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L0 · Physical InfrastructureCEG

Constellation Energy

Nation's largest producer of carbon-free energy from nuclear and renewables.

Updated April 2026

Overview

Founded
2022
Headquarters
Baltimore, MD
Segment
Power Generation

Product overview

Constellation provides reliable carbon-free electricity, natural gas, and sustainable solutions via its 32 GW fleet primarily nuclear, serving utilities, businesses including hyperscalers like Microsoft and Meta for AI data centers, and residential customers.. Its distinction lies in the U.S.'s largest nuclear fleet delivering 24/7 baseload power ideal for AI infrastructure, via deals like 20-year PPAs restarting plants..

Revenue model

Primarily merchant sales of electricity/natural gas at market prices, supplemented by long-term fixed-price PPAs (e.g., 20-year nuclear deals with Microsoft ~$110-115/MWh, Meta ~$70-80/MWh), capacity auctions, state ZEC credits (~$6-9/MWh), and federal PTCs (up to $45/MWh).,

Moat

Constellation Energy's key competitive moat is its dominant scale as the largest U.S. producer of carbon-free energy, anchored in the nation's biggest nuclear fleet exceeding 32,400 megawatts with industry-leading 94.6% capacity factors in 2024, creating high barriers to replication through operational efficiencies and reliable baseload power. This is reinforced by long-term power purchase agreements with tech giants like Microsoft and Meta for data centers, locking in predictable revenue and customer loyalty amid surging demand for sustainable energy.