Constellation Energy Market Performance
2016
2017
% TWh
De-risking Generation Platform through Hedging and Contracted
Revenue
2018
2019
State or Federal Credits (1)
No Program or Credits
2024
2022
93%
75%
52%
2023
Our generation supported by state programs will increase to
56% of total output by 2023...
Such that the IL CMC program plus our ratable hedging
program on the remaining fleet increases overall generation
hedge levels, ultimately providing significant visibility to gross
margins over the next 3 years
(1) Includes IL, NY, and NJ ZEC programs, IL CMC program, and PTCs for renewables
(2) Hedged percentages as of November 30, 2021
14
(3) Includes capacity revenues; 23/24 & 24/25 PJM capacity results are based on internal assumptions given PJM has not run the auctions to date
% Generation Hedged including CMC(2)
Gross margin visibility is supported by the IL CMC program, ZEC and capacity revenues, our strong customer supply
business, and the ratable hedging program for non-contracted generation
Constellation.
2024View entire presentation