Summary
Constellation Energy Corporation (CEG) has announced the results of the PJM capacity auction for the 2023-2024 planning year, confirming that all of its nuclear, natural gas, and oil generation power plants within the PJM market successfully cleared. This indicates that the company has secured revenue streams for its generation capacity in this critical market for the upcoming planning year. The auction results, effective June 1, 2023, provide a degree of revenue visibility and stability for a significant portion of CEG's asset base. The filing details the cleared capacity volumes and prices across different zones within PJM, with nuclear assets showing substantial cleared volumes in the COMED and MAAC zones at varying price points. While the majority of cleared capacity is nuclear, a notable amount of natural gas/oil/other capacity also cleared, demonstrating the diversified nature of CEG's generation portfolio within the PJM market.
Key Highlights
- 1All of Constellation Energy's nuclear, natural gas, and oil generation plants in the PJM market cleared in the 2023-2024 capacity auction.
- 2The auction results will take effect on June 1, 2023, providing revenue certainty for the covered capacity.
- 3The company cleared 10,025 MW of nuclear capacity in the COMED zone at $34 per MW-day.
- 4Constellation cleared 6,150 MW of nuclear capacity in the MAAC zone at $49 per MW-day.
- 52,175 MW of natural gas/oil/others capacity also cleared in the MAAC zone at $49 per MW-day.
- 6A total of 18,775 MW of capacity across PJM cleared, with 16,175 MW being nuclear.
- 7Southeast Chicago facilities were ineligible for the auction due to deactivation status.