Constellation Energy

Ticker
$CEG
Industry
Power Gen
Type
Spin-off
Rating
Not Rated

Notes

Competitive wholesale power generation:

Retail competition in states across the U.S. ranges from full competition of generation supplier for all retail customers (commercial, industrial and residential) to partial retail competition available up to a capped amount for industrial customers only.

The District of Columbia and thirteen states (Connecticut, Delaware, Illinois, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Texas) have implemented full retail competition for nearly all customers of investor owned utilities. These competitive jurisdictions represent nearly one-third of all electricity consumption in the continental U.S.

Comp to $NRG and $VST
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Perhaps a "cleaner" generation asset base — 60%+ generation from uclear fuel sources and <7% from fossil fuels
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Cash flow bridge for 2022-2023
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Financials

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Resources

Competitive Power Markets
BofA SpinCo Note — Jan 2022686.3KB
Constellation Analyst Day v.FF_.pdf17942.9KB
BofA Initiation Report — Feb 20221898.9KB