Is CEG's Nuclear Fleet Positioned to Support Long-Term Growth?

Constellation Energy’s CEG nuclear fleet is benefiting from rising demand for reliable, carbon-free electricity. Growing customer interest in long-term nuclear contracts further supports revenue visibility.

In the second quarter of 2026, CEG’s nuclear fleet generated 44,160 gigawatt-hours (GWhs), while its owned nuclear plants, excluding Salem and South Texas Project, achieved a 93% capacity factor. Although the capacity factor declined from 94.8% a year earlier, non-refueling outage days improved to 20 from 22.

The company is also generating more value from its nuclear assets through long-term contracts. During the second quarter of 2026, CEG secured nearly 920 megawatts (MW) of new long-term nuclear PPAs with an average contract duration of 18.5 years. These agreements are expected to place roughly 30% of its baseload clean generation under long-term agreements by 2032, providing greater revenue visibility while serving growing electricity demand. CEG expects more than 20% base earnings per share (EPS) growth through 2029

CEG is further extending the productive life of its nuclear fleet. The company filed license renewal applications for Ginna and Nine Mile Point Unit 1, seeking to extend their operations to 2049. It continues to advance the restart of the Crane Clean Energy Center, with approvals from the Federal Energy Regulatory Commission and the Nuclear Regulatory Commission. Constellation Energy's fleet is positioned to add about 1,100 MWs of nuclear uprates. 

Overall, nuclear fleet reliability, long-term contracts, license extensions and the Crane restart could support CEG’s growth.

Utilities Benefit From Improved Nuclear Operations

Utilities benefit when nuclear plants run more efficiently. Better maintenance and shorter refueling outages keep plants online longer. This improves electricity production and reliability. Higher capacity factors can also support steadier revenues and reduce the need for costly replacement power.

Duke Energy DUK operates 11 nuclear units across six sites in North and South Carolina, with approximately 10,773 MW of combined nuclear generating capacity. Stronger plant reliability supports steady generation, grid reliability and lower customer costs.

Entergy Corp. ETR operates and supports five nuclear units across four sites, with approximately 5,376 MW of carbon-free generating capacity. Reliable nuclear operations support electricity supply and financial performance.

The Zacks Rundown on CEG

CEG’s Earnings Estimates

The Zacks Consensus Estimate for 2026 and 2027 EPS indicates an increase of 26.62% and 9.43%, respectively, year over year.

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CEG’s Returns on Equity (ROE)

Constellation Energy's trailing-12-month ROE is 14.89%, ahead of the industry average of 7.16%.

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CEG’s Stock Price Performance

In the past month, the company’s shares have risen 9% against the industry’s 1.1% fall.

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CEG’s Zacks Rank

CEG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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