Constellation Energy Market Performance
46
Illustrative Example of Modeling 2023 Total Gross Margin*
Row
(A)
(B)
Item
Start with fleet-wide open gross margin*
Contracted Revenues
Midwest (2)
Mid-Atlantic
ERCOT
New York
$4.45 billion
$2.85 billion
(C)
(D)
(E=C*D)
Expected Generation (TWh)
Hedge % (assuming mid-point of range)
Hedged Volume (TWh)
41.3
70.5%
29.1
54.6
70.5%
38.5
20.3
55.5%
11.3
25.8
55.5%
14.3
(F)
(G)
Effective Realized Energy Price ($/MWh)
Reference Price ($/MWh)
$27.00
$34.00
$4.00
$24.50
$33.75
$40.39
$9.48
$32.93
(H=F-G)
Difference ($/ MWh)
($6.75)
($6.39)
($5.48)
($8.43)
($195)
($245)
($60)
($120)
(I=E*H)
(J=A+B+I)
(K)
(L)
(M)
Mark-to-Market value of hedges ($ million) (1)
Hedged Gross Margin ($ million)
Power New Business / To Go ($ million)
Non-Power Margins Executed ($ million)
Non-Power New Business / To Go ($ million)
Total Gross Margin
(1)
(N=J+K+L+M)
Mark-to-market rounded to the nearest $5M
(2) Use the Midwest hedge ratio that excludes the CMC plant volume and hedges
$6,700
$500
$100
$350
$7,650 million
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