CEG · 10-K filed 24 Feb 2026 · year to 31 Dec 2025

Constellation Energy

36 named things its latest annual report says its results depend on, each in the company's own words. 24 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Microsoft

earns from · 20-year PPA

In September 2024, we executed a 20-year PPA with Microsoft that will support the restart of Three Mile Island Unit 1, renamed as the Crane Clean Energy Center, which was retired in 2019 for economic reasons.Business (Item 1)

Also named by AAOI, AAON, AES, AJG, AMD, BLK, CDW, CG and 13 more

Data centers

earns fromnamed as a risk

Our results of operations, growth opportunities, and the price of our common stock could be adversely impacted if the demand for energy driven by the data economy does not continue or fails to achieve current market expectations.Risk factors (Item 1A)

Also named by AESI, AGX, BKR, BSM, CBRE, CMI, CNP, CTOS and 26 more

Meta Platforms

earns from

Recent examples include the PPA with Microsoft that will support the restart of Crane and the PPA with Meta for the output of Clinton which supports Meta's clean energy goals and the continued operations of Clinton.Business (Item 1)

Also named by APP, PPLI

Suppliers

European banks

depends on · approximately 26%, 8%, and 13% of our available credit facilities were with European, Canadian, and Asian banksnamed as a risk

As of December 31, 2025, approximately 26%, 8%, and 13% of our available credit facilities were with European, Canadian, and Asian banks, respectively.Risk factors (Item 1A)

Also named by EXC

Texas LLRW disposal facility

depends on · 3.9 million curies through 2027named as a risk

We have a contract through 2040 to ship Class B and Class C LLRW to a disposal facility in Texas.Business (Item 1)

Partners and platforms

PSEG Nuclear

depends on · Salem (42.59% ownership)named as a risk

We operate all of our nuclear generating stations, except for the units at Salem and STP, which are operated by PSEG Nuclear, LLC (an indirect, wholly owned subsidiary of PSEG) and STPNOC, respectively.Business (Item 1)

Nuclear Electric Insurance Limited (NEIL)

depends onnamed as a risk

We are a member of an industry mutual insurance company, NEIL, which provides property and accidental outage insurance for our nuclear operations.Risk factors (Item 1A)

Also named by ETR, PNW, VST

Other companies

Crane Clean Energy Center

operates in · approximately 835 MWsnamed as a risk

Failure to obtain the necessary approvals could result in the impairment of amounts capitalized.Risk factors (Item 1A)

Calpine

approximately 23 GWs across 72 generation and battery storage assetsnamed as a risk

After considering divestitures connected with certain regulatory approvals, our merger with Calpine added approximately 23 GWs across 72 generation and battery storage assets, providing reliable power resources in areas experiencing significant demand growth.Business (Item 1)

Conowingo Hydroelectric Project

subject tonamed as a risk

We cannot currently predict when FERC will issue the new license.Business (Item 1)

PECO Energy

depends onnamed as a risk

We have recourse to collect additional amounts from utility customers through PECO (subject to certain limitations and thresholds) for former PECO units and through CenterPoint and AEP Texas for STP units.Risk factors (Item 1A)

Places

PJM Interconnection

concentrated in · Approximately 70% of our generating resourcesnamed as a risk

Approximately 70% of our generating resources, which include directly owned assets and capacity obtained through long-term contracts, are in the area encompassed by PJM.Risk factors (Item 1A)

Also named by AEP, D, DUK, ED, EXC, FE, NRG, PBF and 5 more

The Geysers (geothermal assets)

operates in · approximately 730 MWsnamed as a risk

Further, disruptions in water availability at the Geysers Assets may affect the water injection program, steam production and generation levels.Risk factors (Item 1A)

ERCOT

operates in · 4,742 MWs; 15%

With our significantly increased presence in Texas following the Calpine acquisition, our fleet is positioned to play a critical role in ensuring reliability within ERCOT.Business (Item 1)

Also named by AEP, CNP, NRG, SRE, VLO, VST

Russia

depends onnamed as a risk

Nuclear fuel is obtained predominantly through long-term contracts for uranium concentrates, conversion services, enrichment services, (or a combination thereof) and fabrication services, including contracts sourced from Russia.Business (Item 1)

Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more

Hazards

Earthquakes (Western U.S.)

operates innamed as a risk

Some of Calpine's geothermal, natural gas power plants, and battery storage sites, which were acquired in January 2026 are exposed to frequent minor earthquakes and wildfire risks, mainly in the West.Risk factors (Item 1A)

Also named by AAPL, AMKR, AN, ANET, APP, BRO, CDNS, CGNX and 37 more

Drought (West and Texas)

operates innamed as a risk

Certain of our assets in the West and Texas Regions, including Calpine's Geysers Assets acquired in January 2026, have experienced drought conditions in the recent past.Risk factors (Item 1A)

Also named by AESI, AM, AWK, BF/B, BMI, EOG, ES, FPI and 8 more

California wildfires

operates innamed as a risk

Severe weather and wildfires, especially in California, have disrupted operations and damaged assets like the Geysers Assets.Risk factors (Item 1A)

Also named by AWK, C, IONS, RHI, SNPS, SRE, TRV

Commodities and inputs

Uranium

depends on · Approximately 35% of our uranium concentrate requirements from 2026 through 2030 are supplied by three suppliersnamed as a risk

Approximately 35% of our uranium concentrate requirements from 2026 through 2030 are supplied by three suppliers.Market risk (Item 7A)

Also named by AEE, AEP, DTE, DUK, ETR, EVRG, LEU, PNW and 2 more

Natural gas

exposed to its pricenamed as a risk

Thus, the market price of power is affected by the market price of the marginal fuel, in particular the price of natural gas, used to generate the electricity unit.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Geothermal steam field leases

depends onnamed as a risk

While we expect to renew leases as needed, some may not be renewed or could have less favorable terms.Risk factors (Item 1A)

Regulators

U.S. Department of Energy (DOE)

depends on · up to $1.0 billion

In November 2025, the DOE Office of Energy Dominance Financing issued a guarantee for up to $1.0 billion as an unsecured loan to support the restart of the Crane Clean Energy Center.Business (Item 1)

Also named by AAON, AMRC, AOS, BWXT, CDE, CDRE, CLF, CW and 16 more

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk

FERC’s requirements for market-based rate authority could pose a risk that we may no longer satisfy FERC’s tests for market-based rates.Risk factors (Item 1A)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

U.S. Nuclear Regulatory Commission (NRC)

subject tonamed as a risk

Changes in requirements by the NRC may require a substantial increase in capital expenditures and/or operating costs for our nuclear generating facilities.Business (Item 1)

Also named by AEE, AEP, BRK/B, BWXT, CAH, CDRE, CW, D and 20 more

NERC reliability standards

subject tonamed as a risk

If we were found in non-compliance with the federal and state mandatory reliability standards, we could be subject to remediation costs as well as sanctions, which could include substantial monetary penalties.Risk factors (Item 1A)

Also named by AEP, CNP, NI

Laws and programs

Price-Anderson Act

subject to · $500 million for each operating sitenamed as a risk

As required by the Price-Anderson Act, we carry the maximum available amount of nuclear liability insurance, $500 million for each operating site.Risk factors (Item 1A)

Also named by BWXT, CDRE, CW, DUK, ETR, FLR, J, LEU and 5 more

U.S. Department of Energy spent nuclear fuel repository

subject to · approximately 97,600 SNF assemblies (23,900 tons)named as a risk

The approval of a national repository for the storage of SNF and the timing of that facility opening will significantly affect the costs associated with storage of SNF and the ultimate amounts received from the DOE to reimburse us for these costs.Risk factors (Item 1A)

Texas Energy Fund (TEF)

depends on · $278 million loan

Project selections announced in Fall 2025 included a $278 million loan for Calpine's 460 MW Pin Oak Creek peaking facility.Business (Item 1)

Also named by NRG, VST

Maryland Next Generation Energy Act

more than 700 MW

We submitted multiple proposals, and the MPSC approved our application to advance more than 700 MW of natural gas generation under the streamlined pathway.Business (Item 1)

Clean Water Act Section 316(b)

subject tonamed as a risk

Should a state permitting director determine that a facility must install cooling towers or wedge wire screens to comply with the rule, that facility’s economic viability could be called into question.Business (Item 1)

Also named by AES, PEG

Nuclear production tax credit (IRA Section 45U)

subject tonamed as a risk

In addition, the duration of the PTC program, the value of the PTC, and/or the existence of the PTC could be affected by legislative action and may have significant adverse effects on our financial performance depending on the future gross receipts received by our nuclear units.Risk factors (Item 1A)

Also named by TLN

Prohibiting Russian Uranium Imports Act

subject tonamed as a risk

An example of such sanctions includes the “Prohibiting Russian Uranium Imports Act” which bans the import of low-enriched uranium into the U.S. that is produced in Russia or by Russian entities, absent a waiver from the DOE.Risk factors (Item 1A)

Also named by LEU

Illinois Zero Emission Standard

earns fromnamed as a risk

Federal or state legislative and regulatory efforts to preserve the environmental attributes and reliability benefits of zero-emission nuclear-powered generating facilities could be subject to legal and regulatory challenges and, if overturned, could result in the early retirement of certain of our nuclear plants.Risk factors (Item 1A)

Also named by AEE

Federal Power Act Section 202(c)

subject tonamed as a risk

The exercise of such authority could have an adverse impact on our results of operations if we are required to operate units when it is not economical.Risk factors (Item 1A)

Also named by NI

New York Zero Emission Credit (ZEC) program

earns from

In January 2026, the NYPSC approved a 20-year extension of its ZEC program to sustain the state’s nuclear power plants through 2049.Business (Item 1)

Illinois Clean Energy Law

earns from

It establishes decarbonization requirements for Illinois as well as programs to support the retention and development of emissions-free sources of electricity.Business (Item 1)