Constellation Energy Market Performance
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Hedged Gross Margin* Sensitivities
Gross Margin* Sensitivities (with existing hedges) (1)
Henry Hub Natural Gas ($/ MMBtu)
+ $0.50/MMBtu
- $0.50/MMBtu
NiHub ATC Energy Price
+ $2.50/MWh
-$2.50/MWh
November 30, 2021
2022
2023
$65
$(45)
$140
$(135)
$30
$(30)
PJM-W ATC Energy Price
+ $2.50/MWh
-$2.50/MWh
$5
$40
$(45)
NYPP Zone A ATC Energy Price
+ $2.50/MWh
$5
$25
-$2.50/MWh
$(5)
$(25)
Nuclear Capacity Factor
+/- 1%
+/- $50
+/- $30
(1) Based on November 30, 2021 market conditions and hedged position; gas price sensitivities are based on an assumed gas-power relationship derived from an internal model that is updated
periodically; power price sensitivities are derived by adjusting the power price assumption while keeping all other price inputs constant; due to correlation of the various assumptions, the
hedged gross margin* impact calculated by aggregating individual sensitivities may not be equal to the hedged gross margin* impact calculated when correlations between the various
assumptions are also considered; sensitivities based on commodity exposure which includes open generation and all committed transactions.
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