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CONSTELLATION ENERGY CORPORATION

(CEG)
  Report
Delayed Nasdaq  -  04:00 2022-09-23 pm EDT
83.85 USD   -1.79%
09/22Guggenheim Adjusts Price Target for Constellation Energy to $121 From $92, Maintains Buy Rating
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09/22Morgan Stanley Raises Constellation Energy's Price Target to $100 From $98, Maintains Overweight Rating
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09/22CONSTELLATION ENERGY : Argonne National Laboratory and Constellation Sign Long-Term Agreement to Develop Carbon-Free Power Generation Technologies
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Constellation Energy : CVS Health Advances Sustainability Efforts Through Purchase of Renewable Energy

08/10/2022 | 09:11am EDT


CVS Health Advances Sustainability Efforts Through Purchase of Renewable Energy
CVS Health's long-term commitment supports development of 42 megawatts of new solar; helps company reduce carbon footprint associated with its energy use by more than 38,000 metric tons each year

WOONSOCKET, RI (Aug. 10, 2022) - CVS Health® (NYSE: CVS) today announced a 15-year agreement with Constellation (NASDAQ: CEG) to purchase clean, renewable energy equivalent to the energy use of 309 CVS Health locations in Illinois and Ohio.

"Our agreement with Constellation is an important step toward achieving our goal of sourcing 50 percent renewable energy by 2040," said Sheryl Burke, senior vice president, Corporate Social Responsibility, CVS Health. "Investments in renewable energy enable us to help create a more sustainable world for all of us today and for generations to come."

Through this agreement, CVS Health will receive renewable energy and renewable energy certificates equal to a 42-megawatt share of the Mammoth Central solar facility, the third and final phase of Doral Renewables' Mammoth Solar project located in Indiana. The agreement will help CVS Health reduce its carbon footprint by more than 38,000 metric tons each year. This is the equivalent emissions of nearly 7,400 homes' electricity use in one year according to U.S. EPA estimates.

CVS Health will use the Constellation Offsite Renewables (CORe) product to facilitate its renewable energy transaction.CORe connects customers to the economic and sustainability benefits of large-scale, offsite renewable energy projects and is among Constellation's suite of retail power products that help customers achieve their carbon reduction goals, including opportunities to match power usage hour-by-hour with locally produced carbon-free energy on 24/7/365 basis.

"We commend CVS Health on taking proactive steps to reduce its carbon footprint and are proud to offer a clean energy solution that will help the company source its power supply from solar energy," said Jim McHugh, chief commercial officer, Constellation. "These long-term sustainability commitments are essential to increasing the amount of clean energy on the grid and helping solve the climate crisis."

Investing in renewable energy is part of CVS Health's robust commitment to reducing its environmental impact. Recognized as a corporate leader in climate action, the company was one of the first in the world to have its net-zero targets validated by the Science-Based Target Initiative. CVS Health continues to reduce resource consumption across its operations through lighting and transportation upgrades, optimizing digital solutions to reduce paper, alternatives to single-use bags and offering products that are good for customers and the environment. Additionally, the company has introduced new water reduction goals, climate policies and approaches to waste management.

For more information about CVS Health's ongoing efforts to build a healthier, more equitable and sustainable future, view the company's ESG Report.

With an estimated capacity of 1.3 GW, Mammoth Solar will be one of the country's largest solar farms upon completion.

About Constellation

Constellation Energy Corporation (Nasdaq: CEG) is the nation's largest producer of clean, carbon-free energy and a leading supplier of energy products and services to millions of homes, institutional customers, the public sector, community aggregations and businesses, including three fourths of Fortune 100 companies. A Fortune 200 company headquartered in Baltimore, our fleet of nuclear, hydro, wind and solar facilities has the generating capacity to power approximately 20 million homes, providing 10 percent of all carbon-free energy on the grid in the U.S. Our fleet is helping to accelerate the nation's transition to clean energy with more than 32,400 megawatts of capacity and annual output that is nearly 90 percent carbon-free. We have set a goal to achieve 100 percent carbon-free power generation by 2040 by leveraging innovative technology and enhancing our diverse mix of hydro, wind and solar resources paired with the nation's largest nuclear fleet. Follow Constellation on Twitter @ConstellationEG.

About CVS Health

CVS Health® is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and over 300,000 dedicated colleagues - including more than 40,000 physicians, pharmacists, nurses and nurse practitioners. Wherever and whenever people need us, we help them with their health - whether that's managing chronic diseases, staying compliant with their medications or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system - and their personal health care - by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Follow @CVSHealth on social media.

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Disclaimer

Constellation Energy Corporation published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2022 13:10:03 UTC.


© Publicnow 2022
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Financials (USD)
Sales 2022 16 544 M - -
Net income 2022 573 M - -
Net Debt 2022 4 541 M - -
P/E ratio 2022 46,9x
Yield 2022 0,67%
Capitalization 27 406 M 27 406 M -
EV / Sales 2022 1,93x
EV / Sales 2023 2,04x
Nbr of Employees 11 696
Free-Float 99,8%
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Number of Analysts 14
Last Close Price 83,85 $
Average target price 90,93 $
Spread / Average Target 8,44%
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Managers and Directors
Joseph Dominguez President, Chief Executive Officer & Director
Dan L. Eggers Chief Financial Officer & Executive Vice President
Robert J. Lawless Chairman
Michael R. Koehler Chief Administration Officer & Executive VP
Bradley M. Halverson Independent Director
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