Constellation Energy Clears 18,875 MW in PJM 2028–2029 Capacity Auction at $325/MW Price

All Constellation Energy PJM Power Plants Clear the 2028–2029 Capacity Auction

According to the July 14, 2026 disclosure, Constellation Energy Corporation learned on that same date that every one of its power plants operating within the PJM market had successfully cleared in the 2028–2029 planning year capacity auction. This outcome is notable in that it applies across the full PJM portfolio without exception, covering nuclear, fossil, and other generation assets. The company did not disclose whether any assets were excluded from participation for reasons other than being held for sale.

The announcement explicitly states that cleared capacity volumes for generation assets held for sale were excluded from the reported figures. This means the 18,875 MW total represents only those assets that Constellation currently plans to retain and operate through the 2028–2029 delivery period. The distinction is material for investors assessing the company's long-term generation footprint and the revenue base underpinning future capacity payments.

Uniform $325/MW Capacity Performance Price Applies Across All PJM Zones

The disclosure reveals that the Capacity Performance price cleared at $325 per megawatt across every PJM zone in which Constellation holds generation assets. This uniform price applied to nuclear assets, fossil fuel assets, and all other generation categories alike, with no zone-level price differentiation reported in the filing. A single clearing price across zones can simplify revenue modeling for investors and analysts tracking the company's capacity revenue streams.

The company did not provide a total dollar estimate of aggregate capacity revenues expected from this auction in the filing. Investors seeking a projected revenue figure based on this auction outcome will need to calculate estimates independently using the disclosed megawatt volumes and the $325/MW clearing price, and account for applicable contractual, operational, and regulatory factors that may affect actual realized revenues over the delivery period.

Nuclear Fleet Dominates Cleared Capacity With 15,700 MW Across PJM Zones

Of the 18,875 MW of total cleared capacity, the company's nuclear fleet accounts for 15,700 MW, underscoring the central role of nuclear generation within Constellation's PJM portfolio. The largest single contribution comes from the COMED zone, where 9,800 MW of nuclear capacity cleared, alongside 400 MW from fossil and other sources, for a COMED subtotal of 10,200 MW. The EMAAC zone contributed the second-largest block, with 4,325 MW of nuclear and 2,225 MW of fossil and other assets clearing, for a subtotal of 6,550 MW.

The MAAC zone added a further 1,575 MW of nuclear and 150 MW of fossil and other capacity, totaling 1,725 MW. The BGE zone contributed 375 MW entirely from fossil and other sources, with no nuclear capacity reported in that zone. The RTO zone registered 25 MW from fossil and other assets and no nuclear capacity. These zone-level breakdowns provide investors with a granular view of how Constellation's capacity footprint is distributed across the broader PJM footprint.

Production Tax Credit Treatment of Nuclear Capacity Revenues

One of the more consequential disclosures within this announcement relates to the tax treatment of the capacity auction revenues. The company specifically stated that capacity revenues for nuclear units are included in the gross receipts calculation for the Production Tax Credit. This connection between capacity market revenues and the Production Tax Credit is a significant point for investors modeling Constellation's effective tax position and net revenue realization from its nuclear assets.

The Production Tax Credit has been a closely watched topic for nuclear operators since its expansion under recent federal energy legislation, and Constellation's nuclear fleet has been widely discussed in that context. However, the company did not provide further specifics in this announcement about the quantitative impact of this inclusion on its Production Tax Credit calculations or its overall tax credit position. Investors may wish to refer to the company's prior annual and quarterly reports for additional context on this tax credit treatment.

Auction Results Effective June 1, 2028: Revenue Recognition Timeline

The disclosure confirms that the results of the 2028–2029 PJM capacity auction take effect on June 1, 2028, establishing a clear and defined start date for the delivery period during which Constellation's cleared capacity must be available. PJM capacity auctions are typically held years in advance of the delivery period precisely to give utilities, generators, and load-serving entities the planning certainty they require. For Constellation, this means the revenue streams associated with these cleared volumes are not expected to begin flowing until mid-2028.

The extended lead time between the auction date of July 2026 and the delivery start of June 2028 is consistent with the structure of PJM's forward capacity market. During the intervening period, cleared generators are obligated to maintain their capacity commitments and are subject to PJM performance requirements. The company did not detail any specific compliance or availability commitments associated with the cleared volumes in this announcement beyond the auction results themselves.

COMED Zone Represents the Largest Regional Contribution to Cleared Volumes

The COMED zone's subtotal of 10,200 MW stands as the single largest regional contribution to Constellation's overall cleared PJM capacity, accounting for more than half of the company's total 18,875 MW. Within that zone, nuclear generation at 9,800 MW is overwhelmingly dominant, with fossil and other sources contributing just 400 MW. The COMED zone broadly corresponds to the Commonwealth Edison service territory in northern Illinois, a region where Constellation operates a significant portion of its nuclear fleet.

The concentration of cleared capacity in the COMED zone reflects Constellation's historical strength in the Illinois nuclear market, where it has long been one of the largest nuclear operators. For investors, this geographic concentration is relevant to understanding both the company's revenue dependencies and any region-specific regulatory or market risks that could arise over the delivery period extending to 2029.

EMAAC and MAAC Zone Contributions Reflect Mid-Atlantic Nuclear and Fossil Mix

The EMAAC zone, which broadly encompasses the Eastern Mid-Atlantic area of the PJM footprint including parts of New Jersey and the Philadelphia region, contributed a combined 6,550 MW to Constellation's total cleared capacity. Within this zone, nuclear capacity of 4,325 MW was complemented by a more substantial fossil and other contribution of 2,225 MW compared to other zones, reflecting a more diversified fuel mix in this region. This zone represents the second-largest contributor to Constellation's total cleared portfolio.

The MAAC zone, which covers a broader Mid-Atlantic footprint, added 1,725 MW in total, with 1,575 MW from nuclear and 150 MW from fossil and other sources. Together, the EMAAC and MAAC zones contribute approximately 8,275 MW, demonstrating that Constellation's capacity market position is heavily anchored in both the Midwest and Mid-Atlantic regions of the PJM market. The BGE and RTO zones contributed comparatively modest volumes of 375 MW and 25 MW, respectively, both sourced entirely from fossil and other generation.

Constellation Energy Generation, LLC Also Named as Co-Registrant in the Disclosure

The announcement was filed on behalf of two registrants: Constellation Energy Corporation, the publicly traded parent company listed on NASDAQ under the ticker CEG, and Constellation Energy Generation, LLC, a Pennsylvania limited liability company and subsidiary entity. Both registrants are co-filers of the combined report, though the disclosure notes that information relating to one registrant was furnished by that registrant on its own behalf, and neither makes representations about information relating to the other.

Constellation Energy Generation, LLC operates from 200 Energy Way in Kennett Square, Pennsylvania, while the parent corporation is headquartered at 1310 Point Street in Baltimore, Maryland. The inclusion of the subsidiary as a co-registrant is consistent with the structure of combined reporting for affiliated entities with overlapping disclosure obligations, and investors in the parent company should note that the operational assets generating the disclosed capacity volumes sit within the generation subsidiary.

Forward-Looking Statements and Risk Factors Flagged by the Company

The announcement includes standard forward-looking statement cautionary language, noting that actual results could differ materially from any projections implied by the disclosure. The company directs investors to risk factors contained in its combined 2025 Annual Report and its First Quarter 2026 Quarterly Report for a fuller picture of the uncertainties that could affect outcomes associated with this auction. These risk factors encompass operational, financial, and regulatory considerations relevant to the company's PJM capacity market participation.

The company also noted that neither registrant undertakes any obligation to publicly release revisions to forward-looking statements to reflect events or circumstances arising after the date of the announcement. Investors are therefore cautioned that the disclosed capacity volumes and pricing represent auction results as of July 14, 2026, and that various factors could affect the ultimate financial impact of these cleared volumes over the delivery period through 2029. The immediate share price impact was not clear from available public information.