Constellation Launches as Largest U.S. Clean Energy Company After Completing Separation From Exelon
February 02 2022 - 6:00AM
Business Wire
Company aims to accelerate the transition to a
carbon-free future amid growing demand for climate solutions
Constellation (Nasdaq: CEG) today announced the completion of
its separation from Exelon Corp. (Nasdaq: EXC) and its launch as a
standalone, publicly traded company and the nation’s largest
carbon-free energy producer and leading supplier of clean energy
solutions to millions of homes and businesses. Constellation will
begin “regular way” trading on the Nasdaq Global Select Market
today under the symbol “CEG.” Headquartered in Baltimore,
Constellation will be a Fortune 200 company and operates in 48
states, Canada and the U.K., employing approximately 13,000
people.
“The future health and prosperity of our nation is inextricably
linked to our success in eliminating carbon pollution, and our
entire focus will be on helping our customers and communities
achieve that goal,” said Joseph Dominguez, CEO of Constellation.
“Our clean generation fleet and leading customer-facing platform
are the foundation on which we will sustain and grow our business.
Today begins an exciting transition for our company and employees
as we affirm our mission to accelerate the transition to a
carbon-free future and advance economic progress and equity in the
communities we serve.”
Constellation is the nation’s largest producer of carbon-free
energy and leading supplier of sustainable solutions to millions of
residential, public sector and business customers, including three
fourths of Fortune 100 companies. Its generation fleet powers more
than 20 million homes and businesses and is helping to accelerate
the nation’s transition to clean energy with more than 32,400
megawatts of capacity and annual output that is nearly 90 percent
carbon-free.
Constellation’s strategy to accelerate the nation’s response to
the climate crisis includes its:
- Commitment to a carbon-free future. Constellation’s
fleet of nuclear, hydro, wind and solar generation facilities
provides 10 percent of all clean power on the grid in the U.S. With
leading scientists and policymakers in agreement that nuclear is
critical to meeting the nation’s climate goals, the company’s fleet
has the potential for second license renewals that will extend the
life of nuclear stations to 80 years. Constellation also has set
its own climate goals:
- We will achieve 95 percent carbon-free electricity by 2030
- We will achieve 100 percent carbon-free electricity by
2040
- We will achieve a 100 percent reduction of operations-driven
emissions by 2040
- We will provide 100 percent of our business customers with
customized data to help them reduce their own carbon
footprints.
- World-class operations. Constellation’s nuclear energy
fleet has run over 94 percent of the time since 2013, which is 4
percent better than the industry average, and had a 2020 refueling
outage duration of 22 days, 11 days below the industry average. The
resulting increase in carbon-free electricity is the equivalent of
taking more than 1.1 million passenger cars off the road each year,
based on Environmental Protection Agency emissions data.
- Industry-leading customer business. Constellation has
one of the nation’s largest customer-facing platforms in America,
serving 2 million residential, public sector and business
customers. Constellation is helping customers reach their own
climate goals through innovative clean energy solutions, including
an upcoming 24/7 carbon-free energy matching product.
- Commitment to Environmental, Social and Governance (ESG)
principles. In addition to our leadership in clean energy,
Constellation will remain a strong supporter of its communities
through workforce development programs, philanthropy, volunteerism
and diversity, equity and inclusion initiatives, while maintaining
the highest standards of corporate governance.
- Disciplined financial policy. Constellation is committed
to maintaining investment grade credit ratings, continuing a track
record of effective cost management with more than $1.1 billion in
cost reductions since 2015 and strong stewardship of capital, with
a $180 million dividend growing at 10 percent annually and 2022
EBITDA guidance of $2.35 billion to $2.75 billion.
Constellation also is exploring growth opportunities that build
on its core businesses and capitalize on the rapidly expanding
demand for carbon-free energy and solutions to reduce emissions.
The company can pursue numerous avenues for growth, including
potential acquisitions of clean energy assets, creating clean
hydrogen using its nuclear fleet, introducing new products and
services for business customers or leveraging the generation fleet
for repowering, co-location of data centers and other
opportunities.
In connection with the separation, Exelon shareholders received
one share of Constellation common stock for every three shares of
Exelon common stock held at the close of business on January 20,
the record date for the distribution. The transaction was tax-free
to Exelon and its shareholders for U.S. federal income tax
purposes. Exelon shareholders will retain their current shares of
Exelon stock. For more information about Constellation’s business,
visit our new corporate website at ConstellationEnergy.com.
About Constellation
Constellation is the nation’s largest producer of carbon-free
energy and the leading competitive retail supplier of power and
energy products and services for homes and businesses across the
United States. Headquartered in Baltimore, its generation fleet
powers more than 20 million homes and businesses and is helping to
accelerate the nation’s transition to clean energy with more than
32,400 megawatts of capacity and annual output that is 90 percent
carbon-free. Constellation has set a goal to eliminate 100 percent
of its greenhouse gas emissions by 2040 by leveraging innovative
technology and enhancing its diverse mix of hydro, wind and solar
resources paired with the nation’s largest carbon-free nuclear
fleet. Constellation’s family of retail businesses serves
approximately 2 million residential, public sector and business
customers, including three-fourths of the Fortune 100. Visit
ConstellationEnergy.com or follow Constellation on Twitter at
@ConstellationEG.
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version on businesswire.com: https://www.businesswire.com/news/home/20220202005112/en/
Emily Duncan Investor Relations
investorrelations@constellation.com
Paul Adams Corporate Communications 410-470-4167
paul.adams@constellation.com
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