Constellation Energy: J.P. Morgan Natural Resources Conference Takeaways

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Constellation Energy: J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

25 June 2026

Constellation Energy Overweight

CEG, CEG US

J.P. Morgan Natural Resources Conference Takeaways Price (24 Jun 26):$267.97

Head of North America Power,

On the heels of a 176 MW long-term nuclear PPA with Walmart, management Utilities, Midstream, LNG, and

Nuclear

appeared upbeat on the business outlook. Over recent years, CEG has contracted

with states, government, hyperscalers, and C&I customers. Core to the thesis, Jeremy Tonet, CFA AC

signing long term deals provides customers with security value and controlling (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

capacity fate, mitigating supply risk stemming from RBP outcomes or adverse

Vrathan Reddyfuture regulatory developments. As such, CEG continues to work contracting

(1-212) 622-4692

discussions on all fronts. Although the magnitude of additionality remains unclear vrathan.reddy@jpmchase.com

here, we ultimately take comfort in FERC Chairman Swett’s comments on the

Francina Kolluri

sanctity of contracts, leaving first movers best positioned to write their own (1-212) 270-5796

narrative. Our conversation focused on the enhanced value of existing sites given francina.kolluri@jpmchase.com

Commissioner Rosner’s comments affirming non-firm contract transmission J.P. Morgan Securities LLC

demand service, where completed studies on 0 and X MW at that site have already

proven the ability to immediately service X MW on an as-available basis.

• Diving into 176MW Walmart deal. Walmart will buy ~176 MW of

emissions-free wholesale electricity, including 30 MW of new uprate capacity

from Constellation's Dresden Clean Energy Center in Illinois across two 15-

year terms beginning in 2029 and 2030.