Constellation Energy reported higher third-quarter 2026 earnings, driven in part by favorable market conditions and the addition of Calpine to its generation portfolio. The company also highlighted several long-term power agreements with major technology companies that will support investments in existing nuclear facilities and expand generation capacity to meet growing electricity demand.

Constellation's third-quarter adjusted operating earnings reached $5.06 per share, up from $3.04 per share during the same period in 2025. GAAP net income increased to $5.19 per share, compared with $2.97 per share a year earlier.

The company raised the midpoint of its adjusted operating earnings guidance range for the second time this year.

"Our approach proves we can power the growing digital economy while strengthening our electric grid – all with private investment," said Joe Dominguez, chairman, president and CEO of Constellation.

Long-term Agreements Support Nuclear Investments

Among the company's recent developments are agreements with Amazon and Google designed to support additional nuclear generation capacity and long-term operations at existing facilities.

In September, Constellation announced a 20-year, 690-MW power purchase agreement (PPA) with Amazon, along with a related retail supply agreement supporting Amazon's operations in the PJM market.

The agreement will enable more than $3 billion in infrastructure investment at Constellation's Calvert Cliffs Clean Energy Center in Maryland. Planned investments include facility improvements and a 190-MW capacity expansion expected to come online between 2030 and 2032. The agreement also supports the facility's continued operation and future relicensing.

In October, Constellation announced a 20-year PPA with Google that will enable more than $4.3 billion in investments across 11 nuclear units in Illinois, Pennsylvania and New Jersey. The investments are expected to add approximately 890 MW of incremental generation capacity to the PJM grid, with the first capacity uprate expected in 2028.

The company also entered into a separate 15-year financial energy load-following agreement with Google for 2,700 MW in PJM.

Together, the planned capacity expansions associated with the Amazon and Google agreements represent approximately 1,080 MW of additional generation.

Constellation also announced its first Peak+ transaction, a 20-year agreement for 270 MW of unit-contingent energy, capacity and attributes from its existing nuclear fleet, beginning in 2028.

Peak+ is an integrated energy solution that combines new capacity, including generation and demand response, with energy products to help large customers address changing energy requirements.

Additional Generation Investments

Constellation also entered into an agreement to acquire Rhode Island State Energy Center from Shell Energy North America for $715 million, subject to customary purchase price adjustments and regulatory approvals.

The natural gas-fired combined-cycle facility has a generating capacity of 609 MW and sells electricity and capacity into the ISO New England wholesale power market. The acquisition is expected to expand Constellation's merchant generation portfolio.

In addition, the company signed a conditional loan commitment with the U.S. Department of Energy's Office of Energy Dominance Financing. Subject to execution of a loan agreement, the DOE would guarantee up to $5 billion for an unsecured loan from the Federal Financing Bank to support capacity uprates at various nuclear facilities. The loan would have a 30-year term.

Generation Fleet Performance

Constellation's nuclear fleet, including its owned output from the Salem and South Texas Project generating stations, produced 46,677 GWh in the third quarter, compared with 46,477 GWh during the same period in 2025.

Excluding Salem and South Texas Project, the company's nuclear plants achieved a 97.2% capacity factor for the quarter, up from 96.8% a year earlier.

The company's natural gas, oil and pumped-storage hydro fleet reported an Equivalent Forced Outage Factor of 5.9% for the quarter. Renewable energy capture across its wind, solar and run-of-river hydro fleet was 96.4%, compared with 96.8% in the third quarter of 2025.