Constellation Energy Corp (CEG.N): Post Today’s PJM Meeting, Updating Model for FERC/PJM Policy

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Constellation Energy Corp (CEG.N): Post Today’s PJM Meeting, Updating Model for FERC/PJM Policy

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30 Jun 2026 20:00:00 ET │ 16 pages

Constellation Energy Corp (CEG.N)

Post Today’s PJM Meeting, Updating Model for FERC/PJM Policy

CITI'S TAKE

In this note, we argue recent FERC orders and PJM hearings improve the

outlook for CEG’s PJM capacity expansion opportunities, but we remain

cautious on power curves & future DC contracting with existing generation. Neutral / High Risk

Price (30 Jun 26 16:00) US$248.37Potential Value Creation from PJM being “Ahead of the Game”— We are

encouraged PJM will unlock datacenter growth which may create opportunity for Target price US$297.00↓

CEG to monetize potential uprates, and participate in building new generation. We from US$348.00

view 1) FERC’s recent order and Commissioner LaCerte’s comment that “PJM is

ahead of the game” relative to other ISOs, and 2) PJM’s RBP and C&M hearings and Expected share price return 19.6%

public stakeholder comments, both as positive for creating a pathway for PJM to Expected dividend yield 0.7%

enable datacenter and power development. These policy developments are Expected total return 20.3%relatively more positive for BTM generation, demand response, storage and T&D cost

allocation clarity, but don’t unlock selling existing generation at premium prices. Market Cap US$89,190M

Nuclear Plant Tracker Suggests No Data Center Deal Near-Term — We are not

seeing any early indications of near-term dealmaking at any location including

CEG’s Calvert Cliffs and Limerick from our proprietary nuclear plant foot traffic Price Performance

tracker. This is consistent with federal/state politics favoring incremental gen. (RIC: CEG.N, BB: CEG US)