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Constellation Energy Corporation is an energy company headquartered in Baltimore, Maryland, United States. The company provides clean energy and sustainable energy solutions to commercial and residential customers. This includes offering comprehensive energy solutions, including electric, natural gas, and renewable energy products. Constellation Energy was a Fortune 500 company and one of the largest electricity producers in the United States. The company is listed on the Nasdaq exchange under the CEG ticker.
Constellation Energy Corporation operates in various regions of the United States, including states such as Pennsylvania, Idaho, Minnesota, Delaware, Maryland, New York, Kentucky, and the District of Columbia. In 2020, the company reported a total of 211,642 electricity customers, with 147,753 residential, 62,309 commercial, and 1,580 industrial accounts.
The current iteration of the company was founded in 2022 after splitting off from parent Exelon. It has approximately two million customers across the continental United States. Constellation was originally founded in 1999 as a holding company for the electric utility company Baltimore Gas and Electric, also known as BGE. Until 2012, the company was known as Constellation Energy Group, or CEG. But, in 2012, CEG merged with Exelon Corporation, an energy company based in Chicago, Illinois, before Constellation Energy Corporation split from Exelon Corporation in 2012.
Constellation Energy Corporation is an energy generator, distributor, and a natural gas provider. The company, in this case, is responsible for consistently delivering electricity, natural gas, or both to customers. These customers include residential, corporate, and governmental customers.
The energy generation portfolio, or energy mixture, of Constellation includes a range of sources. These include nuclear, hydroelectric, fossil fuel, and renewable energy facilities. The company generates around 4 percent of its energy portfolio from renewable sources, including wind and solar power generation, a further 1 percent (with a potential 5 percent capacity) from hydroelectric sources, 11 percent from natural gas energy production, and 86 percent of the company's electricity generation from nuclear power sources.
The company has set goals for its energy production, including being 95 percent carbon-free by 2030 and 100 percent carbon-free by 2040, while reducing carbon emissions by operations by 100 percent in 2040 and providing their customers with data to help them reduce their own carbon footprints.
To achieve this, Constellation has, as noted above, worked on generating its power from nuclear sources, with a strategy that looks to continue to focus on generating from nuclear sources. And the company is looking to transform these nuclear generation plants into newer nuclear production methods, such as installing low-temperature electrolysis systems to generate hydrogen, which can, in turn, be used for clean energy production.
As part of Constellation's clean energy transition, the company entered into a partnership with Microsoft for a real-time carbon accounting solution, including software that gives customers a transparent and independently verified view of sustainability efforts. The carbon accounting solution will allow customers to understand their use of renewable and clean energy sources for energy certificates and credits and are intended to help corporate customers reach zero emissions goals.
