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Constellation raises full-year guidance as it adds long-term power deals
The company signed 920 MW of new long-term power purchase agreements, with delivery starting from 2029 through 2032.
Constellation Energy raised its full-year adjusted operating earnings guidance to $11.50 to $12.50 per share after its second-quarter results, citing a steady pipeline of nuclear contract wins and regulatory progress tied to its Crane Clean Energy Center restart, according to Yahoo Finance. In the quarter, Constellation signed 920 megawatts of new long-term power purchase agreements, with terms running 15 to 20 years. Those contracts will not begin delivering power until 2029 through 2032, including a 176-megawatt arrangement with Walmart that is split into two 15-year contracts starting in 2029 and 2030. Yahoo Finance adds that the Walmart deals are tied to funding a 30-megawatt expansion at the Dresden Clean Energy Center in Illinois, and that the new contracts add to prior 20-year agreements with Microsoft and Meta. The outlet also notes Constellation is advancing the larger Crane project, with FERC granting a waiver to shift grid connection rights and the NRC approving a fuel license amendment, clearing hurdles ahead of a planned 2027 restart for an 835-megawatt unit serving its Microsoft contract. At the same time, Constellation reported GAAP earnings headwinds, with earnings per share falling to $1.42 from $2.67 a year earlier, while adjusted operating earnings rose to $2.55. The company also said output slipped to 44,160 gigawatt-hours from 45,170, capacity factor fell to 93.0% from 94.8%, planned refueling outage days rose to 86 from 41, and diluted share count increased to 360 million from 314 million after its Calpine acquisition.