What Could Send Constellation Energy Stock Higher? Trefis Team Wed, November 11, 2026 at 7:44 PM EST 3 min read CEG +1.96% ^GSPC +1.31% NEE +0.77% DUK +0.20% SO +0.82% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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Constellation Energy (CEG) stock fell 24.9% over the past twelve months, while the S&P 500 gained 13.1%. On the November 9, 2026 earnings call, management told investors that a huge opportunity still lies ahead within the clean generation the company already runs. So what is that opportunity, and how much of it has Constellation already signed?
Constellation Energy Is Signing Decades-Long Nuclear Power Deals
Constellation Energy is selling its nuclear power to large customers under long-term agreements that run well into the 2040s. On the November 9 call, management said the company has contracted more than 8,500 megawatts this way so far in 2026. Two of those deals are with Google and Amazon.
Counting all its long-term agreements, Constellation has more than 90 million megawatt-hours of output signed, a yearly volume that builds over time to 91 million megawatt-hours in 2032, management said. Management previously provided a premium range of $20 to $50 per megawatt-hour for such deals, calculated from the nuclear PTC price floor it uses as a starting point. Executives said on the call that the range still holds. That is the opportunity: nuclear power sold decades ahead, at a premium.
How Much Of Constellation's Power Is Still Unsigned?
More than 100 million megawatt-hours of Constellation's existing clean generation is still available for premium long-term agreements, management said, a larger pool than the one signed so far. By 2032, the agreements Constellation has already signed will support about 45% of its clean baseload fleet beyond the nuclear PTC price floor, as their contracted volume builds over time. That leaves the larger part of the fleet open for more deals.
Management noted that further premium deals are not included in the outlook established during its March business update. The base EPS growth rate and free cash flow outlook provided at that time did not include any assumption for additional premium deals, management said.
Constellation Energy stock closed on November 10, 2026, at 29.0% below its highest close of the past year, which came on December 11, 2025. Management said on the call that it does not think the market has adequately valued the business.
Can Constellation Sell Its Unsigned Power At A Premium?
Management says nearly all of that power can be marketed, though much of it frees up only as current contracts end. The question came up on the November 9 call of how much of the available output is realistically marketable today, once existing obligations are counted. Management answered that largely all of it is, because its contracts with commercial and industrial customers normally run about three years, after which that power becomes available. That is about when buyers would want the power for a new data center, management said, and some of it is available almost immediately.
Management would not say how much of its new Constellation Peak+ offer, which pairs existing power with new capacity, it expects to sell, and said it will announce deals as they come. Asked whether its premium range still applies to new deals, management called it the right one at this point in time.
Management will update its 2027 and 2028 guidance on its year-end call, expected in February 2027. The call will include a growth outlook through 2030 alongside updated disclosures on long-term agreements. The volume of contracted clean megawatts in that report is the measure to watch.
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