Constellation Energy Market Performance

39 Nuclear Fuel Hedging Strategy Leads to Cost Stability Operational Risk Management Hedge well in advance to secure supply and avoid near-term costs variability ■ Promote supplier diversity and competition while managing levels of concentrated risk to our partners Appropriately size inventory holdings and forward contractual requirements to protect against supply disruptions and price shocks while allowing capital flexibility Financial Risk Management ■ Structure forward contracts to control price risk ■ Establish metrics to measure and forecast cost variability ■ Allow flexibility to pursue market opportunities and cost optimization Negotiate ceiling prices in market-related contracts and caps on references to inflation indexes ■ Amortize fuel cost over the time the fuel is in the core Constellation begins building contract book well in advance of refueling year 100% 80% 60% 40% 30% 20% 15% 68% 51% 100% 100% 100% Cost by Fuel Cycle Component New Fuel Cost Amortization Schedule U308 Contracting 40% 50% Conversion Contracting 10% Enrichment Contracting 30% 40% Fabrication Contracting 20% 10% 0% Refuel Year -6 Refuel Year -5 Refuel Year -4 Refuel Year -3 Refuel Year -2 Refuel Year -1 Refuel Year Refuel Year 1 2 3 4 56 Year in Core Nuclear fuel is ~20% of operating costs and uranium is 40% of fuel costs Constellation.

View entire presentation