01—Abstract
Summary
Summary of the 8-K filed December 17, 2025. Cited figures are marked; the original filing is the authoritative source.
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.
02—Key points
Key Highlights
- All Constellation Energy Corp (CEG) power plants in the PJM market cleared the 2027-2028 capacity auction.
- Secured capacity revenues for the 2027-2028 planning year, effective June 1, 2027.
- Cleared volumes include winter-only resources in RTO and MAAC zones.
- Capacity revenues from nuclear units are included in Production Tax Credit gross receipts calculation.
- Total cleared capacity across the PJM portfolio is 17,950 MW, with nuclear assets comprising 15,525 MW.
- Nuclear plants represent a significant portion of the cleared capacity across all zones, particularly in COMED, EMAAC, and MAAC.
03—Questions
Frequently Asked Questions
What is the significance of the PJM capacity auction results for Constellation Energy?
The successful clearing of all Constellation Energy's power plants in the PJM capacity auction for the 2027-2028 planning year is significant as it guarantees capacity revenues for these assets during that period. This is crucial for revenue predictability and contributes to the company's overall financial health. Additionally, the capacity revenues generated by its nuclear units are factored into the calculation of the Production Tax Credit, potentially enhancing tax benefits.
When do these auction results take effect?
The cleared capacity volumes and associated revenues from the PJM capacity auction will take effect on June 1, 2027, and will cover the 2027-2028 planning year.
What is the total cleared capacity and how much is from nuclear plants?
Constellation Energy's PJM portfolio has a total cleared capacity of 17,950 MW for the 2027-2028 planning year. Of this total, 15,525 MW is from its nuclear power plants, highlighting the critical role of its nuclear fleet in securing capacity in the PJM market.
Are there any specific zones with unique cleared volumes?
Yes, the RTO and MAAC zones include cleared volumes specifically for winter-only resources. The report provides a detailed breakdown of cleared capacity by zone, including COMED, EMAAC, MAAC, BGE, and RTO.
04—Continue