Constellation Energy Market Performance
GAAP to Non-GAAP Reconciliation
Adjusted O&M* Reconciliation ($M) (1,2)
GAAP O&M
Decommissioning (3)
Plant Retirements and Divestitures(4)
2017
$6,350
2018
$5,475
2019
$4,725
2020
2022
$(200) $(200)
$ (100)
$(100)
Asset Impairments (5)
$(450)
2021
2023
2024
$5,150 $4,600 $5,000 $5,050 $5,000
$(200) $(125) $(175) $(200) $(200)
$(475) $575
$(525)
Direct cost of sales incurred to generate revenues for certain
Commercial and Power businesses (6)
$(450) $(250) $(275)
$(225)
$(275) $(300) $(275) $(300)
Separation costs
$(50)
ERP System Implementation
$(150)
$(25)
$(50)
$(25)
Pension and OPEB Non-Service Costs (7)
Other
Adjusted O&M* (Non-GAAP)
$(25)
$50
$50
$50
$(150)
$(125)
$(75)
$(125)
$(100)
$4,975
$4,775
$4,400
$4,225
$4,150
$4,375
$4,475
$4,475
53
Note: Items may not sum due to rounding
(1) All amounts rounded to the nearest $25M. 2021 adjusted O&M* is estimated based on November 30, 2021 forecasts. Actual results may vary.
(2) Reflects CENG at 100% ownership in all years
(3) Includes earnings neutral O&M and accretion of asset retirement obligation on unregulated units; 20 19 includes ARO update for TMI
(4) Reflects retirements of TMI in 2017 and Oyster Creek in 20 18. 2020 includes ($500M) of impairment and ($25M) of one-time charges associated with retirement of Mystic 8/9.2020 and
2021 include $325M and $500 M, respectively, of accelerated earnings neutral O&M associated with the decision to early retire Byron and Dresden that cannot be reversed. The
remaining amount primarily reflects the reversal of one-time charges resulting from the previous decision to retire Byron and Dresden.
(5) 2017 reflects an impairment of EGTP, 2021 reflects an impairment in the New England asset group, an impairment recorded as a result of the agreement to sell the Albany Green Energy
biomass facility, and an impairment of a wind project
(6) Reflects the direct cost of sales of certain businesses, which are included in Total Gross Margin*
(7) Reflects impact from reclassing pension non-service costs from O&M to Other, Net consistent with future GAAP classification post-separation. Impact is earnings neutral.
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