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Constellation Provides Business Outlook; No Confirmation Of Potential Agreement For Amazon Data Center At Calvert Cliffs
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Constellation today provided investors with a strategy and business update
Constellation said that it had at this time no announcement concerning a data economy deal, and could not comment on a recent community meeting held locally in Maryland by Amazon in which Amazon described a large data center project next to Constellation's Calvert Cliffs facility
Constellation executives said that Constellation believes that it is important that data center announcements bring in all stakeholders, which is not possible on an investor call, and also cited potential re-thinking and renegotiation on some PPA terms for data centers due to recent federal developments, including President Trump's executive order on data centers and the tech companies' response
Turning to its business developments, Constellation, in summarizing previously reported deals, reported that it has executed long-term deals for over 10,000 megawatts of its fleet
Constellation reported that, over the past year, it has reached agreements for an additional 36 million MWhs of clean energy (for 2029)
Constellation reported that it still has in its fleet, as available to contract, 147 million MWhs which are receiving production tax credit support
Constellation said that the amount of energy it will have under long-term contract in 2030 is to be 48 million MWhs, or about 25% of its available clean, firm output of 195 million MWhs
Constellation reported 190 million MWhs of C&I load served in 2025, which the company said is, "roughly
double the next largest supplier".
Constellation reported 275 million MWhs of combined wholesale and retail electric load served in 2025
Including sales from Calpine, Constellation and Calpine retail sales in 2025 were:
C&I makes up 90% of Constellation retail sales.
Retail makes up 75% of Constellation's overall ~275 million MWhs sales
Constellation reported 835+ BCF of combined Calpine-Constellation retail natural gas load served in 2025
In issuing modeling tools for "base earnings" for investors concerning gross margin, Constellation listed 2026 Power Margins as averaging $4.25 - $4.35/MWh, on projected volumes of 245 million MWhs
In issuing modeling tools for "base earnings" for investors concerning gross margin, Constellation listed 2026 Gas Margins as averaging $0.40 - $0.45/dth, on volumes of 835 million dth
Constellation also, for modeling purposes of "base earnings" and gross margin, listed 2026 Non-Commodity Customer Margin of ~$150M, and
2026 Other Commercial Margin of ~$475M
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March 31, 2026
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Copyright 2026 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
Million MWhs
Midwest 55
Mid-Atlantic 60
ERCOT 35
New York 20
New England 25
West 15
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