Constellation, formerly Exelon Generation, owner and operator of the nation’s largest nuclear reactor fleet, announced this morning the completion of its separation from Exelon Corporation and its launch as a stand-alone, publicly traded company. Headquartered in Baltimore, Md., the new company began trading today on the Nasdaq Global Select Market under the symbol “CEG.”
Exelon announced last February that it had begun the effort to separate its utility businesses from its competitive power generation and customer-facing energy businesses.
From the top: “The future health and prosperity of our nation is inextricably linked to our success in eliminating carbon pollution, and our entire focus will be on helping our customers and communities achieve that goal,” said Joseph Dominguez, Constellation’s chief executive officer. “Our clean generation fleet and leading customer-facing platform are the foundation on which we will sustain and grow our business. Today begins an exciting transition for our company and employees as we affirm our mission to accelerate the transition to a carbon-free future and advance economic progress and equity in the communities we serve.”
A constellation of reactors: License transfers for the Exelon fleet were approved by the Nuclear Regulatory Commission last November. Now operating as Constellation units are Braidwood-1 and -2, Byron-1 and -2, Calvert Cliffs-1 and -2, Clinton-1, Dresden-2 and -3, FitzPatrick-1, Ginna-1, LaSalle-1 and -2, Limerick-1 and -2, Nine Mile Point-1 and -2, Peach Bottom-2 and -3, and Quad Cities-1 and -2. Decommissioning reactors covered by the transfer include Dresden-1, Peach Bottom-1, Three Mile Island-1, and Zion-1 and -2.
Future plans: In a press release announcing the separation, Constellation said that it is exploring growth opportunities that build on its core businesses and capitalize on the expanding demand for carbon-free energy, including potential acquisition of nuclear plants or other clean energy assets, creating clean hydrogen using its nuclear fleet, and introducing new products and services for business customers.
Specific company goals, according to the press release, include:
- Achieving 95 percent carbon-free electricity by 2030.
- Achieving 100 percent carbon-free electricity by 2040.
- Achieving a 100 percent reduction of operations-driven emissions by 2040.
- Providing 100 percent of our business customers with customized data to help them reduce their own carbon footprints.