Exelon Generation shares plans for future as Constellation
Exelon Generation—owner and operator of the nation’s largest power reactor fleet—held an online event yesterday outlining the company’s business strategy as it prepares to separate from Exelon Corporation under the name Constellation. The separation is expected to become final on February 1.
The presentation, which included a question-and-answer session with investors and analysts, featured Joseph Dominguez, the company’s chief executive officer; Kathleen Barrón, executive vice president and chief strategy officer; Bryan Hanson, EVP and chief generation officer; Jim McHugh, EVP and chief commercial officer; and Dan Eggers, chief financial officer.
According to a press release announcing the event, the company is exploring growth opportunities that build on its core businesses, including acquiring nuclear plants or other clean-energy assets, creating clean hydrogen using its nuclear fleet, growing sustainability products and services for business customers, and leveraging the generation fleet for co-location of data centers and other opportunities. The company noted that it has already developed a clean hydrogen pilot project at Nine Mile Point in upstate New York that has the potential to serve as a model for similar projects elsewhere in the fleet.
From the top: “The Constellation business is durable, and its future more certain than ever,” said Dominguez in opening remarks. “To put it in words I think we all understand, our 24/7 emissions-free power plants are not a melting ice cube. They are not the climate problem. They’re a big part of the climate solution. That’s why Democratic and Republican policymakers, powerful NGOs, customers, and governments around the world increasingly recognize what most experts have been saying all along: We need nuclear energy if we’re going to have any chance to curb carbon pollution in the short time we have to do it. That stakeholder support has translated into the state programs you’ve seen, the ZECS, the [carbon mitigation credits], and other programs that you’ve witnessed us develop with state policymakers over the last five to seven years—programs that give us the financial certainty to keep operating assets, grow capabilities, and return value to you, our owners, in a predictable way.”