Constellation Energy Market Performance
Additional Constellation Modeling Data
Total Gross Margin* Reconciliation (in $M) (1)
2022
2023
Adjusted Operating Revenues* (2)
$ 19,075
$18,500
Adjusted Purchased Power and Fuel* (2)
$(11,250)
$(10,375)
Other Revenues (3)
$(175)
$(175)
Direct cost of sales incurred to generate revenues for certain
Constellation and Power businesses
$(300)
$(300)
Total Gross Margin* (Non-GAAP)
$7,350
$7,650
Inputs
2022
Avg. Shares Outstanding (millions) (4)
326
Effective Tax Rate
Cash Tax Rate(5)
25%
14%
47
(1) All amounts rounded to the nearest $25M
(2) Excludes the Mark-to-Market impact of economic hedging activities due to the volatility and unpredictability of the future changes to power prices
(3) Other Revenues primarily reflects revenues from variable interest entities, funds collected through revenues for decommissioning the former PECO nuclear plants through regulated
rates and gross receipts tax revenues
(4) Represents the estimated number of outstanding diluted shares of common stock upon consummation of the separation. The estimate is based on the number of shares of Exelon
common stock outstanding on September 30, 2021 and applying the distribution ratio of one share of our common stock for every three shares of Exelon common stock.
Cash tax rate excludes receivable from Exelon for tax credits. If receivable were to be included in calculation, cash tax rate would be 6%.
(5)
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