Summary
Constellation Energy Corporation (CEG) has announced the results of the PJM capacity auction for the 2027-2028 planning year. Notably, all of the Company's power plants within the PJM market successfully cleared the auction, securing capacity revenue for the specified period. The cleared volumes include winter-only resources in the RTO and MAAC zones. This positive outcome is significant as capacity revenues from nuclear units are a component in the calculation of the Production Tax Credit, suggesting a potential positive impact on tax benefits. The auction results will officially take effect on June 1, 2027. The company provided a detailed breakdown of cleared capacity volumes by zone, with its nuclear fleet representing the vast majority of the cleared capacity.
Key Highlights
- 1All Constellation Energy Corp (CEG) power plants in the PJM market cleared the 2027-2028 capacity auction.
- 2Secured capacity revenues for the 2027-2028 planning year, effective June 1, 2027.
- 3Cleared volumes include winter-only resources in RTO and MAAC zones.
- 4Capacity revenues from nuclear units are included in Production Tax Credit gross receipts calculation.
- 5Total cleared capacity across the PJM portfolio is 17,950 MW, with nuclear assets comprising 15,525 MW.
- 6Nuclear plants represent a significant portion of the cleared capacity across all zones, particularly in COMED, EMAAC, and MAAC.