Company type | Public |
---|---|
| |
Industry | Energy |
Founded | 1999Exelon in 2022) | (spun off from
Headquarters | Baltimore, Maryland, U.S. |
Key people | Joseph Dominguez (president and CEO) |
Products | |
Revenue | US$24.92 billion (2023) |
US$1.610 billion (2023) | |
US$1.577 billion (2023) | |
Total assets | US$50.76 billion (2023) |
Total equity | US$10.93 billion (2023) |
Number of employees | 13,871 (2023) |
Website | constellationenergy |
Footnotes /references [1] |
Constellation Energy Corporation is an American energy company headquartered in Baltimore, Maryland. The company provides electric power, natural gas, and energy management services. It has approximately two million customers across the continental United States. [2]
The company was known as Constellation Energy Group (former NYSE ticker symbol CEG), a Fortune 500 company and one of the largest electricity producers in the United States, until a merger with Exelon in 2012. [3] When FERC approved the acquisition, Constellation Energy's energy supply business was re-branded as Constellation, an Exelon company. As part of the 2012 merger, Baltimore Gas and Electric, the regulated utility operated by Constellation Energy, became a regulated utility operating under Exelon Utilities. [4] The current iteration of the company was founded in 2022 after splitting off from Exelon. [5]
Before merging with Exelon, Constellation Energy Group operated more than 35 power plants in 11 states (mainly Maryland, Pennsylvania, New York, West Virginia, and California). Baltimore Gas and Electric created Constellation as a holding company in 1999. [6]
On September 15, 2005, Constellation Energy announced a joint venture, UniStar Nuclear, with Areva to market the European Pressurized Reactor (EPR) in the United States. On December 19, 2005, FPL Group, Inc. announced the acquisition of Constellation Energy in a merger transaction valued at more than $11 billion, as well as the fact that it would adopt Constellation Energy as its name for the post-merger entity. The merger was canceled on 25 October 2006. [7]
On July 1, 2008, Constellation Energy bought uranium trading firm Nufcor International from AngloGold Ashanti and FirstRand International. [8] A year later it was sold to Goldman Sachs. [9]
In September 2008, after reports that Constellation Energy had exposure to Lehman Brothers following that firm's bankruptcy filing, Constellation's stock price dropped 56% in a single day. The massive drop led the New York Stock Exchange to halt trading in Constellation. The next day, as the stock fell as low as $13 a share, the company announced it was hiring Morgan Stanley and UBS to advise it on "strategic alternatives" suggesting a buyout. While French power company Electricite de France (EDF), which already owned 9.5% of Constellation's shares, bid for the company, [10] Constellation ultimately agreed to a buyout by MidAmerican Energy, part of Berkshire Hathaway. [11] [12] [13] However, on December 17, 2008, the firm canceled its merger with Berkshire Hathaway and opted to sell its nuclear energy assets to EDF. [14]
In April 2010, Constellation Energy closed its agreement with Clipper Windpower to acquire the Criterion Wind Project in Garrett County, Maryland, and to purchase 28 Clipper Liberty 2.5-MW wind turbines for the project. Construction was completed in December 2010. In May 2010, the firm acquired two natural gas combined-cycle generation facilities in Texas from Houston-based Navasota Holdings. The $365 million transaction included the Colorado Bend Energy Center, a 550-MW facility near Wharton, Texas, and Quail Run Energy Center, a 550-MW facility near Odessa, Texas. The purchase added 1,100 MW of capacity.
On April 28, 2011, Exelon announced its intention to purchase Constellation Energy. The merger was completed on March 12, 2012. [15]
On May 27, 2011, Constellation Energy announced its intention to purchase StarTex Power, a retail electricity provider in Houston, Texas; the purchase was completed on June 1, 2011. [16] In 2018, the StarTex brand was discontinued; Constellation served its existing customers instead. [17] In May 2011, the company acquired MXenergy, a residential and small business energy provider with approximately half a million customers. In December 2011, it announced the acquisition of ONEOK Energy Marketing Co., a natural gas company with customers in the Midwest. In 2011, it contracted to construct and operate for the Toys-R-Us distribution center in Flanders, New Jersey, what was then the largest rooftop solar array ever constructed. [18]
In March 2014, it agreed to acquire ETC ProLiance Energy, [19] a supplier of natural gas to customers in several states. In November 2014, it completed its acquisition of Integrys Energy Services, a competitive retail electricity and natural gas subsidiary serving customers in 22 states. In September 2016, it completed its acquisition of the retail electricity and natural gas business from ConEdison Solutions, a subsidiary of Consolidated Edison, Inc. In the purchase, Constellation acquired ConEdison's retail electricity and natural gas customer contracts and associated supply contracts serving approximately 15 TWh of electricity and 1 billion cubic feet per annum (28,000,000 m3/a) of natural gas to more than 560,000 commercial, industrial, public sector and residential customers.
In August 2018, it began constructing a 10-megawatt solar array outside of Ocean City, Maryland. The array will provide the city with approximately 20% of its annual energy usage when completed. [20] In October 2018, Constellation and the Tucson Unified School District completed a project that added solar generation capability to 82 of the district's buildings and facilities. The project is estimated to meet 47% of the district's electricity needs. [21]
In 2022, it became an independent company after Exelon split its utilities and power generation businesses. [22] Former subsidiary Baltimore Gas & Electric remained part of Exelon.
Constellation provides electric power to commercial and industrial customers. Its electricity supply business manages energy sales, dispatch, and delivery from Exelon's power generation portfolio to utilities, municipal co-ops, and energy retailers nationwide. [2] As of 2018 [update] , Constellation had around 360 megawatts of solar generation assets that are either in operation or under construction across the United States, including Maryland, [23] California, Arizona, New Jersey, and Texas. In 2011, Constellation was contracted to construct and operate what was then the largest rooftop solar array ever constructed for the Toys-R-Us distribution center in Flanders, New Jersey. [24]
The company's offsite renewables service (CORe) provides access to offsite renewable energy projects through a retail power contract. CORe combines location-specific renewable energy purchases and certificates with a physical load-following energy supply contract.
Constellation delivers approximately 730 billion cubic feet (21 billion cubic metres) of natural gas annually to customers, making it one of the ten largest natural gas marketers in the United States. The company oversees trading, transport, and storage of physical gas supply, pricing, hedging, and risk management.
Constellation Technology Ventures (CTV), Constellation's venture capital fund, invests in start-up companies with emerging energy technologies. Their portfolio includes Proterra, ChargePoint and Aquion Energy [25]
Constellation is the United States' leading nuclear power plant operator, with over 19,000 megawatts.
Constellation owns and operates a portfolio of fossil fuel and other sources generating more than 12,000 megawatts (MW) of power.
Constellation's two hydroelectric plants generate 1,600 MW of power. [29]
Constellation has 27 wind projects in ten states, totaling nearly 1,400 megawatts (MW). [30]
Constellation owns Constellation Generation Solutions (CGS). CGS functions as an industry-leading maintenance and technical services organization emphasizing precision and quality, structured to streamline the work execution of the nuclear fleet.
Constellation PowerLabs is a wholly owned subsidiary of Constellation. Since 1911, PowerLabs has transformed from supporting the power industry to becoming Exelon's primary calibrations and testing laboratory. It has four individual labs strategically located from the upper Midwest to the Northeast, enabling experienced staff in engineering, metrology, and nuclear power generation to support the urgent demands of our nation's nuclear facilities, power grids, and critical supply chains.
Constellation owns the archives of the Baltimore Gas & Electric Company, the former Consolidated Gas Light, Electric Power Company of Baltimore City, and its ancient predecessor, the Gas Light Company of Baltimore. The Baltimore Gas & Electric Company's photographic collection consists of approximately 250,000 photographic prints and negatives, in more than 50,000 series [31] The archives are held by the Baltimore Museum of Industry.
Constellation ranks second in local corporate giving among Baltimore-based companies and donated $7.10 million in 2017. [32] The company also provides grants to local schools that implement education programs promoting science and technology. [33]
Puget Sound Energy (PSE) is an energy utility company based in the U.S. state of Washington that provides electrical power and natural gas to the Puget Sound region. The utility serves electricity to more than 1.1 million customers in Island, King, Kitsap, Kittitas, Pierce, Skagit, Thurston, and Whatcom counties, and provides natural gas to 750,000 customers in King, Kittitas, Lewis, Pierce, Snohomish and Thurston counties. The company's electric and natural gas service area spans 6,000 square miles (16,000 km2).
Xcel Energy Inc. is a U.S. regulated electric utility and natural gas delivery company based in Minneapolis, Minnesota, serving more than 3.7 million electric customers and 2.1 million natural gas customers across parts of eight states. It consists of four operating subsidiaries: Northern States Power-Minnesota, Northern States Power-Wisconsin, Public Service Company of Colorado, and Southwestern Public Service Co.
American Electric Power Company, Inc. (AEP), is an American domestic electric utility company in the United States. It is one of the largest electric utility companies in the country, serving more than five million customers in 11 states.
Duke Energy Corporation is an American electric power and natural gas holding company headquartered in Charlotte, North Carolina.
The Peach Bottom Atomic Power Station is an American nuclear power plant that is located 50 miles (80 km) southeast of Harrisburg in Peach Bottom Township, York County, Pennsylvania. Situated close to the Susquehanna River, it is three miles north of the Maryland border.
Quad Cities Generating Station is a two-unit nuclear power plant located near Cordova, Illinois, United States, on the Mississippi River. The two General Electric boiling water reactors give the plant a total gross electric capacity of approximately 1,880 MW. It was named for the nearby cities of Moline, Illinois, Rock Island, Illinois, Davenport, Iowa, East Moline, Illinois, and Bettendorf, Iowa — known as the Quad Cities.
Exelon Corporation is a public utility headquartered in Chicago, and incorporated in Pennsylvania. Exelon is the largest electric parent company in the United States by revenue and is the largest regulated electric utility in the United States with approximately 10 million customers. The company is ranked 99th on the Fortune 500.
NRG Energy, Inc. is an American energy company, headquartered in Houston, Texas. It was formerly the wholesale arm of Northern States Power Company (NSP), which became Xcel Energy, but became independent in 2000. NRG Energy is involved in energy generation and retail electricity. Their portfolio includes natural gas generation, coal generation, oil generation, nuclear generation, wind generation, utility-scale generation, and distributed solar generation. NRG serves over 7 million retail customers in 24 US states including Texas, Connecticut, Delaware, Illinois, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Ohio; the District of Columbia, and eight provinces in Canada.
There are several solar power plants in the Mojave Desert which supply power to the electricity grid. Insolation in the Mojave Desert is among the best available in the United States, and some significant population centers are located in the area. These plants can generally be built in a few years because solar plants are built almost entirely with modular, readily available materials. Solar Energy Generating Systems (SEGS) is the name given to nine solar power plants in the Mojave Desert which were built in the 1980s, the first commercial solar plant. These plants have a combined capacity of 354 megawatts (MW) which made them the largest solar power installation in the world, until Ivanpah Solar Power Facility was finished in 2014.
The Gould Street Generating Station was a former 100 MW electric generating plant operated by Exelon that was located on Gould Street in south Baltimore, Maryland, USA. The plant was adjacent to an elevated section of freeway I-95 and was south of the Riverside neighborhood and west of the Locust Point neighborhood of Baltimore. The plant site, located on the shore of the Middle Branch of the Patapsco River, was used for the generation of electric power for over one hundred years before being shut down on June 1, 2019. The site was purchased by Greenspring Realty Partners, Inc. for $3.1 million in December 2019. Demolition began in October 2020. The original brick buildings, the large storage tanks behind them, and other minor structures on the southwest portion of the property were demolished as of March 2021, but as of April 2022 the larger steel building to the northeast on the property remains. A large portion of the property was acquired by Weller Development in July 2021 and the future of the remaining structure and the property is not known.
The Charles P. Crane Generating Station was a 400 megawatt (MW) coal power plant located on the Carroll Island Road in Bowleys Quarters, Maryland, 14 miles (23 km) east of Baltimore. The power plant was operated by C.P. Crane, LLC, a subsidiary of Avenue Capital Group. The station had two coal-fired generating units, rated at 190 and 209 MW nominal capacity, and powered by cyclone steam boilers. It also had a 16 MW oil-fired combustion turbine. The Crane station occupies 157 acres (64 ha) on the Middle River Neck Peninsula adjacent to the Seneca Creek tributary of the Gunpowder River, and is on the rural side of the Baltimore County Urban Rural Demarcation Line. The plant was closed in June 2018 and demolished via building implosion in August 2022.
The Brandon Shores Generating Station is an electric generating station located on Fort Smallwood Road north of Orchard Beach in Anne Arundel County, Maryland, near Glen Burnie, and is operated by Raven Power Holdings, Inc. Brandon Shores consists of two Babcock & Wilcox coal-fired boilers and two General Electric steam turbines with a combined nominal generating capacity of 1370 MWe. Unit 1 went into operation in May 1984 and Unit 2 in May 1991.
The Herbert A. Wagner Generating Station is an electric generating station located on Fort Smallwood Road north of Orchard Beach in Anne Arundel County, Maryland, just east of Glen Burnie, and is operated by the Raven Power Holdings, LLC, a subsidiary of Riverstone Holdings LLC. The H. A. Wagner station consists of natural gas fueled Unit 1, nominally rated at 133 MWe, coal-fired Unit 2 rated at 136 MWe, coal-fired Unit 3 rated at 359 MWe, and oil-fired Unit 4 rated at 415 MWe. Talen Energy will convert the coal-fired units to alternative fuels by 2025.
The Riverside Generating Station is a 261 MW electric generating station operated by Exelon that is located at 4000 Broening Highway in Dundalk, Maryland. The station is on Sollers Point on the Patapsco River.
PECO, formerly the Philadelphia Electric Company, is an energy company founded in 1881 and incorporated in 1929. It became part of Exelon Corporation in 2000 when it merged with Commonwealth Edison's holding company Unicom Corp.
NextEra Energy Resources, LLC (NEER) is a wholesale electricity supplier based in Juno Beach, Florida. NEER is a subsidiary of NextEra Energy, a Fortune 200 company. Prior to 2009, NextEra Energy Resources was known as FPL Energy.
Energy in California is a major area of the economy of California. California is the state with the largest population and the largest economy in the United States. It is second in energy consumption after Texas. As of 2018, per capita consumption was the fourth-lowest in the United States partially because of the mild climate and energy efficiency programs.
The United States state of Arkansas is a significant producer of natural gas and a minor producer of petroleum.