 10% of the nation’s clean energy. We are committed to investing in innovative
technologies to drive the transition to a reliable, sustainable and secure energy future. Follow
Constellation on LinkedIn and X.
We utilize Adjusted (non-GAAP) Operating Earnings (and/or its per share equivalent) in our internal
analysis, and in communications with investors and analysts, as a consistent measure for comparing our
financial performance and discussing the factors and trends affecting our business. The presentation of
Adjusted (non-GAAP) Operating Earnings is intended to complement and should not be considered an
alternative to, nor more useful than, the presentation of GAAP Net Income (Loss).
The tables above provide a reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP)
Operating Earnings. Adjusted (non-GAAP) Operating Earnings is not a standardized financial measure
and may not be comparable to other companies’ presentations of similarly titled measures.
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unable to reconcile this non-GAAP financial measure to GAAP Net Income (Loss) given the inherent
uncertainty required in projecting gains and losses associated with the various fair value adjustments
required by GAAP. These adjustments include future changes in fair value impacting the derivative
instruments utilized in our current business operations, as well as the debt and equity securities held within
our nuclear decommissioning trusts, which may have a material impact on our future GAAP results.
Our Adjusted (non-GAAP) Operating and Maintenance (O&M) excludes direct cost of sales for certain
end-user businesses, Asset Retirement Obligation (ARO) accretion expense from unregulated units, and
decommissioning costs that do not affect profit and loss.
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. These forward-looking statements include, but are not limited
to, statements regarding the proposed transaction between Constellation and Calpine Corporation, the
expected closing of the proposed transaction and the timing thereof, the financing of the proposed
transaction and the pro forma combined company and its operations, strategies and plans, enhancements to
investment-grade credit profile, synergies, opportunities and anticipated future performance and capital
structure, and expected accretion to earnings per share and free cash flow. Information adjusted for the
proposed transaction should not be considered a forecast of future results.
number of risks and uncertainties that could cause actual results to differ materially from those projected.
by Constellation Energy Corporation and Constellation Energy Generation, LLC, (the Registrants) include
those factors discussed herein, as well as the items discussed in (1) the Registrants' 2024 Annual Report
on Form 10-K (to be filed on February 18, 2025) 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 18, Commitments and Contingencies, and
(2) other factors discussed in filings with the SEC by the Registrants.
or oral, which apply only as of the date of this press release. 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 press release.
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Table of Contents
Earnings Release Attachments
Table of Contents
Consolidated Statements of Operations ................................................................................................................................. 1
Consolidated Balance Sheets ................................................................................................................................................. 2
Consolidated Statements of Cash Flows ............................................................................................................................... 4
GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments 5
Statistics.................................................................................................................................................................................. 7
Table of Contents
Constellation Energy Corporation and Subsidiary Companies
Consolidated Statements of Operations
(unaudited)
(in millions)
Three Months Ended Twelve Months Ended
December 31, 2024 December 31, 2024
Operating revenues $ 5,382 $ 23,568
Operating expenses
Purchased power and fuel 2,591 11,419
Operating and maintenance 1,493 6,159
Depreciation and amortization 255 1,123
Taxes other than income taxes 140 586
Total operating expenses 4,479 19,287
Gain (loss) on sales of assets and businesses 69 71
Operating income (loss) 972 4,352
Other income and (deductions)
Interest expense, net (90) (506)
Other, net (23) 670
Total other income and (deductions) (113) 164
Income (loss) before income taxes 859 4,516
Income tax (benefit) expense 6 774
Equity in income (losses) of unconsolidated affiliates (3) (4)
Net income (loss) 850 3,738
Net income (loss) attributable to noncontrolling interests (2) (11)
Net income (loss) attributable to common shareholders $ 852 $ 3,749
Three Months Ended Twelve Months Ended
December 31, 2023 December 31, 2023
Operating revenues $ 5,796 $ 24,918
Operating expenses
Purchased power and fuel 4,018 16,001
Operating and maintenance 1,422 5,685
Depreciation and amortization 288 1,096
Taxes other than income taxes 134 553
Total operating expenses 5,862 23,335
Gain (loss) on sales of assets and businesses (1) 27
Operating income (loss) (67) 1,610
Other income and (deductions)
Interest expense, net (139) (431)
Other, net 349 1,268
Total other income and (deductions) 210 837
Income (loss) before income taxes 143 2,447
Income tax (benefit) expense 182 859
Equity in income (losses) of unconsolidated affiliates — (11)
Net income (loss) (39) 1,577
Net income (loss) attributable to noncontrolling interests (3) (46)
Net income (loss) attributable to common shareholders $ (36) $ 1,623
Change in Net income (loss) attributable to common shareholders from 2023 to 2024 $ 888 $ 2,126
1
Table of Contents
Constellation Energy Corporation and Subsidiary Companies
Consolidated Balance Sheets
(unaudited)
(in millions)
December 31, 2024 December 31, 2023
Assets
Current assets
Cash and cash equivalents $ 3,022 $ 368
Restricted cash and cash equivalents 107 86
Accounts receivable
Customer accounts receivable, net 3,116 1,934
Other accounts receivable, net 602 917
Inventories, net
Natural gas, oil, and emission allowances 243 284
Materials and supplies 1,357 1,216
Renewable energy credits 797 660
Other 689 1,655
Total current assets 10,776 8,299
Property, plant, and equipment, net 21,235 22,116
Deferred debits and other assets
Nuclear decommissioning trust funds 17,305 16,398
Investments 640 563
Goodwill 420 425
Other 2,178 1,910
Total deferred debits and other assets 20,915 20,343
Total assets $ 52,926 $ 50,758
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Table of Contents
December 31, 2024 December 31, 2023
Liabilities and shareholders’ equity
Current liabilities
Accounts payable and accrued expenses 3,943 2,612
Renewable energy credit obligation 1,076 972
Other 332 338
Total current liabilities 6,846 6,319
Deferred credits and other liabilities
Deferred income taxes and unamortized ITCs 3,331 3,209
Asset retirement obligations 12,449 14,118
Spent nuclear fuel obligation 1,366 1,296
Payables related to Regulatory Agreement Units 4,518 3,688
Other 1,219 1,125
Total deferred credits and other liabilities 25,157 25,657
Total liabilities 39,387 39,472
Commitments and contingencies
Shareholders' equity
Common stock 11,402 12,355
Retained earnings (deficit) 4,066 761
Accumulated other comprehensive income (loss), net (2,302) (2,191)
Total shareholders’ equity 13,166 10,925
Noncontrolling interests 373 361
Total equity 13,539 11,286
Total liabilities and shareholders’ equity $ 52,926 $ 50,758
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Table of Contents
Constellation Energy Corporation and Subsidiary Companies
Consolidated Statements of Cash Flows
(unaudited)
(in millions)
Twelve Months Ended December 31,
2024 2023
Cash flows from operating activities
Net income (loss) $ 3,738 $ 1,577
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization 2,700 2,514
Deferred income taxes and amortization of ITC 222 251
Net fair value changes related to derivatives (1,297) 996
Net realized and unrealized (gains) losses on NDT funds (311) (476)
Net realized and unrealized (gains) losses on equity investments (11) (307)
Accounts receivable 688 396
Inventories (99) 60
Accounts payable and accrued expenses 1,121 (1,330)
Option premiums received (paid), net 216 26
Collateral received (posted), net 1,803 (1,491)
Income taxes 296 325
Other assets and liabilities (11,174) (7,806)
Net cash flows provided by (used in) operating activities (2,464) (5,301)
Cash flows from investing activities
Capital expenditures (2,565) (2,422)
Proceeds from NDT fund sales 6,005 5,822
Investment in NDT funds (6,282) (6,050)
Collection of DPP, net 10,217 7,340
Acquisitions of assets and businesses (32) (1,690)
Other investing activities 85 31
Net cash flows provided by (used in) investing activities 7,428 3,031
Cash flows from financing activities
Dividends paid on common stock (444) (366)
Repurchases of common stock (999) (992)
Other financing activities (1) 42
Net cash flows provided by (used in) financing activities (2,289) 2,196
Increase (decrease) in cash, restricted cash, and cash equivalents 2,675 (74)
Cash, restricted cash, and cash equivalents at beginning of period 454 528
Cash, restricted cash, and cash equivalents at end of period $ 3,129 $ 454
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Table of Contents
Constellation Energy Corporation
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments
(unaudited)
(in millions, except per share data)
Three Months Ended December 31, 2024 Three Months Ended December 31, 2023
GAAP (a) Adjustments GAAP (a) Adjustments
Operating revenues $ 5,382 $ 453 (b),(c) $ 5,796 $ (84) (b),(c)
Operating expenses
Purchased power and fuel 2,591 609 (b) 4,018 (898) (b)
(c),(d),(f),(i),
Operating and maintenance 1,493 (78) (c),(f),(g),(i),(j) 1,422 (83) (j)
Depreciation and amortization 255 (38) (c),(g) 288 (63) (c),(g)
Taxes other than income taxes 140 — 134 —
Total operating expenses 4,479 5,862
Gain (loss) on sales of assets and businesses 69 (69) (g) (1) —
Operating income (loss) 972 (67)
Other income and (deductions)
Interest expense, net (90) (36) (b) (139) 11 (b)
Other, net (23) 66 (b),(c),(e) 349 (326) (b),(c),(d),(e)
Total other income and (deductions) (113) 210
Income (loss) before income taxes 859 143
(b),(c),(e),(g), (b),(c),(d),(e),
Income tax (benefit) expense 6 6 (i),(j),(k) 182 53 (f),(g),(i),(j)
Equity in income (losses) of unconsolidated affiliates (3) — — —
Net income (loss) 850 (39)
Net income (loss) attributable to noncontrolling interests (2) 2 (h) (3) 1 (h)
Net income (loss) attributable to common shareholders $ 852 $ (36)
Effective tax rate 0.7 % 127.3 %
Earnings per average common share
Basic $ 2.72 $ (0.11)
Diluted $ 2.71 $ (0.11)
Average common shares outstanding
Basic 314 320
Diluted 314 321
__________
(a) Results reported in accordance with GAAP.
(b) Adjustment for mark-to-market on economic hedges and fair value adjustments related to gas imbalances and equity investments.
(c) Adjustment for all gains and losses associated with Nuclear Decommissioning Trusts (NDT), Asset Retirement Obligation (ARO) accretion, Asset
Retirement Cost (ARC) Depreciation, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units.
(d) Adjustment for certain incremental costs related to the separation (system-related costs, third-party costs paid to advisors, consultants, lawyers, and other
experts assisting in the separation), including a portion of the amounts billed to us pursuant to the transition services agreement (TSA).
(e) Adjustment for Pension and Other Postretirement Employee Benefits (OPEB) Non-Service credits.
(f) Adjustment for costs related to a multi-year Enterprise Resource Program (ERP) system implemented in the first quarter of 2024.
(g) Adjustments related to plant retirements and divestitures.
(h) Adjustment for elimination of the noncontrolling interest portion of certain adjustments included above.
(i) Adjustment for changes in environmental liabilities.
(j) Adjustment for acquisition-related costs.
(k) Adjustment to deferred income taxes due to changes in forecasted apportionment.
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Table of Contents
Constellation Energy Corporation
GAAP Consolidated Statements of Operations and
Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments
(unaudited)
(in millions, except per share data)
Twelve Months Ended December 31, 2024 Twelve Months Ended December 31, 2023
GAAP (a) Adjustments GAAP (a) Adjustments
Operating revenues $ 23,568 $ (321) (b),(c) $ 24,918 $ (1,404) (b),(c)
Operating expenses
Purchased power and fuel 11,419 1,018 (b) 16,001 (2,365) (b)
(c),(d),(f),(g), (c),(d),(f),(i),
Operating and maintenance 6,159 (292) (i),(j) 5,685 (343) (j),(l)
Depreciation and amortization 1,123 (212) (c),(g) 1,096 (211) (c),(g)
Taxes other than income taxes 586 — 553 —
Total operating expenses 19,287 23,335
Gain (loss) on sales of assets and businesses 71 (71) (g) 27 (27) (g)
Operating income (loss) 4,352 1,610
Other income and (deductions)
Interest expense, net (506) (19) (b) (431) 18 (b)
Other, net 670 (580) (b),(c),(e) 1,268 (1,183) (b),(c),(d),(e)
Total other income and (deductions) 164 837
Income (loss) before income taxes 4,516 2,447
(b),(c),(d),(e), (b),(c),(d),(e),
(f),(g),(i),(j), (f),(g),(i),(j),
Income tax (benefit) expense 774 (498) (k) 859 (128) (k),(l)
Equity in income (losses) of unconsolidated affiliates (4) — (11) —
Net income (loss) 3,738 1,577
Net income (loss) attributable to noncontrolling
interests (11) 7 (h) (46) 40 (h)
Net income (loss) attributable to common shareholders $ 3,749 $ 1,623
Effective tax rate 17.1 % 35.1 %
Earnings per average common share
Basic $ 11.91 $ 5.02
Diluted $ 11.89 $ 5.01
Average common shares outstanding
Basic 315 323
Diluted 315 324
__________
(a) Results reported in accordance with GAAP.
(b) Adjustment for mark-to-market on economic hedges and fair value adjustments related to gas imbalances and equity investments.
(c) Adjustment for all gains and losses associated with NDTs, ARO accretion, ARC Depreciation, ARO remeasurement, and any earnings neutral impacts of
contractual offset for Regulatory Agreement Units.
(d) Adjustment for certain incremental costs related to the separation (system-related costs, third-party costs paid to advisors, consultants, lawyers, and other
experts assisting in the separation), including a portion of the amounts billed to us pursuant to the TSA.
(e) Adjustment for Pension and OPEB Non-Service credits.
(f) Adjustment for costs related to a multi-year ERP system implemented in the first quarter of 2024.
(g) Adjustment related to plant retirements and divestitures.
(h) Adjustment for elimination of the noncontrolling interest portion of certain adjustments included above.
(i) Adjustment for changes in environmental liabilities.
(j) Adjustment for acquisition-related costs.
(k) Adjustment to deferred income taxes due to changes in forecasted apportionment.
(l) Adjustment for an asset impairment.
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Table of Contents
Statistics
Three Months Ended December 31, Twelve Months Ended December 31,
2024 2023 2024 2023
(GWhs)
Nuclear Generation(a)
Midwest 23,940 23,793 95,321 93,768
New York 6,477 6,709 25,134 25,546
ERCOT 2,018 1,721 8,358 1,721
Total Nuclear Generation 45,494 45,563 181,711 174,047
Natural Gas, Oil, and Renewables(a)
Midwest 342 310 1,116 1,024
ERCOT 2,888 3,635 14,778 16,877
Other Power Regions 1,676 1,966 8,692 8,512
Total Natural Gas, Oil, and Renewables 5,234 6,459 26,723 28,427
Purchased Power
Midwest 289 257 928 984
ERCOT 753 818 3,249 5,530
Other Power Regions 10,223 11,317 41,077 44,192
Total Purchased Power 14,287 15,287 60,983 67,215
Total Supply/Sales by Region
Midwest 24,571 24,360 97,365 95,776
New York 6,477 6,709 25,134 25,546
ERCOT 5,659 6,174 26,385 24,128
Other Power Regions 11,899 13,283 49,769 52,704
Total Supply/Sales by Region 65,015 67,309 269,417 269,689
Three Months Ended December 31, Twelve Months Ended December 31,
2024 2023 2024 2023
Outage Days(b)
Refueling 66 56 230 256
Total Outage Days 69 63 266 307
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(a) Includes the proportionate share of output where we have an undivided ownership interest in jointly-owned generating plants.
(b) Outage days exclude Salem and STP.
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Table of Contents
Three Months Ended December 31, Twelve Months Ended December 31,
ZEC Reference Prices(a) 2024 2023 2024 2023
State (Region)
New Jersey (Mid-Atlantic)(b)(c) $ 10.00 $ 9.95 $ 9.98 $ 9.92
Illinois (Midwest) 9.38 0.30 5.60 5.18
New York (New York)(b) 18.27 18.27 18.27 19.05
Capacity Reference Prices
Location (Region)
ComEd (Midwest) 28.92 34.13 31.09 48.64
Rest of State (New York) 87.44 109.07 106.44 137.88
Southeast New England (Other) 949.57 66.67 581.69 91.67
Electricity Reference Prices(s)
Location (Region)
PJM West (Mid-Atlantic) $ 34.73 $ 36.37 $ 33.74 $ 33.06
ComEd (Midwest) 24.60 26.31 25.50 26.64
Central (New York) 41.07 27.33 34.12 26.97
North (ERCOT) 24.64 27.37 26.97 55.15
Southeast Massachusetts (Other)(d) 54.79 34.95 41.70 37.35
__________
(a) Reference prices may not necessarily reflect prices we ultimately realize.
(b) The NY and NJ state-sponsored programs providing compensation for the emissions-free attributes of generation from certain of our nuclear units include
contractual provisions that require us to refund that compensation up to the amount of the nuclear PTC received.
(c) The ZEC price is expected to be $10.00/MWh for each delivery period and is subject to an annual update once full year generation is known. Following
the latest annual update in August 2024, the ZEC price for the delivery period beginning June 2023 through May 2024 was calculated to be $9.95.
(d) Reflects New England, which comprises the majority of the activity in the Other region.
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