Business Context and Reporting Period
Constellation Energy Corporation and Constellation Energy Generation, LLC filed a Form 8-K dated June 21, 2022, reporting the results of the PJM capacity auction for the 2023–2024 planning year. Auction results become effective June 1, 2023.
Key Operating and Financial Metrics
- All of the company’s nuclear, natural gas, and oil generation plants located in the PJM market cleared the auction, subject to the noted eligibility limitation.
- Total PJM cleared capacity at ownership: 18,775 MW.
- Cleared nuclear capacity: 16,175 MW.
- Cleared natural gas, oil, and other capacity: 2,600 MW.
- COMED: 10,025 MW of nuclear capacity cleared at $34 capacity-performance price.
- MAAC: 6,150 MW of nuclear capacity and 2,175 MW of natural gas/oil/other capacity cleared at $49.
- BGE: 425 MW of natural gas/oil/other capacity cleared at $70; no nuclear capacity cleared in this zone.
- The filing does not provide revenue, profit, cash flow, margin, debt, liquidity, or other financial statement metrics.
Material Changes Versus Prior Comparable Period
The filing reports a discrete capacity-auction result and does not provide a comparable prior-period auction result or quantify changes versus a prior period.
Outlook, Risks, Contingencies, and Unusual Items
- Capacity commitments from the auction are scheduled to take effect June 1, 2023.
- Southeast Chicago was not eligible to be offered because of its deactivation status.
- The filing contains customary forward-looking-statement warnings. Actual results may differ due to factors described in the company’s 2021 Form 10-K, first-quarter 2022 Form 10-Q, and other SEC filings.
- No specific financial guidance or management forecast is provided in this filing.
Investor Verification Items
- Verify the capacity-performance pricing and volumes by PJM zone, particularly the aggregate 18,775 MW clearing.
- Assess the financial impact of the capacity commitments beginning June 1, 2023, including expected revenue, costs, and performance obligations.
- Review the treatment and timing of the Southeast Chicago deactivation.
- Review the referenced Form 10-K and Form 10-Q risk factors, commitments, contingencies, and liquidity disclosures.