Constellation Energy Market Performance
Gross Margin*
Gross Margin Category ($M) (1)
November 30, 2021
2022
2023
Open Gross Margin
(including South, West, New England & Canada hedged GM)*
Contracted Revenues (Capacity, ZEC and IL CMC Plant Revenues) (3)
* (2)
$6,200
$4,450
$2,450
$2,850
Mark-to-Market of Hedges (4)
$(2,150)
$(600)
Power New Business / To Go
$450
$500
Non-Power Margins Executed
Non-Power New Business / To Go
*(5)
Total Gross Margin* (
(5)
Reference Prices (5
Henry Hub Natural Gas ($/ MMBtu)
Midwest: NiHub ATC prices ($/ MWh)
Mid-Atlantic: PJM-W ATC prices ($/MWh)
ERCOT-N ATC Spark Spread ($/MWh)
HSC Gas, 7.2HR, $2.50 VOM
New York: NY Zone A ($/MWh)
$150
$100
$250
$350
$7,350
$7,650
2022
2023
$4.12
$3.55
$41.18
$33.75
$49.23
$40.39
$11.79
$9.48
$37.83
$32.93
(1) Gross margin* categories rounded to nearest $50M
(2) Includes gross margin for CMC plants through May 31, 2022
(3) Includes gross margin and CMC payments for CMC plants starting June 1, 2022. NY ZEC revenues reflect the expected NY ZEC payment as of current market forwards. Should market
forwards exceed the ZEC reference index in New York, ZEC payments may decline.
(4) Mark-to-Market of Hedges assumes mid-point of hedge percentages
43
(5) Based on November 30, 2021, market conditions
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