CEG changes
Pick any two versions below to diff them.
- Balance sheet
- Constellation took on much more debt in 2026 to buy Calpine. When the deal closed in January 2026, it assumed about $12.6 billion of Calpine debt. About $5 billion of this was project financing secured on single plants. It repaid $2.5 billion of Calpine term loans in January and $1.25 billion of Calpine secured notes in February 2026. At June 30, 2026, long-term debt was $19.1 billion, long-term debt due within one year was $363 million and short-term borrowings were $5.2 billion. Cash was $697 million. Yahoo Finance data shows net debt of about 2.9 times trailing EBITDA. But that EBITDA includes Calpine for only part of the year, so the true ratio is lower. The revolving credit facility increased to $7.0 billion and runs to September 2030. The company also has a commercial paper program of up to $7.0 billion. After the deal closed, Moody's affirmed Baa1 and S&P affirmed BBB+ with a stable outlook. The nuclear fleet also carries $12.6 billion of asset retirement obligations, mostly for decommissioning. At June 30, 2026, $20.5 billion of nuclear decommissioning trust funds backed these obligations. The investment-grade balance sheet let Constellation buy back $1.97 billion of shares in Q2 2026 and agree to buy RISEC. But it must refinance the large short-term borrowings or pay them down from cash flow. As of 2026-06-30.
- Checkpoints
- Nov 9, 2026 (estimate): Q3 2026 results: guidance, Crane schedule, new contracts. Pending. Watch: Guidance of $11.50 to $12.50 per share kept or raised and a clear Crane schedule passes; a guidance cut or a later Crane date fails. Mar 2027 (estimate): FERC decision on PJM reliability backstop procurement. Pending. Watch: A FERC ruling that lets the procurement go ahead with a fair cost split passes; a rejection or a further delay fails. 2027 (estimate): NRC approval and grid-connection date for Crane restart. Pending. Watch: NRC approval with a grid connection set well before 2031 passes; a connection date of 2031 or later fails.