Constellation Energy (CEG) ☆

Hourly-matched carbon-free supply and long-term nuclear energy, capacity and attribute contracts for large corporate buyers.

The 10-K reports growing demand and 'a strong pipeline of interested prospects' for Hourly CFE and interest from large C&I customers in long-term nuclear contracting, but discloses no share position.

The filing states many customers converting to 100% hourly carbon-free power rely on 'existing nuclear filling in the gaps of the hours renewable generation is not producing' — a product that requires owning around-the-clock carbon-free generation.

Electric and gas supply to C&I, public sector and residential customers, serving approximately 147 TWh of retail electric load and 800 Bcf of gas in 2025.

The 10-K states Constellation is 'the nation's largest energy supplier for C&I and residential power volumes' based on EEI data and 'the market leader in direct C&I sales with over 32% of the C&I market share of direct customer business'.

The filing reports 2025 renewal rates of 77% for C&I power and 84% for C&I gas on roughly two-year contracts with about six-year customer duration, while noting competitive price is a key focus.

Approximately 7 GW of owned gas and oil generation plus 21 GW of Calpine gas capacity and the Geysers geothermal portfolio.

The 10-K states Calpine, acquired January 7, 2026, 'is the nation's largest generator of electricity from natural gas and geothermal resources, according to S&P Global Market Intelligence', and that the Geysers Assets are 'the largest geothermal power generation portfolio in the U.S.'.

The filing states natural gas and oil plants 'are generally not licensed, and therefore, the decision on when to retire plants is, fundamentally, a commercial one' — entry and exit are commercial rather than regulatory.

Approximately 22 GW across 14 stations and 25 units producing 183 TWh of zero-emissions electricity in 2025.

The 10-K states 'Our nuclear fleet is the nation's largest' and that Constellation is 'the largest nuclear energy company in the U.S.'.

The filing states all units received 20-year licence renewals, that Peach Bottom and Dresden have subsequent renewals extending to an 80-year term, and that the NRC renewal process alone 'takes approximately three years from commencement'.

Sales to utilities, municipalities and cooperatives plus gas trading, transport, storage and physical supply.

The 10-K reports approximately 57 TWh of power load served in 2025 across competitive utility load procurement and bilateral sales, but discloses no share.

The filing describes this as a channel-to-market for monetising its own generation and sourcing contracted supply, competing in spot and bilateral markets across all domestic power regions.