Business Context and Reporting Period
This Form 8-K Current Report is filed by Constellation Energy Corporation and Constellation Energy Generation, LLC on July 14, 2026. The filing discloses the results of the PJM capacity auction for the 2028-2029 planning year, with auction results taking effect on June 1, 2028.
Key Financial Metrics and Operational Data
The filing provides cleared capacity volumes and pricing for the 2028-2029 planning year but does not report revenue, profit, cash flow, margins, debt, or liquidity figures.
| Zone | Asset Type | Cleared Volume (MW) | Price ($/MW) |
|---|---|---|---|
| COMED | Nuclear | 9,800 | 325 |
| COMED | Fossil/Others | 400 | 325 |
| EMAAC | Nuclear | 4,325 | 325 |
| EMAAC | Fossil/Others | 2,225 | 325 |
| MAAC | Nuclear | 1,575 | 325 |
| MAAC | Fossil/Others | 150 | 325 |
| BGE | Fossil/Others | 375 | 325 |
| RTO | Fossil/Others | 25 | 325 |
| PJM Portfolio Total | Nuclear | 15,700 | 325 |
| PJM Portfolio Total | Fossil/Others | 3,175 | 325 |
| Grand Total | All Assets | 18,875 | 325 |
Capacity revenues for nuclear units are included in the gross receipts calculation for the Production Tax Credit. Cleared capacity volumes for generation assets held for sale are excluded from these totals.
Material Changes
The filing text does not provide comparative data for prior periods to determine material changes in capacity volumes or pricing.
Guidance, Outlook, and Risks
The filing contains forward-looking statements regarding future operational and financial performance. Management notes that actual results could differ materially due to risks and uncertainties discussed in the company's 2025 Form 10-K and Q1 2026 Form 10-Q, specifically regarding risk factors, management discussion and analysis, and commitments and contingencies. The company does not undertake an obligation to update these forward-looking statements.
Investor Verification Checklist
- Verify the impact of the $325/MW capacity price on projected 2028-2029 revenue streams.
- Confirm the specific generation assets excluded from the report as "held for sale."
- Review the 2025 Form 10-K and Q1 2026 Form 10-Q for detailed risk factors and contingency disclosures referenced in this filing.
- Assess the correlation between cleared nuclear capacity volumes and Production Tax Credit eligibility.