Constellation Reports First Quarter Earnings -- EnergyChoiceMatters.com

Constellation Reports First Quarter Earnings

May 12, 2022

Email This Story
Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

The following story is brought free of charge to readers by EC Infosystems, the exclusive EDI provider of EnergyChoiceMatters.com

Constellation reported Adjusted EBITDA (non-GAAP) of $866 million for the first quarter of 2022, versus $(465) million a year ago, reflecting a $1.2 billion increase driven by the absence of February 2021 winter impacts, along with favorable market and portfolio conditions and lower nuclear fuel costs, partially offset by decreased capacity revenues and unfavorable impacts of nuclear outages.

Constellation reported Q1 2022 retail electric load served as follows (TWh):

Mid Atlantic                 11
ERCOT                         3
New York                      4
Midwest                       9
New England / South / West    8

Constellation reported 2 million total customers

Constellation reported the following win and retention rates:

Power New Customer Win Rate          31%
Gas New Customer Win Rate            16%
Retail Power Customer Renewal Rate   79%
Natural Gas Customer Renewal Rate    80%

During an earnings call, executives were asked about the company's fossil generating assets in ERCOT, and said that while the Texas assets are worth more now than when Constellation was spun-off from Exelon, they are also producing more value, especially with respect to its customer business, and the company is in no hurry to give them up. But, executives added, "that's probably where things are going to stop", and executives reiterated that the company is not going to be buying a lot of additional fossil fuel units.

Constellation reported that it is working with various public and private sector partners to support a bid for the U.S. Dept. of Energy hydrogen hub funding under a federal infrastructure bill using nuclear power

Constellation reaffirmed its guidance range for full year 2022 Adjusted EBITDA (non-GAAP) of $2,350 million to $2,750 million

Constellation reported that it executed on nearly $2.5 billion in planned debt reduction through May 12, 2022, including over $1 billion in long-term debt, a $258 million intercompany loan due to Exelon Corporation, and nearly $1.2 billion in term loans

Email This Story

HOME