Constellation Energy: 2Q EPS Beats and Raise; 920MW PPAs an Unexpected Positive, Clearing Low Bar

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

06 August 2026

Constellation Energy

2Q EPS Beats and Raise; 920MW PPAs an

Unexpected Positive, Clearing Low Bar

CEG reported 2Q26 adj EPS of $2.55, above $2.42/$2.31 JPMe/Street Median

estimates. CEG raised full-year 2026 adj EPS guidance to $11.50-$12.50 ($11.92

JPMe/$11.77 Street Median) from $11.00-$12.00, reflecting commercial business

outperformance and share repurchases, partially offset by high comp related

O&M. Notably, CEG has deployed ~$2.2bn YTD towards share repurchases, a

significant acceleration from ~$335mm reported at 1Q26. On the contracting

front, CEG signed 920 MW of long-term nuclear PPAs across a diverse IG

customer group, including the previously announced 176MW agreement with

WMT. We see these contracts as a notable positive and setting up the potential for

a squeeze today. On the regulatory front, FERC granted a waiver allowing the

transfer of existing CIRs to the Crane Clean Energy Center, and the NRC approved

Crane's fuel license amendment, clearing two critical hurdles ahead of the targeted

2027 restart. CEG also entered an agreement to divest the Brazos Valley Energy

Center to LS Power for $860mm, marking the final required asset sale under its

Calpine acquisition regulatory commitments. Overall, we see the update as a

positive against low expectations, with call commentary around contracting

shaping trading through the day.

Positive contracting updates. CEG’s 920 MW of long-term nuclear PPAs

with a diverse set of investment-grade customers carry an average contract

duration of 18.5 years. Contracts begin in 2029–2031, fully ramping by 2032.

The 920 MW includes 890MWs of existing generation and the 30 MW uprate

potential under the WMT agreement at Dresden Clean Energy Center.

Crane milestones and New York license renewals. FERC approved CEG's

waiver request to transfer CIRs from the dual-fuel Eddystone Units 3 and 4 in

Pennsylvania to the Crane Clean Energy Center, clearing a critical regulatory

hurdle for the plant restart. The NRC also approved a fuel license amendment

for Crane, a major milestone moving the company closer to restarting

operations in 2027.…