Constellation Energy Corporation (CEG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la production d'énergie, Constellation Energy Corporation (CEG) apparaît comme une centrale d'innovation, naviguant stratégiquement dans le monde complexe de la production et de la distribution d'électricité. En mélangeant magistralement les capacités nucléaires avec les technologies des énergies renouvelables, CEG a conçu un modèle commercial sophistiqué qui répond aux demandes en évolution des consommateurs d'énergie modernes. Leur approche va au-delà de la production d'électricité traditionnelle, offrant des solutions complètes qui équilibrent la fiabilité, la durabilité et les prouesses technologiques, ce qui en fait un acteur pivot de l'écosystème énergétique transformateur du 21e siècle.

Constellation Energy Corporation (CEG) - Modèle d'entreprise: partenariats clés

Opérateurs et propriétaires de centrales nucléaires

Constellation Energy exploite 10 centrales nucléaires à travers les États-Unis, avec des partenariats spécifiques, notamment:

Partenaire	Emplacement	Capacité (MW)
Génération d'exelon	Illinois, Pennsylvanie	8,441
Station nucléaire de neuf milles	New York	1,758

Fournisseurs de technologies d'énergie renouvelable

Les principaux partenariats en technologies renouvelables comprennent:

• First Solar - Technologie du panneau solaire
• Vestas Wind Systems - Équipement d'éoliennes
• GE Énergie renouvelable - Infrastructure éolienne et solaire

Entreprises de services publics électriques

Partenaire public	Région de service	Alimentation annuelle (MWH)
Interconnexion PJM	Moyen-atlantique	798,000
Errot	Texas	456,000

Agences de réglementation fédérales et étatiques

• Commission de réglementation nucléaire (CNRC)
• Département de l'énergie
• Agence de protection de l'environnement

Infrastructures énergétiques et partenaires de transmission

Partenaire de transmission	Couverture de la grille	Capacité de transmission
Systèmes de transmission américaine	Midwest	15 000 MW
Transmission régionale PJM	Nord-est	22 000 MW

Constellation Energy Corporation (CEG) - Modèle d'entreprise: activités clés

Génération et distribution d'énergie électrique

Capacité de production totale: 32 400 mégawatts (MW) à partir de 2023

Type de génération	Capacité (MW)	Pourcentage
Puissance nucléaire	10,300	31.8%
Gaz naturel	15,600	48.1%
Énergie renouvelable	6,500	20.1%

Opérations et entretien des centrales nucléaires

Nombre de centrales nucléaires: 4 emplacements

• Capacité totale de génération nucléaire: 10 300 MW
• Centrales nucléaires situées dans le Maryland, New York, Pennsylvanie
• Budget annuel de l'approvisionnement en carburant nucléaire: 875 millions de dollars

Développement du projet d'énergie renouvelable

Type d'énergie renouvelable	Capacité installée (MW)
Solaire	3,200
Vent	2,900
Hydro-électrique	400

Trading d'énergie et gestion des risques

Volume annuel de trading d'énergie: 375 millions de MWh

• Transactions commerciales quotidiennes: environ 1 030 000 MWh
• Valeur du portefeuille de gestion des risques d'énergie: 4,2 milliards de dollars

Solutions et services d'énergie client

Base de clientèle totale: 2,7 millions de clients commerciaux et résidentiels

Segment de clientèle	Nombre de clients
Résidentiel	2,100,000
Commercial	450,000
Industriel	150,000

Constellation Energy Corporation (CEG) - Modèle d'entreprise: Ressources clés

Installations de production d'énergie nucléaire

Constellation Energy exploite 4 centrales nucléaires aux États-Unis avec une capacité de production nucléaire totale de 10 313 mégawatts.

Emplacement de la centrale nucléaire	Capacité (MW)
Station nucléaire de neuf milles (New York)	1,756
Ginna Nuclear Power Plant (New York)	581
Calvert Cliffs Nuclear Partn (Maryland)	1,662
CONCERNANT. Ginna Nuclear Power Plant (New York)	581

Infrastructure d'énergie renouvelable

Constellation Energy maintient un portefeuille diversifié d'énergies renouvelables:

• Capacité de génération solaire: 2 100 MW
• Capacité de production de vent: 1 900 MW
• Infrastructure totale d'énergie renouvelable: 4 000 MW

Travail technique et ingénierie qualifié

En 2024, Constellation Energy emploie environ 14 000 travailleurs, avec une partie importante dédiée aux rôles techniques et d'ingénierie.

Technologies avancées de gestion de l'énergie

Catégorie de technologie	Investissement
Technologies de grille numérique	325 millions de dollars
Systèmes de stockage d'énergie	250 millions de dollars
Infrastructure de cybersécurité	175 millions de dollars

Réseaux de transmission électrique étendus

Constellation Energy gère le revêtement d'infrastructure de transmission:

• Longueur totale de la ligne de transmission: 7 200 miles
• Zone de service: 20 États aux États-Unis
• Points d'interconnexion de la grille: 142 sous-stations majeures

Constellation Energy Corporation (CEG) - Modèle d'entreprise: propositions de valeur

Production d'énergie fiable et propre

L'énergie de constellation génère 10 gigawatts d'énergie sans carbone par le biais de centrales nucléaires, produisant environ 87 millions de mégawatts par an. La flotte nucléaire fonctionne avec un facteur de capacité de 95,5% en 2023.

Source d'énergie	Capacité (MW)	Génération annuelle (MWH)
Puissance nucléaire	10,000	87,000,000
Énergie renouvelable	3,500	12,250,000

Portfolio d'énergie diversifié

Le mélange de production d'énergie comprend:

• Nucléaire: 67%
• Énergie renouvelable: 23%
• Gaz naturel: 10%

Solutions d'énergie complètes

Les services énergétiques commerciaux couvrent plus de 20 000 clients commerciaux dans 48 États, avec 8,2 milliards de dollars de contrats énergétiques commerciaux en 2023.

Segment de clientèle	Nombre de clients	Valeur du contrat annuel
Commercial	20,000+	$8,200,000,000
Résidentiel	350,000+	$1,750,000,000

Électricité durable à faible teneur en carbone

La production d'énergie sans carbone atteint 99 millions de mégawattheures en 2023, réduisant 54 millions de tonnes métriques d'émissions de carbone par an.

Gestion flexible de l'énergie

Les services de trading d'énergie gèrent chaque année 150 térawattheures d'électricité avec 12,5 milliards de dollars de transactions de négociation d'énergie.

• Volume de trading d'énergie: 150 TWH
• Valeur de transaction de négociation: 12 500 000 000 $
• Services de gestion des risques: disponibles dans 50 États

Constellation Energy Corporation (CEG) - Modèle d'entreprise: relations avec les clients

Contrats de services publics à long terme et d'énergie d'entreprise

Constellation Energy dessert environ 2,7 millions de clients résidentiels, commerciaux et industriels dans plusieurs États. La société maintient des contrats énergétiques avec plus de 180 sociétés du Fortune 500, représentant une valeur de contrat annuelle de 3,8 milliards de dollars.

Type de contrat	Nombre de clients	Valeur du contrat annuel
Résidentiel	1,9 million	1,2 milliard de dollars
Commercial	650,000	1,6 milliard de dollars
Industriel	150,000	1 milliard de dollars

Des équipes de support client et de service dédiées

Constellation Energy exploite 12 centres de service à la clientèle dédiés avec 1 850 représentants du support client. Le temps de réponse moyen est de 2,4 minutes, avec une note de satisfaction du client de 87%.

• Canaux de support client 24/7
• Équipes de support multilingues
• Support technique spécialisé pour des solutions énergétiques complexes

Plates-formes de gestion de l'énergie numérique

La plate-forme numérique de l'entreprise prend en charge 1,2 million d'utilisateurs actifs avec un suivi de la consommation d'énergie en temps réel. Les fonctionnalités de la plate-forme comprennent:

Fonctionnalité de plate-forme numérique	Engagement des utilisateurs
Surveillance de l'énergie en temps réel	Adoption de 92% des utilisateurs
Analyse d'utilisation prédictive	Interaction 78% de l'utilisateur
Accessibilité de l'application mobile	1,1 million de téléchargements

Conseil d'efficacité énergétique personnalisée

Constellation Energy fournit un conseil d'efficacité énergétique personnalisée à 35 000 clients commerciaux et industriels, entraînant une réduction moyenne des coûts énergétiques de 22%.

Stratégies de communication et d'engagement proactives

L'entreprise utilise plusieurs canaux de communication avec 4,2 millions de points de contact clients annuels entre les e-mails, le téléphone, les plateformes numériques et le publipostage.

• Rapports de consommation d'énergie mensuels
• Mises à jour trimestrielles de durabilité
• Recommandations d'économie d'énergie personnalisées

Constellation Energy Corporation (CEG) - Modèle d'entreprise: canaux

Équipes de vente directes

Constellation Energy maintient une force de vente dédiée de 1 247 représentants directs des ventes d'énergie à partir de 2023. L'équipe génère environ 6,3 milliards de dollars de revenus annuels grâce à des interactions commerciales et industrielles directes.

Canal de vente	Nombre de représentants	Les revenus annuels générés
Ventes d'énergie commerciale	687	3,7 milliards de dollars
Ventes d'énergie industrielle	560	2,6 milliards de dollars

Portails de gestion de l'énergie en ligne

La plate-forme numérique de l'entreprise dessert 2,3 millions d'utilisateurs actifs avec des capacités de gestion de l'énergie en temps réel. Les revenus des canaux numériques ont atteint 1,2 milliard de dollars en 2023.

• Utilisateurs de la plate-forme Web: 2,3 millions
• Revenus de canaux numériques: 1,2 milliard de dollars
• Téléchargements d'applications mobiles: 742 000

Réseaux de partenariat utilitaire

Constellation Energy collabore avec 127 partenaires de services publics dans 38 États, représentant un réseau couvrant 68% du marché américain de l'énergie.

Type de partenariat	Nombre de partenaires	Couverture du marché
Partenariats des services publics régionaux	89	Couverture du marché de 42%
Partenariats nationaux des services publics	38	26% de couverture du marché

Relations avec les courtiers d'énergie

La société entretient des relations avec 1 456 courtiers d'énergie indépendants, générant 2,8 milliards de dollars sur ces canaux en 2023.

• Brokers d'énergie totale: 1 456
• Broker Channel Revenue: 2,8 milliards de dollars
• Commission moyenne des courtiers: 3,5%

Plateformes marketing numériques et traditionnelles

Les dépenses de marketing ont totalisé 187 millions de dollars en 2023, avec une répartition 60/40 entre les canaux numériques et traditionnels.

Canal de marketing	Dépenses	Pourcentage
Marketing numérique	112 millions de dollars	60%
Marketing traditionnel	75 millions de dollars	40%

Constellation Energy Corporation (CEG) - Modèle d'entreprise: segments de clientèle

Grandes entreprises commerciales et industrielles

Constellation Energy dessert 239 000 clients commerciaux et industriels à travers les États-Unis. L'approvisionnement en énergie annuel pour ce segment atteint 4,2 milliards de dollars. Les verticales clés de l'industrie comprennent:

• Installations de fabrication
• Plantes de traitement chimique
• Centres de production automobile

Catégorie client	Consommation d'énergie annuelle	Valeur du contrat moyen
Grande fabrication	12,4 millions de MWh	18,6 millions de dollars
Industries chimiques	8,7 millions de MWh	14,3 millions de dollars

Consommateurs d'électricité résidentielle

Constellation Energy fournit de l'électricité à 3,7 millions de clients résidentiels dans 20 États. Les dépenses moyennes des clients résidentielles sont de 1 425 $ par an.

Région	Nombre de clients résidentiels	Facture mensuelle moyenne
Moyen-atlantique	1,2 million	$128
Midwest	950,000	$112

Fournisseurs d'énergie municipaux et gouvernementaux

La société dessert 1 850 entités municipales et gouvernementales avec des contrats énergétiques annuels totalisant 1,7 milliard de dollars.

Segment du gouvernement	Nombre de clients	Achat d'énergie annuel
Gouvernements des États	42	450 millions de dollars
Services publics municipaux	1,808	1,25 milliard de dollars

Centres de données et entreprises technologiques

Constellation Energy prend en charge 1 100 clients de technologie et de centres de données avec des solutions énergétiques spécialisées. Les revenus annuels de ce segment sont de 2,3 milliards de dollars.

• Contrat énergétique annuel moyen: 2,1 millions de dollars
• Intégration d'énergie renouvelable: 65% des contrats

Secteurs agricoles et manufacturiers

L'entreprise fournit des solutions énergétiques à 18 500 clients agricoles et manufacturiers. L'approvisionnement annuel total de l'énergie pour ces secteurs est de 3,6 milliards de dollars.

Secteur	Nombre de clients	Consommation d'énergie annuelle
Agricole	6,200	5,6 millions de MWh
Fabrication	12,300	9,2 millions de MWh

Constellation Energy Corporation (CEG) - Modèle d'entreprise: Structure des coûts

Construction et entretien de la centrale électrique

Dépenses en capital annuelles pour les infrastructures de centrales électriques: 1,2 milliard de dollars

Catégorie d'actifs	Coût de maintenance
Centrales nucléaires	475 millions de dollars par an
Installations d'énergie renouvelable	225 millions de dollars par an
Usines de gaz naturel	180 millions de dollars par an

Approvisionnement et gestion du carburant

Total des dépenses annuelles d'achat de carburant: 850 millions de dollars

• Aachat de combustible nucléaire: 350 millions de dollars
• Aachat de gaz naturel: 380 millions de dollars
• Acquisition de ressources en énergies renouvelables: 120 millions de dollars

Conformité réglementaire et licence

Coûts annuels de conformité réglementaire: 175 millions de dollars

Zone de conformité	Dépenses annuelles
Frais de commission de réglementation nucléaire	65 millions de dollars
Conformité environnementale	55 millions de dollars
Licence de sécurité	55 millions de dollars

Investissements de recherche et développement

Dépenses annuelles de R&D: 180 millions de dollars

• Technologies d'énergie propre: 90 millions de dollars
• Améliorations de l'efficacité nucléaire: 50 millions de dollars
• Modernisation de la grille: 40 millions de dollars

Infrastructure technologique et dépenses de main-d'œuvre

Total des coûts annuels de la main-d'œuvre et de la technologie: 620 millions de dollars

Catégorie de dépenses	Coût annuel
Salaires des employés	450 millions de dollars
Infrastructure informatique	110 millions de dollars
Formation et développement	60 millions de dollars

Constellation Energy Corporation (CEG) - Modèle d'entreprise: sources de revenus

Ventes d'électricité aux services publics et aux utilisateurs finaux

En 2023, Constellation Energy a généré 25,8 milliards de dollars de revenus d'exploitation. Les ventes d'électricité aux services publics et aux utilisateurs finaux ont représenté environ 65% des revenus totaux, ce qui représente environ 16,77 milliards de dollars.

Segment de clientèle	Revenus annuels	Pourcentage du total des revenus
Utilitaires réglementés	9,4 milliards de dollars	36.4%
Clients commerciaux / industriels	6,2 milliards de dollars	24.0%
Clients résidentiels	1,17 milliard de dollars	4.5%

Trading d'énergie et arbitrage du marché

Les revenus de négociation d'énergie pour l'énergie de constellation en 2023 étaient d'environ 3,6 milliards de dollars, ce qui représente 14% du total des revenus d'exploitation.

Ventes de crédit d'énergie renouvelable

Les ventes de crédit en énergies renouvelables ont généré 412 millions de dollars en 2023, ce qui représente environ 1,6% des revenus totaux.

Type de crédit d'énergie renouvelable	Revenus annuels
Crédits d'énergie renouvelable solaire	189 millions de dollars
Crédits d'énergie renouvelable éolienne	223 millions de dollars

Frais de service de gestion de l'énergie

Les frais de service de gestion de l'énergie ont contribué 875 millions de dollars aux revenus de Constellation Energy en 2023.

• Services de conseil: 312 millions de dollars
• Solutions d'efficacité énergétique: 263 millions de dollars
• Services d'optimisation de la grille: 300 millions de dollars

Accords d'achat d'électricité à long terme

Les accords d'achat d'électricité à long terme ont généré 1,95 milliard de dollars de revenus pour 2023.

Type d'accord	Revenus annuels	Durée du contrat
APP de l'entreprise	1,2 milliard de dollars	10-20 ans
PPA de l'utilitaire	750 millions de dollars	15-25 ans

Constellation Energy Corporation (CEG) - Canvas Business Model: Value Propositions

24/7 Carbon-Free Energy (CFE) matching for corporate decarbonization goals.

Constellation Energy Corporation helps customers achieve actual zero emissions, moving beyond net-zero by aligning energy consumption with carbon-free generation on an hourly basis. This is facilitated through products like CORe+ for PJM accounts, allowing for the exchange of project RECs for time-matched CFE attributes to achieve a full 24/7 CFE match. This hourly CFE product has already facilitated the procurement of 3.5 million MWhs of hourly-matched energy in the PJM region.

Highly reliable, baseload power generation with a 96.8% nuclear capacity factor.

The company's nuclear fleet is the largest in the country, providing a foundation of reliable, emissions-free power. The nuclear assets delivered a 96.8% capacity factor in the third quarter of 2025. Over the past few years, the average nuclear capacity factor has been 94.6%. The total fleet capacity stands at 22 GW. In 2024, the emissions-free fleet generated approximately 188 terawatt hours (TWh) of clean energy, avoiding more than 126 million metric tons of carbon emissions. Constellation Energy Corporation is targeting 95% carbon-free generation by 2030 and 100% by 2040.

Long-term, fixed-price power contracts for large, high-demand customers.

Constellation Energy Corporation secures long-term agreements that provide revenue predictability, especially important given the rising demand from data centers and electrification. These agreements often involve premium pricing for clean, reliable power. You can see the commitment in these recent, major deals:

Customer/Agency	Contract Term	Estimated Price (per MWh)	Capacity/Volume Reference
Microsoft	20-year PPA	Between $110 and $115	Restarting Three Mile Island Unit 1 (835 MW)
Meta Platforms	20-year agreement	Between $85 and $90	Clinton Clean Energy Center (1.1 GW)
U.S. General Services Administration (GSA)	10-year agreement	Fixed prices over term	Over 1 million MWhs annually

The GSA contract alone is valued at $840 million for the power supply component, part of over $1 billion in combined contracts awarded starting in 2025.

Customized energy efficiency and data-driven optimization solutions.

Constellation Energy Corporation offers solutions that help customers reduce energy spending and modernize systems using data insights. For energy efficiency projects implemented by Constellation Energy Solutions (CES), the company has helped fund more than $400 million since the program started in 2011. The Energy Optimization services, powered by an intelligent platform, use machine learning to identify optimal times for load curtailment through programs like:

• Peak Response: Reduces demand-based charges.
• Price Response: Generates revenue through on-bill credits.
• Demand Response: Generates revenue via grid operator programs.

In 2024, CES customers avoided approximately 215,000 metric tons of CO2.

Broad competitive retail electric supply for 2.5 million customers post-Calpine.

The acquisition of Calpine solidifies Constellation Energy Corporation's position as the largest competitive retail electricity supplier in the US. The combined entity will serve more than 2.5 million customers. The retail load served is projected to exceed 200 million MWhs annually. The equity purchase price for Calpine was approximately $16.4 billion, resulting in a net purchase price of $26.6 billion.

Constellation Energy Corporation (CEG) - Canvas Business Model: Customer Relationships

You're looking at how Constellation Energy Corporation keeps its diverse customer base engaged and satisfied as of late 2025. It's a split approach: high-touch for the big players driving the AI economy, and scalable digital tools for everyone else. Honestly, the sheer scale of their customer base-around two million customers before the Calpine deal closes-demands this dual strategy.

Dedicated, high-touch account management for large commercial/industrial clients (e.g., Comcast).

For the largest energy users, especially those building massive data centers, the relationship is deeply strategic, moving far beyond just selling electrons. This involves dedicated account management to structure complex, long-term energy supply agreements. You see this in the major tech and government deals that are reshaping the company's revenue profile.

Here's a snapshot of these foundational, high-touch agreements:

Partner Type	Agreement Detail	Capacity/Value	Term/Duration
Major Tech (Microsoft)	PPA to restart Three Mile Island Unit 1 (Crane Clean Energy Center)	835 MW (Crane Clean Energy Center)	20-year PPA
Major Tech (Meta)	PPA for output from Clinton Clean Energy Center	1.1 GW	20-year agreement
Federal Government (GSA)	Nuclear power supply and energy-efficiency contracts	$840 million contract; 10 million MWh	10-year contract
Industrial/Utility Customer Base	Total customers served (pre-acquisition)	Approx. two million customers	Ongoing

Constellation Energy Corporation is the leading supplier to businesses nationwide, serving three-fourths of Fortune 100 companies. The company is also actively seeking commitments for capacity expansion, such as working to secure customer commitments for an additional 340 megawatts at the Limerick Clean Energy Center.

Long-term, strategic partnerships for new nuclear capacity development.

These large Power Purchase Agreements (PPAs) are the mechanism for developing new capacity, often by financing life extensions or restarts. The restart of the Crane Clean Energy Center, for instance, involves a $1.6 billion capital expenditure, directly backed by the Microsoft PPA. Furthermore, the company announced a record $1 billion in nuclear power supply and energy-efficiency contracts with the U.S. government in 2024, expanding the public sector relationship. The CEO has also indicated consideration for a new nuclear project in New York state to support at least 1,000 MW of additional capacity. These deals are definitely the future of how large-scale, firm, carbon-free power gets financed.

Digital self-service and advanced analytics via Constellation Navigator for businesses.

For commercial and industrial (C&I) customers, the relationship is heavily augmented by digital tools. Constellation Navigator combines expert advisory with data analytics for core functions. The platform has successfully developed emissions baselines for 100 percent of the C&I customers served by Constellation. This platform handles complex tasks so you don't have to.

The services offered through Navigator include:

• Carbon Accounting
• Utility Bill Management
• Rebate Administration
• Sustainability Advisory Services
• Data Analytics and Insights

Take Sheetz, for example; their Utility Billing Management (UBM) platform has been instrumental in managing expenses across 760 store locations since 2021, with an agreement now expanded through 2038 to include Navigator analytics and carbon tracking. The platform ingests and digitizes utility bills, transforming the data into actionable insights, often using Optical Character Recognition (OCR) for accuracy.

Standardized customer service and billing for mass-market retail customers.

For the residential and smaller commercial segments, the focus shifts to standardized efficiency. Constellation Energy Corporation is the nation's largest producer of clean, carbon-free energy, with a total generation capacity of approximately 32,400 megawatts. Post-acquisition of Calpine, the combined entity is set to become the nation's leading competitive retail electric supplier, serving 2.5 million customers across America, including families and utilities. This scale allows for standardized billing and service processes that keep per-customer costs down while delivering reliable power, which is nearly 90% carbon-free annually.

Constellation Energy Corporation (CEG) - Canvas Business Model: Channels

You're looking at how Constellation Energy Corporation gets its product-reliable, carbon-free power and energy solutions-to the people and businesses that need it. The channels are a mix of direct engagement for big players and platform-based selling for the broader market.

Direct sales force for large commercial, industrial, and wholesale customers

Constellation Energy Corporation maintains a direct sales approach for its largest Commercial and Industrial (C&I) clients, which includes three-fourths of the Fortune 100 companies. This team drives significant volume through direct contracts.

• Direct C&I market share for direct customer business: over 33%.
• Overall C&I market share across all retail supply: 21%.
• The direct sales team is described as highly experienced with long-tenor contracts.

Competitive retail energy supply platform for residential and small business

The retail platform serves families and smaller enterprises. This is where the scale of the customer base really shows up, though the Calpine acquisition, expected to close by year-end 2025, is set to increase this reach significantly.

• Approximate current total customers served: 2 million.
• Approximate unique residential customers served (as of early 2024 data): 1.6 million.
• Projected customer base post-Calpine close (end of 2025): 2.5 million customers across America.
• Retail power margins for 2024-2025 were projected to be $0.50 - $1.75/MWh above the 13-year average margin of $3.50 - $3.60 / MWh.

Power grid interconnection points (PJM, NYISO, ISO-NE, etc.) for energy delivery

Delivery relies on Constellation Energy Corporation's assets clearing capacity auctions in key regional transmission organizations (RTOs) and independent system operators (ISOs). This ensures the power generated gets onto the grid where customers are located.

For example, in the PJM market, where data center demand is surging, Constellation Energy Corporation's power plants successfully cleared the capacity auction for the 2026-2027 planning year. This is how they secure revenue streams tied to reliability.

ISO/RTO	Key Metric/Data Point	Value/Amount
PJM	Cleared Capacity (2024 for 2025/2026 Delivery Year)	135.7 GW (down from 147.5 GW in 2023)
PJM	Capacity Auction Price (2026-2027 Planning Year)	$329.17/MW-day (Record High)
PJM	ComEd Nuclear Capacity Clearing in Illinois CMC Plan	Approx. 6,200 megawatts
ISO-NE	Day-Ahead LMP (Spring 2025 Average)	$41.19/MWh
NYISO	Winter Capacity Price (2023/2024)	$78.47/MW-day

Energy brokers and consultants for third-party sales and contracts

While direct sales are key for C&I, Constellation Energy Corporation also works through third parties and its own energy solutions segment (CES) to deliver specific sustainability and efficiency products, which often involves channel partners or consultant recommendations.

• Energy efficiency projects funded via the EME program since 2011: over $400 million.
• RNG production facilities enabled as a primary off-taker: over 70.
• End-use customers receiving RNG benefits: more than 500.

The company is also securing long-term, large-scale contracts directly with hyperscalers, such as the 20-year deal with Meta for the full output of the Clinton Clean Energy Center. That's a direct channel for massive, long-duration demand.

Finance: draft 13-week cash view by Friday.

Constellation Energy Corporation (CEG) - Canvas Business Model: Customer Segments

You're looking at the customer base of Constellation Energy Corporation (CEG) as of late 2025, which is heavily influenced by the massive power demands of the data economy and the push for clean, reliable generation.

Constellation Energy Corporation is the nation's largest producer of reliable, emissions-free energy, with a total capacity of over 32,400 megawatts. This capacity powers approximately 20 million homes and businesses nationwide.

Hyperscalers/Data Centers (e.g., Microsoft, Meta) with massive, growing power needs.

This segment is a primary growth driver, directly linked to artificial intelligence and data infrastructure expansion. Constellation Energy Corporation is strategically positioned here due to its large nuclear fleet, which provides the necessary clean, firm power.

• Secured a 20-year deal with Microsoft Corporation for the full output of the Clinton Clean Energy Center.
• Received a $1 billion loan from the Department of Energy to restart the Three Mile Island reactor for a power purchase agreement with Microsoft to power its data centers.
• Management reports being close to signing front-of-the-meter hyperscaler Power Purchase Agreements (PPAs) for the data economy.
• Interconnection processes for these large data economy transactions remain the primary gating factor impacting deal completion speed.

Large Commercial and Industrial (C&I) customers seeking CFE and customized solutions.

Constellation Energy Corporation serves a significant portion of the largest commercial entities, focusing on customized clean energy solutions and sustainability tracking. Honestly, this is where their Navigator platform really shines.

The company supplies energy to three-fourths of Fortune 100 companies. For its C&I customers, the Navigator platform has developed emissions baselines for 100 percent of them, combining advisory services with data analytics for carbon accounting.

Customer Solution/Metric	Data Point (2025)
C&I Customers with Emissions Baselines	100 percent
RNG Production Facilities Enabled	Over 70
End-Use Customers Receiving RNG Benefits	More than 500

Wholesale energy markets and regional transmission organizations (RTOs).

This segment involves the operational performance of Constellation Energy Corporation's diverse generation fleet across wholesale power markets. The pending Calpine acquisition is set to significantly increase scale in this area, though regulatory divestitures are part of the closing conditions.

In the third quarter of 2025, the nuclear fleet produced 46,477 gigawatt-hours (GWhs). Excluding Salem and South Texas Project (STP), the nuclear plants achieved a 96.8% capacity factor in Q3 2025, which is consistently about 4% higher than the industry average.

Operational metrics for other assets in Q3 2025 include a dispatch match rate for the gas and pumped storage fleet of 95.5%, and renewable energy capture at 96.8%.

The Calpine transaction resolution requires the divestiture of several natural gas assets, including York 2 at 828-megawatt, Jack Fusco Energy Center at 605-megawatt, and a minority stake in Gregory Power Plant at 385-megawatt.

Retail residential and small business customers in deregulated markets.

Constellation Energy Corporation is a leading energy supplier for homes and small businesses in deregulated areas. The overall customer base served is approximately 20 million homes and businesses.

For retail gas customers specifically, Constellation Energy Corporation offers sustainable gas products like Renewable Natural Gas (RNG) and carbon offsets to help them meet decarbonization goals. The company is also focused on strengthening grid reliability and affordability for consumers through various initiatives.

Finance: draft 13-week cash view by Friday.

Constellation Energy Corporation (CEG) - Canvas Business Model: Cost Structure

You're looking at the cost side of Constellation Energy Corporation's business, which is heavily weighted toward keeping that massive, always-on nuclear fleet running. Honestly, for a company whose value proposition is reliability, the fixed costs are the bedrock-and the biggest commitment.

The structure is dominated by the sheer scale of owning and operating the nation's largest nuclear fleet. This means high, non-negotiable expenses just to keep the lights on, regardless of short-term power price fluctuations. The nuclear fleet demonstrated its operational excellence in Q3 2025, hitting a capacity factor of 96.8%. That kind of performance requires constant, planned investment.

Capital expenditures are significant, reflecting the long-term nature of this infrastructure. Constellation Energy Corporation projected capital expenditures for 2025 around $3 billion. A major chunk of this spending is strategic, aimed at fleet upgrades and life extensions to secure decades more of carbon-free power. For instance, about 35% of the 2025 capital expenditure budget was earmarked for securing nuclear fuel inventory.

Fuel costs are interesting here. While nuclear fuel is a relatively low variable cost compared to thermal generation, the company is making large, upfront investments to secure supply. Natural gas costs remain a component, though the focus is clearly on maximizing nuclear output.

Here's a look at some key financial metrics from the third quarter of 2025:

Financial Metric	Amount (Q3 2025)
Cost of Revenue	$6.26 billion
Total Operating Revenue	$6.57 billion
Total Operating Expenses	$5.48 billion
Depreciation, amortization, and accretion (incl. nuclear fuel amortization)	$1,945 million
Long-Term Debt Maturity Due in 2025	$1,028 million

Regulatory compliance and decommissioning represent a crucial, non-deferrable cost category tied directly to the aging assets. These costs are managed through dedicated trust funds, though the financial statement reflects ongoing obligations. For example, the reconciliation items for Q3 2025 included adjustments for Asset Retirement Obligation (ARO) accretion and Asset Retirement Cost (ARC) Depreciation. Furthermore, the company manages Nuclear Decommissioning Trusts (NDT), with reported trust fund amounts complying with requirements as of December 31, 2024, based on a conservative 2% annual real rate of return assumption.

The cost structure is also influenced by debt servicing, especially with higher interest rates. Interest expenses for the first quarter of 2025 were reported as increasing nearly 15% year-over-year, reaching $146 million for that quarter.

Key cost drivers you need to keep an eye on include:

• High fixed costs from operating and maintaining the nuclear fleet.
• Capital expenditures, with $3 billion projected for 2025.
• Nuclear fuel acquisition, consuming about 35% of 2025 CapEx.
• Regulatory and decommissioning accruals for long-lived assets.
• Interest expense, which saw a nearly 15% jump in Q1 2025.

The total operating expenses for Q3 2025 were $5.48 billion.

Constellation Energy Corporation (CEG) - Canvas Business Model: Revenue Streams

You're looking at how Constellation Energy Corporation (CEG) brings in the cash, and honestly, it's all about reliable, clean electrons and locking in future prices. The sheer scale of their operation means even small percentage shifts translate to big dollar figures.

The core of the revenue engine is the sale of electricity from the Competitive Businesses Electric segment. For the third quarter of 2025, this segment was responsible for 89.5% of the total revenue. To put that in perspective, the reportable segment electric revenue hit $5.88 billion out of a total operating revenue of $6.57 billion for Q3 2025. The nuclear fleet is the workhorse here, achieving a capacity factor of 96.8% in Q3 2025 for the plants they operate (excluding Salem and STP).

Here's a quick look at the Q3 2025 revenue components:

Revenue Component	Amount (Q3 2025)
Total Operating Revenue	$6.57 billion
Reportable Segment Electric Revenue	$5.88 billion
Non-Electric Operations Revenue	$844 million
Mark-to-Market Adjustments (Reduction)	($156 million)

The Trailing Twelve Months (TTM) revenue as of September 30, 2025, stood at $24.84 billion. That's a solid base, but the real strategy is securing future cash flow.

A major component of that future stability comes from long-term Power Purchase Agreements (PPAs) with tech companies. You see this clearly with the 20-year power purchase agreement Constellation Energy signed with Meta, which covers the full output of the Clinton Clean Energy Center, set to begin in June 2027. These contracts are key because they provide price stability, insulating a portion of their generation from day-to-day market volatility, which is critical when you're planning capital expenditures like the Calpine acquisition.

Capacity revenues from Regional Transmission Organization (RTO) markets, specifically PJM, are also a significant driver. The PJM capacity auction for the 2026-2027 planning year was a big win, securing revenues that will start flowing mid-2026. The market signaled a need for supply, pushing the record high price cap to $329.17/MW-day, which is a 22% increase from the prior year. Constellation Energy cleared a substantial amount of capacity, which is great news for predictable income.

Here are the details on what Constellation Energy cleared in that PJM auction:

Capacity Type	Cleared Capacity (MW)	Auction Price Reference (2026-2027)
Total Cleared Capacity	18,025 MW	Up to $329.17/MW-day
Nuclear Capacity Cleared	15,550 MW	Capacity revenues included in PTC calculation
Fossil and Other Units Cleared	2,475 MW	Effective June 1, 2026
ComEd Nuclear in Illinois Plan	6,200 MW	Part of Illinois Carbon Mitigation Credit Procurement Plan

Remember, for their nuclear units, these capacity revenues are also factored into the gross receipts calculation for the Production Tax Credit, which is an added financial benefit. Furthermore, market conditions in Q3 2025 were favorable, driven by these higher capacity revenues and what the company calls generation-to-load optimization.

Beyond the big power sales and capacity payments, Constellation Energy pulls in revenue from other services. You should keep an eye on:

• Ancillary services revenue streams.
• Revenue from energy management solutions offered to customers.
• The industrial electricity rate in September 2025 was 9.03 cents per kilowatt-hour.

The company is definitely focused on monetizing every aspect of its dispatchable, clean generation fleet. Finance: draft 13-week cash view by Friday.