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CONSTELLATION ENERGY CORPORATION

(CEG)
  Report
Delayed Nasdaq  -  04:00 2022-12-02 pm EST
92.04 USD   -2.57%
11/21U.S. New England set to get first LNG cargo since summer
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11/11Morgan Stanley Adjusts Price Target on Constellation Energy to $97 From $98, Maintains Overweight Rating
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11/09BMO Capital Adjusts Constellation Energy Price Target to $105 From $109, Maintains Outperform Rating
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Constellation Joins State and Federal Officials to Celebrate Progress on Nation's First Nuclear-Powered Clean Hydrogen Facility

09/28/2022 | 10:00am EST

The Nine Mile Point hydrogen production project will demonstrate the value of combining the most abundant element in the universe with nuclear energy to address the climate crisis

Leaders from the U.S. Department of Energy (DOE), the New York State Energy Research and Development Authority (NYSERDA), and the New York State Public Service Commission (PSC) joined Constellation leaders and employees at Nine Mile Point today to celebrate progress on the nation’s first nuclear-powered clean hydrogen production facility that will begin production by the end of the year.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220928005222/en/

Constellation's Nine Mile Point Nuclear Generating Station will be home to the nation’s first nuclear-powered clean hydrogen production facility, which will begin production by the end of the year. (Photo: Business Wire)

Constellation's Nine Mile Point Nuclear Generating Station will be home to the nation’s first nuclear-powered clean hydrogen production facility, which will begin production by the end of the year. (Photo: Business Wire)

“Clean hydrogen is an essential tool in addressing the climate crisis, and in a few short months we will demonstrate to the world how essential carbon-free nuclear energy is to unlock its potential,” said Joe Dominguez, president and CEO of Constellation. “Building on the vision and strong support from DOE and NYSERDA, we are eager to help develop the technology and infrastructure needed to build a clean hydrogen economy, create jobs and secure our domestic energy security.”

Last year, DOE approved moving forward with construction and installation of an electrolyzer system at Nine Mile Point, to separate hydrogen and oxygen molecules in water as part of a $5.8 million award from DOE. In addition, NYSERDA recently announced $12.5 million in funding to help demonstrate hydrogen fuel cell technology at Nine Mile Point to provide long-duration energy storage for the electric grid. Hydrogen fuel cells can produce electricity with only water vapor as a byproduct, making them a clean source of reliable backup energy to power the grid. The hydrogen fuel cell project at Nine Mile Point is currently being designed and is expected to be operational in 2025.

When produced on a large scale, clean hydrogen can be used to make next-generation energy for otherwise hard-to-decarbonize industries like aviation, long haul freight, steel making and agriculture.

The clean hydrogen production and storage projects underway at Nine Mile Point will demonstrate the viability of hydrogen electrolyzer and fuel cell technologies, setting the stage for possible deployment at other clean energy centers in Constellation’s fleet. As part of its broader decarbonization strategy, Constellation is currently working with public and private entities representing every phase in the hydrogen value chain to pursue development of regional hydrogen production and distribution hubs.

Alice Caponiti, deputy assistant secretary, Nuclear Energy Office, DOE, said, “Nuclear power has historically been known as a baseload energy provider because it is the most reliable clean energy source in the country. As we move forward, together with fluctuating renewable energy sources, in meeting the President’s bold vision for a 100-percent clean electricity generation mix by 2035 and a net-zero economy by 2050, nuclear power will evolve to support both firm and flexible capacity and it will play an important role in developing clean hydrogen affordably and at scale. We are pleased to see the progress being made to start producing clean hydrogen here by the end of the year.”

“As we look to achieve New York’s ambitious decarbonization and clean energy targets, projects like Nine Mile Point are critical to ensuring that stored renewable energy and other zero-emission energy sources are available for long periods of time and can be utilized to contribute to a reliable power grid,” said Doreen M. Harris, president and CEO, NYSERDA. “NYSERDA is proud to partner with Constellation to demonstrate how this project can help reduce emissions and improve air quality for the benefit of all New Yorkers.”

“It’s great to see the U.S. and New York take these big steps forward to embrace clean hydrogen production and long-term energy storage,” said Steve Szymanski, vice president, Nel Hydrogen, the manufacturer of the electrolyzer to be used at Nine Mile Point. “Clean hydrogen is an emerging industry that will create a lot of jobs and help us lower emissions in industries that produce up to a quarter of global carbon emissions, making it an essential resource in the fight against climate change.”

Learn more about Constellation’s clean hydrogen work via our fact sheet and overview video.

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 have 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.

What People Are Saying about Constellation’s Hydrogen is Happening Here Celebration at Nine Mile Point Nuclear Station, Oswego, NY, Sept. 28, 2022

“Constellation’s upstate nuclear power stations provide thousands of good-paying jobs while safely and reliably producing vast amounts of zero-emission electricity. The women and men of the Building and Construction Trades welcome investments in new technology like the electrolyzer and fuel cell projects at Nine Mile Point Nuclear Station.”
- Gary LaBarbera, President, New York State Building and Construction Trades Council

Throughout my Senate career, I have been proud to represent Nine Mile Point and FitzPatrick nuclear stations. These facilities continue to bolster the region’s reputation as the energy capital of New York, provide good paying jobs for hardworking people and create a tremendous economic benefit for Oswego County and beyond. I look forward to seeing the positive impacts of Nine Mile Point and Fitzpatrick continue for many years to come.”
-
Senator Patty Ritchie

“The continued operation of Constellation’s New York nuclear facilities is essential to our upstate economy. A commitment to utilize emerging technologies will be critical for energy producers’ long-term goals and benefit the communities they serve. Today’s announcement is great news that Constellation is able to leverage this new hydrogen electrolyzer and fuel cell technology to advance its zero-emission capabilities for the state of New York.”
-
Assembly Minority Leader Will Barclay

“Oswego County has touted the carbon-free benefits of nuclear energy for years and applauds this public-private partnership for new, innovative technology in our region.”
- Phil Church, Administrator, Oswego County

“As a 30-year employee at Nine Mile Point Nuclear Station, it gives me great pride to represent the site as its town supervisor. Today’s investment paves the way for future generations to work at the plant for years to come.”
James Oldenburg, Supervisor, Town of Scriba

“The City of Oswego proudly hosts Nine Mile Point and FitzPatrick nuclear stations. The carbon-free energy they provide is essential to meeting New York State’s emissions reduction goals at the lowest cost to consumers.”
Billy Barlow, Mayor, City of Oswego

“CenterState CEO and the Greater Oswego Fulton Chamber of Commerce congratulates Constellation Energy on the launch of its clean hydrogen initiatives at the Nine Mile Point Nuclear Station. Programs like these are catalysts that position Central New York as leaders in innovation. Constellation is an incredible community advocate, donating time and funds to support our local nonprofits and small businesses. We are excited to celebrate this milestone with them and thank them for their partnership and engagement.”
Katie Toomey, Executive Director, Greater Oswego-Fulton Chamber of Commerce


ę Business Wire 2022
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Financials (USD)
Sales 2022 19 419 M - -
Net income 2022 796 M - -
Net Debt 2022 5 145 M - -
P/E ratio 2022 37,0x
Yield 2022 0,61%
Capitalization 30 099 M 30 099 M -
EV / Sales 2022 1,81x
EV / Sales 2023 2,00x
Nbr of Employees 11 696
Free-Float 99,8%
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Mean consensus BUY
Number of Analysts 14
Last Close Price 92,04 $
Average target price 97,86 $
Spread / Average Target 6,32%
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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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