Constellation (An Exelon Company)
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Constellation Energy Corporation is an American
energy company The energy industry refers to all of the industries involved in the production and sale of energy, including fuel extraction, manufacturing, refining and distribution. Modern society consumes large amounts of fuel, and the energy industry is a cr ...
headquartered in
Baltimore, Maryland Baltimore is the List of municipalities in Maryland, most populous city in the U.S. state of Maryland. With a population of 585,708 at the 2020 United States census, 2020 census and estimated at 568,271 in 2024, it is the List of United States ...
. The company provides
electric power Electric power is the rate of transfer of electrical energy within a electric circuit, circuit. Its SI unit is the watt, the general unit of power (physics), power, defined as one joule per second. Standard prefixes apply to watts as with oth ...
,
natural gas Natural gas (also fossil gas, methane gas, and gas) is a naturally occurring compound of gaseous hydrocarbons, primarily methane (95%), small amounts of higher alkanes, and traces of carbon dioxide and nitrogen, hydrogen sulfide and helium ...
, and
energy management Energy management includes planning and operation of energy production and energy consumption units as well as energy distribution and storage. Energy management is performed via Energy Management Systems (EMS), which are designed with hardware ...
services. It has approximately two million customers across the continental United States. The company was known as Constellation Energy Group (former NYSE ticker symbol CEG), a Fortune 500 company and one of the largest electricity producers in the United States, until a merger with Exelon in 2012. When FERC approved the acquisition, Constellation Energy's energy supply business was re-branded as Constellation, an Exelon company. As part of the 2012 merger,
Baltimore Gas and Electric Baltimore Gas and Electric Company (BGE) is a subsidiary of the Exelon Corporation and Maryland’s largest gas and electric utility. BGE earlier had created the holding company Constellation Energy in 1999. Constellation Energy was acquired b ...
, the regulated utility operated by Constellation Energy, became a regulated utility operating under Exelon Utilities. The current iteration of the company was founded in 2022 after splitting off from
Exelon Exelon Corporation is an American public utility headquartered in Chicago, and incorporated in Pennsylvania. Exelon is the largest electric parent company in the United States by revenue and is the largest regulated electric utility in the Uni ...
. Before merging with Exelon, Constellation Energy Group operated more than 35 power plants in 11 states (mainly Maryland, Pennsylvania, New York, West Virginia, and California). Baltimore Gas and Electric created Constellation as a holding company in 1999.


History

On September 15, 2005, Constellation Energy announced a joint venture, UniStar Nuclear, with
Areva Areva S.A. was a French multinational group specializing in nuclear power, active between 2001 and 2018. It was headquartered in Courbevoie, France. Before its 2016 corporate restructuring, Areva was majority-owned by the French state through t ...
to market the
European Pressurized Reactor The EPR is a Generation III+ pressurised water reactor design. It has been designed and developed mainly by Framatome (part of Areva between 2001 and 2017) and Électricité de France (EDF) in France, and by Siemens in Germany. In Europe, this ...
(EPR) in the United States. On December 19, 2005, FPL Group, Inc. announced the acquisition of Constellation Energy in a merger transaction valued at more than $11 billion, as well as the fact that it would adopt Constellation Energy as its name for the post-merger entity. The merger was canceled on October 25, 2006. In July 2008, Constellation Energy bought
uranium Uranium is a chemical element; it has chemical symbol, symbol U and atomic number 92. It is a silvery-grey metal in the actinide series of the periodic table. A uranium atom has 92 protons and 92 electrons, of which 6 are valence electrons. Ura ...
trading firm Nufcor International from
AngloGold Ashanti AngloGold Ashanti Limited is a South African gold mining company, with global operations. With a diverse portfolio of cooperation, projects, and exploration activities, AngloGold Ashanti was formed in 2004 by the merger of AngloGold and the ...
and FirstRand International. On September 15, 2008, after reports that Constellation had exposure to
Lehman Brothers Lehman Brothers Inc. ( ) was an American global financial services firm founded in 1850. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merril ...
following that firm's bankruptcy filing, Constellation's stock price dropped 56% in a single day. The massive drop led the
New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...
to halt trading in Constellation. The next day, as the stock fell as low as $13 a share, the company announced it was hiring
Morgan Stanley Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 42 countries and more than 80,000 employees, the firm's clients in ...
and
UBS UBS Group AG (stylized simply as UBS) is a multinational investment bank and financial services firm founded and based in Switzerland, with headquarters in both Zurich and Basel. It holds a strong foothold in all major financial centres as the ...
to advise it on "strategic alternatives" suggesting a buyout. On September 17, 2008, Constellation accepted an offer of $4.7 billion by MidAmerican Energy, a subsidiary of
Berkshire Hathaway Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. Originally a textile manufacturer, the company transitioned into a conglomerate starting in 1965 under the management of c ...
, but ultimately canceled the deal on December 17, 2008, in favor of a $4.5 billion buyout from French power company Electricite de France (EDF). In January 2009, Constellation Energy announced it would sell the majority of its London-based international commodities business to an affiliate of
Goldman Sachs The Goldman Sachs Group, Inc. ( ) is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered in Lower Manhattan in New York City, with regional headquarters in many internationa ...
for an undisclosed price. In April 2010, Constellation Energy closed its agreement with Clipper Windpower to acquire the Criterion Wind Project in
Garrett County, Maryland Garrett County () is the westernmost county of the U.S. state of Maryland, completely within the Appalachian Mountains. As of the 2020 United States census, the population was 28,806, making it the third-least populous county in Maryland. I ...
, and to purchase 28 Clipper Liberty 2.5-MW
wind turbine A wind turbine is a device that wind power, converts the kinetic energy of wind into electrical energy. , hundreds of thousands of list of most powerful wind turbines, large turbines, in installations known as wind farms, were generating over ...
s for the project. Construction was completed in December 2010. In May 2010, the firm acquired two natural gas combined-cycle generation facilities in Texas from Houston-based Navasota Holdings. The $365 million transaction included the Colorado Bend Energy Center, a 550-MW facility near Wharton, Texas, and Quail Run Energy Center, a 550-MW facility near Odessa, Texas. The purchase added 1,100 MW of capacity. On April 28, 2011,
Exelon Exelon Corporation is an American public utility headquartered in Chicago, and incorporated in Pennsylvania. Exelon is the largest electric parent company in the United States by revenue and is the largest regulated electric utility in the Uni ...
announced its intention to purchase Constellation Energy. The merger was completed on March 12, 2012. On May 27, 2011, Constellation Energy announced its intention to purchase StarTex Power, a retail electricity provider in Houston, Texas; the purchase was completed on June 1, 2011. In 2018, the StarTex brand was discontinued; Constellation served its existing customers instead. In May 2011, the company acquired MXenergy, a residential and small business energy provider with approximately half a million customers. In December 2011, it announced the acquisition of ONEOK Energy Marketing Co., a natural gas company with customers in the Midwest. In 2011, it contracted to construct and operate for the Toys-R-Us distribution center in Flanders, New Jersey, what was then the largest rooftop solar array ever constructed. In March 2014, it agreed to acquire ETC ProLiance Energy, a supplier of natural gas to customers in several states. In November 2014, it completed its acquisition of Integrys Energy Services, a competitive retail electricity and natural gas subsidiary serving customers in 22 states. In September 2016, it completed its acquisition of the retail electricity and natural gas business from ConEdison Solutions, a subsidiary of
Consolidated Edison Consolidated Edison, Inc., commonly known as Con Edison (stylized as conEdison) or ConEd, is one of the largest investor-owned energy companies in the United States, with approximately $12 billion in annual revenues as of 2017, and over $62 ...
, Inc. In the purchase, Constellation acquired ConEdison's retail electricity and natural gas customer contracts and associated supply contracts serving approximately 15 TWh of electricity and of natural gas to more than 560,000 commercial, industrial, public sector and residential customers. In August 2018, it began constructing a 10-megawatt solar array outside of
Ocean City, Maryland Ocean City, officially the Town of Ocean City, is an Atlantic Ocean, Atlantic resort city in Worcester County, Maryland, Worcester County, Maryland, along the East Coast of the United States. The population was 6,844 at the 2020 United States c ...
. The array will provide the city with approximately 20% of its annual energy usage when completed. In October 2018, Constellation and the
Tucson Unified School District Tucson Unified School District (TUSD) is the largest school district of Tucson, Arizona, in terms of enrollment. Dr. Gabriel Trujillo is the superintendent, appointed on September 12, 2017, by the Governing Board. As of 2016, TUSD had more tha ...
completed a project that added solar generation capability to 82 of the district's buildings and facilities. The project is estimated to meet 47% of the district's electricity needs. In 2022, it became an independent company after Exelon split its utilities and power generation businesses. Former subsidiary Baltimore Gas & Electric remained part of Exelon. In September 2024
Microsoft Microsoft Corporation is an American multinational corporation and technology company, technology conglomerate headquartered in Redmond, Washington. Founded in 1975, the company became influential in the History of personal computers#The ear ...
entered a contract with the company that will restart the undamaged nuclear reactor at the Three Mile Island plant. The company is also planning to upgrade other existing reactor plants to provide more power. In January 2025, Constellation agreed to acquire the natural gas and geothermal power provider
Calpine Calpine is the largest generator of electricity from natural gas and geothermal energy in the United States, with operations in competitive power markets. A ''Fortune'' 500 company based in Houston, Texas, Operations Through wholesale power op ...
for $16.4 billion ($26.6bn including debt) in a cash-and-stock deal. Approval of the purchase by state and federal regulators will be necessary.


Operations


Electric power

Constellation provides electric power to commercial and industrial customers. Its electricity supply business manages energy sales, dispatch, and delivery from Exelon's power generation portfolio to utilities, municipal co-ops, and energy retailers nationwide. , Constellation had around 360 megawatts of solar generation assets that are either in operation or under construction across the United States, including Maryland, California, Arizona, New Jersey, and Texas. In 2011, Constellation was contracted to construct and operate what was then the largest rooftop solar array ever constructed for the Toys-R-Us distribution center in Flanders, New Jersey. The company's offsite renewables service (CORe) provides access to offsite renewable energy projects through a retail power contract. CORe combines location-specific renewable energy purchases and certificates with a physical load-following energy supply contract.


Natural gas

Constellation delivers approximately of natural gas annually to customers, making it one of the ten largest natural gas marketers in the United States. The company oversees trading, transport, and storage of physical gas supply, pricing, hedging, and risk management.


Constellation Technology Ventures

Constellation Technology Ventures (CTV), Constellation's
venture capital Venture capital (VC) is a form of private equity financing provided by firms or funds to start-up company, startup, early-stage, and emerging companies, that have been deemed to have high growth potential or that have demonstrated high growth in ...
fund, invests in start-up companies with emerging energy technologies. Their portfolio includes Proterra,
ChargePoint ChargePoint Holdings, Inc. (formerly Coulomb Technologies) is an American electric vehicle infrastructure company based in Campbell, California. ChargePoint operates the largest online network of independently owned EV charging stations operati ...
and Aquion Energy


Nuclear

Constellation is the United States' leading nuclear power plant operator, with over 19,000 megawatts. * Braidwood Nuclear Generating Station (Illinois) *
Byron Nuclear Generating Station The Byron Clean Energy Center is a nuclear power plant located in Ogle County, Illinois, east of the Rock River. The reactor buildings were constructed by Commonwealth Edison and house two Westinghouse Four-Loop pressurized water reactors, ...
(Illinois) *
Calvert Cliffs Nuclear Power Plant The Calvert Cliffs Nuclear Power Plant (CCNPP) is a nuclear power plant located on the western shore of the Chesapeake Bay near Lusby, Calvert County, Maryland, in the Mid-Atlantic United States. It is the only nuclear power plant in the state o ...
(Maryland) *
Clinton Nuclear Generating Station The Clinton Power Station is a nuclear power plant located near Clinton, Illinois, USA. The power station began commercial operation on November 24, 1987 and has a nominal net electric output of 1062 MWe. Due to inflation and cost over ...
(Illinois) * Dresden Generating Station (Illinois) *
Ginna Nuclear Generating Station The Robert Emmett Ginna Nuclear Power Plant, commonly known as Ginna ( ), is a nuclear power plant located on the southern shore of Lake Ontario, in the town of Ontario, New York, Ontario, Wayne County, New York, United States, approximately ea ...
(New York) *
James A. FitzPatrick Nuclear Power Plant The James A. FitzPatrick (JAF) Nuclear Power Plant is located in the Town of Scriba, near Oswego, New York, on the southeast shore of Lake Ontario. The nuclear power plant has one General Electric boiling water reactor. The site is also the l ...
(New York) *
LaSalle County Nuclear Generating Station LaSalle County Nuclear Generating Station, located in Brookfield Township, LaSalle County, Illinois, near Marseilles, southeast of Ottawa, serves Chicago and Northern Illinois with electricity. The plant is owned and operated by Constellation E ...
(Illinois) * Limerick Nuclear Power Plant (Pennsylvania) *
Nine Mile Point Nuclear Generating Station Nine Mile Point Nuclear Station is a nuclear power plant with two nuclear reactors located in the town of Scriba, approximately five miles northeast of Oswego, New York, on the shore of Lake Ontario. The site is also occupied by the James A. ...
(New York) * Peach Bottom Atomic Power Station (Pennsylvania) * Quad Cities Nuclear Generating Station (Illinois) *
Salem Nuclear Power Plant The Salem Nuclear Power Plant is a two-unit pressurized water reactor nuclear power plant located in Lower Alloways Creek Township, in Salem County, New Jersey, United States. It is owned by PSEG Nuclear LLC of the Public Service Enterprise ...
(New Jersey) (minority owner) *
Three Mile Island Nuclear Generating Station Three Mile Island Nuclear Generating Station (abbreviated as TMI), is a shut-down nuclear power plant on Three Mile Island in Pennsylvania, US, on the Susquehanna River just south of Harrisburg, Pennsylvania, Harrisburg. It has two separate un ...
(Pennsylvania) (Unit 2 owned by EnergySolutions) *
South Texas Nuclear Generating Station The South Texas Project Electric Generating Station (also known as STP, STPEGS, South Texas Project), is a nuclear power station southwest of Bay City, Texas, United States. STP occupies a site west of the Colorado River about southwest of Houst ...
(Texas) (Minority owner)


Fossil

Constellation owns and operates a portfolio of fossil fuel and other sources generating more than 12,000 megawatts (MW) of power. *Chester Generating Station – oil (Pennsylvania), which is distinct from the historic Chester Waterside Station *Colorado Bend II Energy Center – natural gas (Texas) *Croydon Generating Station – oil (Pennsylvania) *Delaware Generating Station – oil (Pennsylvania) *Eddystone Generating Station – natural gas and oil (Pennsylvania) *Everett LNG Facility – natural gas imports (Massachusetts) a.k.a. Distrigas, purchased in 2019 *Falls Generating Station – oil (Pennsylvania) *Framingham Generating Station – oil (Massachusetts) *Grande Prairie Generating Station – natural gas (Alberta, Canada) *Handley Generating Station – natural gas (Texas) *Handsome Lake Generating Station – natural gas (Pennsylvania) *Hillabee Generating Station – natural gas (Alabama) *Moser Generating Station – oil (Pennsylvania) *
Mystic Generating Station The Mystic Generating Station was a power station in the state of Massachusetts (on the border between Everett and Boston) which, for a while, had the highest nameplate capacity of any station in the state. It was capable of burning both natural ...
– natural gas (Massachusetts) * Perryman Generating Station – oil and natural gas (Maryland) *Philadelphia Road Generating Station – oil (Maryland) *Richmond Generating Station – oil (Pennsylvania) *Schuylkill Generating Station – oil (Pennsylvania) *Southwark Generating Station – oil (Pennsylvania) *West Medway Generating Station I – oil (Massachusetts) *West Medway Generating Station II – natural gas or oil (Massachusetts) *Wolf Hollow II Generating Station – natural gas (Texas) *Wyman Generating Station – oil (Maine) (minority owner)


Hydro

Constellation's two hydroelectric plants generate 1,600 MW of power. *
Conowingo Dam The Conowingo Dam (also Conowingo Hydroelectric Plant, Conowingo Hydroelectric Station) is a large hydroelectric dam in the lower Susquehanna River near the town of Conowingo, Maryland, Conowingo, Maryland. The medium-height, masonry gravity dam ...
(Maryland) * Muddy Run Pumped Storage Facility (Pennsylvania)


Solar

* Antelope Valley Solar Ranch One (California)


Wind

Constellation has 27 wind projects in ten states, totaling nearly 1,400 megawatts (MW).


Generation services

Constellation owns Constellation Generation Solutions (CGS). CGS functions as an industry-leading maintenance and technical services organization emphasizing precision and quality, structured to streamline the work execution of the nuclear fleet. Constellation PowerLabs is a wholly owned subsidiary of Constellation. Since 1911, PowerLabs has transformed from supporting the power industry to becoming Exelon's primary calibrations and testing laboratory. It has four individual labs strategically located from the upper Midwest to the Northeast, enabling experienced staff in engineering, metrology, and nuclear power generation to support the urgent demands of our nation's nuclear facilities, power grids, and critical supply chains.


Baltimore community involvement


Historical archives

Constellation owns the archives of the Baltimore Gas & Electric Company, the former Consolidated Gas Light, Electric Power Company of Baltimore City, and its ancient predecessor, the Gas Light Company of Baltimore. The Baltimore Gas & Electric Company's photographic collection consists of approximately 250,000 photographic prints and negatives, in more than 50,000 series. The archives are held by the
Baltimore Museum of Industry The Baltimore Museum of Industry is a museum in Baltimore, Maryland, United States. Located in an old cannery complex, the museum has exhibits on various types of manufacturing and industry from the early 20th century. There are several hands-o ...
.


Philanthropy

Constellation ranks second in local corporate giving among Baltimore-based companies, and donated $7.10 million in 2017. The company also provides grants to local schools that implement education programs promoting science and technology.


See also

*
Calvert Cliffs Nuclear Generating Station The Calvert Cliffs Nuclear Power Plant (CCNPP) is a nuclear power plant located on the western shore of the Chesapeake Bay near Lusby, Calvert County, Maryland, in the Mid-Atlantic United States. It is the only nuclear power plant in the state o ...
, on the
Chesapeake Bay The Chesapeake Bay ( ) is the largest estuary in the United States. The bay is located in the Mid-Atlantic (United States), Mid-Atlantic region and is primarily separated from the Atlantic Ocean by the Delmarva Peninsula, including parts of the Ea ...
,
Calvert County Calvert County is a county located in the U.S. state of Maryland. As of the 2020 United States census, the population was 92,783. Its county seat is Prince Frederick. The county's name is derived from the family name of the Barons of Baltimo ...
; Lusby, Maryland * Conemaugh Generating Station *
Ginna Nuclear Generating Station The Robert Emmett Ginna Nuclear Power Plant, commonly known as Ginna ( ), is a nuclear power plant located on the southern shore of Lake Ontario, in the town of Ontario, New York, Ontario, Wayne County, New York, United States, approximately ea ...
* Keystone Generating Station *
Nine Mile Point Nuclear Generating Station Nine Mile Point Nuclear Station is a nuclear power plant with two nuclear reactors located in the town of Scriba, approximately five miles northeast of Oswego, New York, on the shore of Lake Ontario. The site is also occupied by the James A. ...
* Safe Harbor Dam, on the
Susquehanna River The Susquehanna River ( ; Unami language, Lenape: ) is a major river located in the Mid-Atlantic (United States), Mid-Atlantic region of the United States, crossing three lower Northeastern United States, Northeast states (New York, Pennsylvani ...
, Pennsylvania


References


External links

* {{Authority control, state=expanded Electric power companies of the United States Nuclear power companies of the United States Exelon Companies based in Baltimore Energy infrastructure in Maryland American companies established in 1999 Energy companies established in 1999 Non-renewable resource companies established in 1999 1999 establishments in Maryland 2012 mergers and acquisitions Corporate spin-offs