AI & Infrastructure CapexAI 与基础设施资本开支
Constellation Energy Corporation
CEG 6Price and target zones价格与目标区间
What the company does公司做什么
Constellation operates the largest fleet of nuclear power stations in the United States and sells the electricity. Since buying Calpine in 2026 it also runs a large fleet of natural-gas plants. It increasingly sells its clean nuclear power on 20-year contracts to large technology companies for their data centres. It is a power generator, not a regulated utility.Constellation 运营着全美最大的一批核电站,并出售它们发的电。自2026年收购 Calpine 后,它还运营着一大批天然气电厂。它越来越多地把清洁的核电以20年长约卖给大型科技公司,供它们的数据中心使用。它是一家发电公司,而不是受管制的公用事业公司。
Earns from营收来源 selling electricity into wholesale markets, and increasingly through long-term contracts that lock in the price.把电卖到批发电力市场,并且越来越多地通过锁定价格的长期合同来卖电。
Read the full description查看完整介绍
Constellation Energy Corporation produces and sells energy products and services in the United States. The company operates through five segments: Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions. It offers electricity, natural gas, energy-related products, and sustainable solutions. The company has approximately 31,676 megawatts of generating capacity consisting of nuclear, wind, solar, natural gas, and hydroelectric assets. It serves distribution utilities, municipalities, cooperatives, and commercial, industrial, public sector, and residential customers. The company was incorporated in 2021 and is headquartered in Baltimore, Maryland.
Capacity breakdown装机容量构成 share of generating capacity按发电装机容量的占比
Most of this capacity came with the Calpine acquisition, which closed in January 2026, on top of Constellation's own gas plants. Gas plants can start and stop quickly, so they balance the grid when demand swings — but they burn fuel and emit carbon, unlike the nuclear fleet. This is now the largest part of the fleet by capacity, though not by the electricity actually generated.这部分产能大多随2026年1月完成的 Calpine 收购而来,此外还有 Constellation 自有的天然气电厂。天然气电厂可以快速启停,因此能在需求波动时平衡电网——但它燃烧燃料、排放碳,这一点与核电机组不同。如今按装机容量算,它是整个机组群中最大的一块,但按实际发电量算并非如此。
Constellation owns and runs the largest nuclear fleet in the United States, about 21 GW. Because the reactors run at close to full output nearly all the time (a ~95% capacity factor), they supply roughly 68% of Constellation's actual electricity — far more than their 38% share of capacity. This clean, always-on power is what technology companies pay to lock up for their data centres.Constellation 拥有并运营美国最大的核电机组群,约21吉瓦。由于反应堆几乎全天候满负荷运行(容量因子约95%),它们贡献了 Constellation 约68%的实际发电量——远高于其38%的装机容量占比。这种清洁、随时可用的电力,正是科技公司出钱为其数据中心长期锁定的东西。
- Microsoft contractMicrosoft 合同 — A 20-year deal to restart the Three Mile Island Unit 1 reactor (835 MW) as the Crane Clean Energy Center, targeted for 2027-2028.一份为期 20 年的协议,将重启三里岛 1 号反应堆(835 兆瓦),改名为 Crane 清洁能源中心,计划在 2027-2028 年投运。
- Meta contractMeta 合同 — A 20-year deal for 1,121 MW from the Clinton plant in Illinois, from 2027.一份为期 20 年的协议,从 2027 年起从伊利诺伊州的 Clinton 电厂购买 1,121 兆瓦电力。
Constellation runs wind farms across many states, plus solar and battery-storage sites added through Calpine. Small today next to nuclear and gas, but it rounds out the clean-energy side of the fleet.Constellation 在多个州运营风电场,并通过 Calpine 新增了太阳能和电池储能项目。目前相对核能和天然气规模较小,但它补齐了机组群中清洁能源的一侧。
Two large hydroelectric plants supply more than 1.6 GW between them — long-lived, low-cost, carbon-free capacity.两座大型水电站合计供应超过1.6吉瓦——长寿命、低成本、无碳的产能。
Through Calpine, Constellation now owns The Geysers in California, the largest geothermal complex in the world, at about 725 MW.通过 Calpine,Constellation 现在拥有加州的 The Geysers 地热田,这是全球最大的地热发电群,容量约725兆瓦。
Company facts公司资料
- Founded成立时间
- 2021
- Headquarters总部
- Baltimore, Maryland
- Employees员工人数
- 15,291
- Industry行业
- Utilities - Independent Power Producers
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
📋 Analyzed 8/27 — WATCH, first score. Largest US nuclear fleet (21 reactors) — structurally scarce, 45U PTC floor, ~30% of clean baseload under long-term PPA (Microsoft/Crane-TMI restart + 920MW new deals, 18.5yr avg); Calpine adds gas diversification.
Watch
- But priced ~45-50% above closest AI-power peers VST/TLN (true current-year P/E 23.3x vs their ~15-16x) — most of the nuclear-for-AI premium is in — and Calpine reset leverage (D/E ~76%). NRC approval on the TMI restart still outstanding. FV $255-330. Entry $225-250. Trim 30x ttm (~$307)
8/27 分析——WATCH,首次评分 [6.0]。 美国最大核电机队(21 台反应堆)——结构性稀缺、45U PTC 底价、约 30% 清洁基荷已签长期 PPA(微软/Crane-TMI 重启 + 920MW 新协议,均 18.5 年);Calpine 加入天然气多元化。 ⚠️ 但相对最接近的 AI 电力同业 VST/TLN 溢价约 45-50%(真实当年 P/E 23.3x 对其约 15-16x)——核电供 AI 的溢价多已计入——且 Calpine 重置了杠杆(D/E 约 76%)。 TMI 重启的 NRC 批准仍未决。 FV $255-330。 入场 $225-250,减持 30x ttm(约 $307)。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 15%
- Revenue growth营收增长
- +23%
- Dividend yield股息率
- 0.65%
Competitors竞争对手
Why customers stay客户为什么留下
You cannot build a new large nuclear plant quickly — permitting and construction take more than a decade. So an existing, already-licensed fleet running near full output is effectively irreplaceable. That scarcity is exactly why technology companies sign 20-year contracts and pay to restart a retired reactor.你没法很快建成一座新的大型核电站——从审批到建造要花十年以上。所以一批已经建好、已经拿到许可、几乎满负荷运转的核电站,实际上是无可替代的。正是这种稀缺,让科技公司愿意签20年的合同,并出钱把已经退役的反应堆重新启动。
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Size the bucket, not the name. (ORCL's own analysis says this.)
Recent news近期新闻 last 7 days近7天
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