Constellation Energy Market Performance
Generation and Hedges
November 30, 2021
2023
Generation and Hedges
2022
Expected Generation (GWh) (¹).
Midwest (2)
199,000
196,000
96,500
95,300
Mid-Atlantic
55,700
54,600
ERCOT
21,400
20,300
New York
25,400
25,800
% of Expected Generation Hedged (3)
91%-94%
74%-77%
Midwest
95%-98%
86%-89%
Mid-Atlantic
95%-98%
69%-72%
ERCOT
78%-81%
54%-57%
New York
78%-81%
54%-57%
Effective Realized Energy Price ($/ MWh) (4)
Midwest
$27.00
$27.00
Mid-Atlantic
$33.50
$34.00
ERCOT (5)
$4.00
$4.00
New York
$24.00
$24.50
(1) Expected generation is the volume of energy that best represents our commodity position in energy markets from owned or contracted for capacity based upon a simulated dispatch model
that makes assumptions regarding future market conditions, which are calibrated to market quotes for power, fuel, load following products, and options. Expected generation assumes 11
refueling outages in 2022 and 14 in 2023 at Constellation-operated nuclear plants and Salem. Expected generation assumes capacity factors of 94.5% and 94.0% in 2022 and 2023,
respectively at Constellation-operated nuclear plants, at ownership. These estimates of expected generation in 2022 and 2023 do not represent guidance or a forecast of future results as
Constellation has not completed its planning or optimization processes for those years.
(2) Midwest expected generation includes generation from CMC Plants of 31,600 GWh in 2022 and 54,000 GWh in 2023
(3) Percent of expected generation hedged is the amount of equivalent sales divided by expected generation. It includes all hedging products, such as wholesale and retail sales of power,
options and swaps. The Midwest values in the table reflect IL plants receiving CMC payments as 100% hedged. To align with the Midwest EREP, however, one should exclude plant and hedge
volumes associated with CMC payments. Excluding CMC plant and hedge volumes, the Midwest is 93% to 96% hedged in 2022 and 69% to 72% hedged in 2023. We will hedge the residual
merchant generation in line with our three-year ratable program.
(4) Effective realized energy price is representative of an all-in hedged price, on a per MWh basis, at which expected generation has been hedged. It is developed by considering the energy
revenues and costs associated with our hedges and by considering the fossil fuel that has been purchased to lock in margin. It excludes uranium costs, RPM capacity, ZEC and CMC
revenues, but includes the mark-to-market value of capacity contracted at prices other than RPM clearing prices including our load obligations. It can be compared with the reference prices
used to calculate open gross margin* in order to determine the mark-to-market value of Exelon Generation's energy hedges.
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(5) Spark spreads shown for ERCOT
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