Constellation Energy (NYSE:CEG) today reported adjusted earnings
of $1.23 per share for the third quarter of 2009, compared with
adjusted earnings of $0.76 per share in the same period last year.
Adjusted earnings exclude the cumulative effects of changes in
accounting principles, discontinued operations and special items
(which are defined as significant items that are not related to our
ongoing, underlying business or which distort comparability of
results). On a generally accepted accounting principles (GAAP)
basis, the company reported earnings of $0.69 per share for the
third quarter of 2009, compared with a loss of $1.27 per share in
the third quarter of 2008. Year-over-year GAAP results were driven
primarily by the absence of impairment charges recorded during the
third quarter of 2008.
Constellation Energy increased earnings guidance for 2009 to
$3.25 to $3.45 per share and reaffirmed its 2010 earnings guidance
of $3.05 to $3.45 per share.
“Our businesses delivered strong quarterly results and our
nuclear and fossil fleets maintained top-tier reliability and
operating performance,” said Mayo A. Shattuck III, chairman,
president and chief executive officer. “Based on these strong
financial and operational results, and early indications that
electricity demand is stabilizing in some markets, we’re increasing
our 2009 guidance range by 15 cents to $3.25 to $3.45 per share, as
well as reaffirming our 2010 guidance of $3.05 to $3.45 per
share.
“Throughout the year, we’ve steadily improved our balance sheet
metrics and in the third quarter substantially completed our
de-risking efforts,” said Shattuck. “As a result of these
activities and improving financial market conditions, our net
available liquidity at the close of the quarter was $5.7 billion
and we were able to retire a $500 million bond. Through the first
three quarters of the year, we’ve reduced our total debt by
approximately $2 billion. Fitch and Moody’s recently affirmed our
company’s investment-grade credit rating with a stable outlook. All
of these developments speak to the significant success we’ve had in
strengthening and stabilizing Constellation Energy’s balance
sheet.
“We continue to work toward the close of our pending nuclear
joint venture with EDF Group (EDF). We took a step closer earlier
this month with the approval of the overall transaction by the
Nuclear Regulatory Commission, and we are nearing the end of the
process in Maryland,” said Shattuck.
“We also received very welcome news this past Tuesday when the
Obama administration awarded Baltimore Gas and Electric Company a
$200 million stimulus grant for one of the nation’s most ambitious
Smart Grid programs. This award, the maximum under the program,
will greatly reduce capital cost for installation of two million
residential and commercial smart meters, and we are currently
before the Maryland Public Service Commission for approval of
appropriate cost recovery measures.
“Throughout the year, we have executed well on a broad
restructuring that has positioned our company to prudently expand
our physical footprint,” said Shattuck. “We believe we’re poised to
deliver significant value to shareholders in the years ahead.”
The following tables summarize adjusted earnings per share and
earnings per share reported in accordance with GAAP for the
company’s business segments and provide a reconciliation to total
company reported earnings.
Three Months Ended September 30,
2009 2008 Reported Reported GAAP
Adjusted GAAP Adjusted EARNINGS (LOSS) PER
COMMON SHARE EPS* EPS EPS*
EPS Baltimore Gas and Electric $ 0.14 $ 0.14 $ 0.11 $ 0.16
(3)
Merchant Energy 0.58 1.10
(1)
(1.38 ) 0.59
(4)
Other Nonregulated (0.03 ) (0.01 )
(2)
- 0.01
(5)
Diluted Earnings (Loss) Per Share $ 0.69 $ 1.23 $
(1.27 ) $ 0.76 * Unaudited.
Reported GAAP EPS was
adjusted by the following amounts to calculate Adjusted EPS
(1) Addition of net losses from
operations being divested of $0.31 per share, addition of
impairment losses and other costs of $0.14 per share, addition of
merger termination and strategic alternatives costs of $0.06 per
share, and addition of workforce reduction costs of $0.01 per
share.
(2) Addition of losses from UniStar of $0.02 per share.
(3) Addition of merger and
strategic alternatives costs of $0.06 per share and subtraction of
effective tax rate impact related to Maryland settlement agreement
of $0.01 per share.
(4) Addition of impairment losses
and other costs of $1.76 per share, addition of net write-down of
SO2 and NOx allowance inventory of $0.13 per share, addition of
merger and strategic alternatives costs of $0.14 per share, and
addition of workforce reduction costs of $0.01 per share.
Subtraction of mark-to-market gains on certain non-qualifying
hedges of $0.07 per share.
(5) Addition of merger and strategic alternatives costs of $0.01
per share.
Nine Months Ended
September 30, 2009 2008 Reported
Reported GAAP Adjusted GAAP
Adjusted EARNINGS (LOSS) PER COMMON SHARE EPS*
EPS EPS* EPS Baltimore Gas and Electric $ 0.61
$ 0.61 $ (0.08 ) $ 0.61
(3)
Merchant Energy (0.41 ) 2.47
(1)
0.59 2.91
(4)
Other Nonregulated (0.09 ) (0.02 )
(2)
- 0.01
(5)
Diluted Earnings Per Share $ 0.11 $ 3.06 $ 0.51
$ 3.53 * Unaudited.
Reported GAAP EPS was
adjusted by the following amounts to calculate Adjusted EPS
(1) Addition of net losses from
operations being divested of $1.85 per share, addition of
impairment losses and other costs of $0.65 per share, addition of
merger termination and strategic alternatives costs of $0.35 per
share, and addition of workforce reduction costs of $0.03 per
share.
(2) Addition of losses from UniStar of $0.05 per share and addition
of impairment losses and other costs of $0.02 per share.
(3) Addition of earnings impact
related to the Maryland settlement agreement of $0.69 per share and
addition of merger and strategic alternatives costs of $0.06 per
share. Subtraction of effective tax rate impact related to Maryland
settlement agreement of $0.06 per share.
(4) Addition of impairment losses
and other costs of $1.74 per share, addition of net write-down of
SO2 and NOx allowance inventory of $0.13 per share, addition of
mark-to-market losses on certain non-qualifying hedges of $0.32 per
share, addition of merger and strategic alternatives costs of $0.14
per share, and addition of workforce reduction costs of $0.01 per
share. Subtraction of earnings from our synthetic fuel processing
facilities of $0.02 per share.
(5) Addition of merger and strategic alternatives costs of $0.01
per share.
Baltimore Gas and Electric Company (BGE)
BGE recorded adjusted earnings of 14 cents per share for the
third quarter of 2009, as compared with 16 cents for the third
quarter of 2008, with the decline primarily being driven by the
impact of share dilution.
Merchant
Our Merchant segment recorded adjusted earnings of $1.10 per
share for the third quarter of 2009, as compared with 59 cents per
share in the third quarter of 2008. A comparison of year-over-year
quarterly results is difficult due to the nature of our de-risking
activities. In the third quarter of 2008, we realized significant
losses while exiting long power positions to reduce risk and
bolster liquidity. This compares to our modest de-risking efforts
in a less volatile market environment in this year’s third quarter.
On a year-over-year basis, these very different activities and
objectives drove approximately 95 cents of positive variance. Other
notable contributors of negative year-over-year impacts in our
Merchant business included share dilution and interest expense.
These factors contributed a year-over-year variance of 24
cents.
As for our ongoing Merchant businesses, year-over-year, our
Customer Supply operation was down 17 cents per share, as lower
volumes were offset in part by higher margins on new business and
lower levels of customer attrition. Our Generation operations were
down 3 cents per share in the third quarter of 2009, as compared
with the third quarter of 2008, primarily due to the costs
associated with a planned outage at our R.E. Ginna Nuclear Power
Plant in 2009.
Financial Statements
The Sept. 30, 2009, financial statements and supplemental
information are attached.
Adjusted Earnings
Constellation Energy presents adjusted earnings per share
(adjusted EPS) in addition to its reported earnings per share in
accordance with generally accepted accounting principles (reported
GAAP EPS). Adjusted EPS is a non-GAAP financial measure that
differs from reported GAAP EPS because it excludes the cumulative
effects of changes in accounting principles, discontinued
operations, special items (which we define as significant items
that are not related to our ongoing, underlying business or which
distort comparability of results) included in operations, the
impact of certain economic, non-qualifying hedges and synfuel
earnings. The mark-to-market impact of these hedges has been
significant to reported results but economically neutral to the
company in that offsetting gains or losses on underlying accrual
positions will be recognized in the future. Synfuel earnings have
been excluded due to the potential for oil-price volatility to
result in a difficult-to-forecast phase-out of tax credits.
Effective in 2009, we are no longer adjusting our reported GAAP EPS
for synfuel earnings, due to the expiration of the tax credit, and
non-qualifying hedges, which were related to activities conducted
by our recently divested operations.
We present adjusted EPS because we believe that it is
appropriate for investors to consider results excluding these items
in addition to our results in accordance with GAAP. We believe such
a measure provides a picture of our results that is more comparable
among periods, since it excludes the impact of items such as
impairment losses, workforce reduction costs or gains and losses on
the sale of assets, which may recur occasionally, but tend to be
irregular as to timing, thereby distorting comparisons between
periods. However, investors should note that this non-GAAP measure
involves judgment by management (in particular, judgment as to what
is classified as a special item to be excluded from adjusted
earnings). This non-GAAP measure is also used to evaluate
management’s performance and for compensation purposes.
Constellation Energy also provides its earnings guidance in
terms of adjusted EPS. Constellation Energy is unable to reconcile
its guidance to GAAP earnings per share because we do not predict
the future impact of special items due to the difficulty of doing
so. In the past, the impact of special items has been material to
our operating results computed in accordance with GAAP. Our 2009
and 2010 guidance excludes the results of the UniStar Nuclear
Energy joint venture and any impact from the operations and
divestiture of our international commodities, Houston-based gas
trading, international uranium marketing and west power trading
operations, in addition to any other special items that may occur.
We note that such information is not in accordance with GAAP and
should not be viewed as a substitute to GAAP information.
SEC Filings
The company plans to file its Form 10-Q for the three months
ended Sept. 30, 2009, on or about Nov. 6, 2009.
Forward-Looking Statements
We make statements in this news release that are considered
forward-looking statements within the meaning of the Securities
Exchange Act of 1934. These statements are not guarantees of our
future performance and are subject to risks, uncertainties and
other important factors that could cause our actual performance or
achievements to be materially different from those we project. For
a full discussion of these risks, uncertainties and factors, we
encourage you to read our documents on file with the Securities and
Exchange Commission, including the disclosures set forth in our
periodic reports under the forward-looking statements and risk
factors sections. Except as required by law, we do not intend to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Conference Call Oct. 30, 2009
Constellation Energy will host a conference call at 8:30 a.m.
(EDT) on Oct. 30, 2009, to review the results. To participate,
analysts, investors, media and the public in the U.S. may dial
(888) 455-2894 shortly before 8:30 a.m. The international phone
number is (773) 681-5899. The conference password is ENERGY. A
replay will be available approximately one hour after the end of
the call by dialing (800) 337-4110 or (203) 369-3797
(international).
A live audio webcast of the conference call, presentation slides
and the earnings press release will be available on the Investor
Relations page of Constellation Energy’s Web site
(www.constellation.com). A webcast replay, as well as a replay in
downloadable MP3 format, will also be available on the site shortly
after the completion of the call. The call will also be recorded
and archived on the site.
About Constellation Energy
Constellation Energy (www.constellation.com) is a leading
supplier of energy products and services to wholesale and retail
electric and natural gas customers. It owns a diversified fleet of
generating units located throughout the United States, totaling
approximately 9,100 megawatts of generating capacity, and is among
the leaders pursuing the development of new nuclear plants in the
United States. The company delivers electricity and natural gas
through the Baltimore Gas and Electric Company (BGE), its regulated
utility in Central Maryland. A FORTUNE 500 company headquartered in
Baltimore, Constellation Energy had revenues of $19.8 billion in
2008.
Addendum – Amounts Excluded to
Arrive at Adjusted EPS
Three Months Ended September 30, 2009 After-Tax
Income
(Expense) Impact
($ millions) (Per Share)
Operations Being Divested
$ (62.9 ) $ (0.31 )
Impairment Losses and Other Costs (28.7
) (0.14 ) Merger Termination and
Strategic Alternatives Costs (13.1 ) (0.06
) UniStar Nuclear Energy Results (3.9
) (0.02 ) Workforce Reduction
Costs (1.6 ) (0.01 )
Total Amounts Excluded to Arrive at Adjusted EPS $
(110.2 ) $ (0.54 )
Operations Being Divested
Consistent with our 2009 earnings guidance, we have excluded the
operating results from our international commodities, Houston-based
gas trading, international uranium marketing and west power trading
operations and the net losses on the sales of these operations. We
sold a majority of our international commodities operation in the
first quarter of 2009 and our Houston-based gas trading and the
other divested operations in the second quarter of 2009. Third
quarter activity primarily reflects the impact of a change in our
estimated annual effective tax rate at Sept. 30, 2009, requiring us
to reduce the income tax benefit recognized in connection with the
losses recorded in the first half of the year, and results from the
wind-down of the portion of our international commodities
operations that was not sold.
Impairment Losses and Other Costs
This category includes impairment charges recorded in connection
with our nuclear decommissioning trust investments, our shipping
joint venture, our equity method investment in Constellation Energy
Partners LLC (CEP) and certain other investments, as well as costs
that we incurred in connection with the operations that we
divested. Third quarter activity primarily reflects the impact of a
change in our estimated annual effective tax rate at Sept. 30,
2009, requiring us to reduce the income tax benefit recognized in
connection with charges recorded in the first half of the year, and
lease termination costs associated with international facilities
that are no longer being used.
Merger Termination and Strategic Alternatives Costs
In the third quarter, we recorded additional costs associated
with the EDF transaction, including the amortization of credit
facility amendment fees that is classified as Interest Expense in
our Consolidated Statements of Income (Loss).
UniStar Nuclear Energy Results
Consistent with our 2009 earnings guidance, we have excluded the
operating results from UniStar Nuclear Energy as it remains in a
development stage.
Workforce Reduction Costs
In the first quarter of 2009, we recorded charges in connection
with certain workforce reductions primarily in connection with the
divestiture of a majority of our international commodities
operation. Third quarter activity primarily reflects the impact of
a change in our estimated annual effective tax rate at Sept. 30,
2009, requiring us to reduce the income tax benefit recognized in
connection with charges recorded in the first half of the year.
Constellation Energy Group and
Subsidiaries
Consolidated Statements of Income (Loss)
(Unaudited) Three Months Ended Nine Months
Ended September 30, September 30, 2009
2008 2009 2008 (In Millions, Except Per
Share Amounts) Revenues Nonregulated revenues $ 3,161.7
$ 4,351.0 $ 9,371.3 $ 12,187.2 Regulated electric revenues 788.3
822.3 2,250.8 1,980.3 Regulated gas revenues 77.7
150.3 573.1 724.4
Total revenues 4,027.7 5,323.6 12,195.2 14,891.9
Expenses Fuel and purchased energy expenses 2,650.4 4,318.0
8,555.2 11,620.5 Operating expenses 587.7 482.9 1,730.6 1,784.5
Merger termination and strategic alternatives costs 4.9 39.2 51.2
39.2 Impairment losses and other costs 7.5 477.1 103.3 477.1
Workforce reduction costs 0.4 2.2 11.6 2.2 Depreciation, depletion,
and amortization 149.3 134.3 446.8 424.5 Accretion of asset
retirement obligations 18.5 17.2 54.6 50.8 Taxes other than income
taxes 74.4 81.1 224.7
227.0 Total expenses 3,493.1 5,552.0
11,178.0 14,625.8
Net (Loss) Gain on Divestitures
(0.3 ) - (464.4 ) 91.5
Income (Loss) from Operations 534.3 (228.4 ) 552.8
357.6
Other Income (Expense) 38.7 (15.8 ) 23.3 42.2
Fixed
Charges Interest expense 129.7 100.0 406.8 252.3
Interest capitalized and allowance
for borrowed funds used during construction
(22.5 ) (10.5 ) (65.7 )
(26.2 ) Total fixed charges 107.2 89.5
341.1 226.1
Income
(Loss) from Continuing Operations Before Income Taxes 465.8
(333.7 ) 235.0 173.7
Income Tax Expense (Benefit)
298.4 (111.6 ) 159.0
71.4
Net Income (Loss) 167.4 (222.1 ) 76.0
102.3
Less: Net Income Attributable to Noncontrolling Interests
and BGE Preference Stock Dividends 29.8
3.6 53.8 10.8
Net Income (Loss) Applicable to Common Stock $ 137.6
$ (225.7 ) $ 22.2 $ 91.5
Average Shares of Common Stock Outstanding - Basic 199.6
178.4 199.1 178.3
Average Shares of Common Stock Outstanding -
Diluted 200.8 179.5 199.9 180.0
Earnings (Loss) Per
Common Share - Basic $ 0.69 $ (1.27 ) $ 0.11
$ 0.51
Earnings (Loss) Per
Common Share - Diluted $ 0.69 $ (1.27 ) $ 0.11
$ 0.51
Certain prior-period amounts have
been reclassified to conform with the current period's
presentation.
Constellation Energy Group and Subsidiaries
Consolidated Balance Sheets (Unaudited)
September 30, December 31, 2009 2008
ASSETS (In Millions) Current Assets Cash and
cash equivalents $ 742.6 $ 202.2 Accounts receivable (net of
allowance for uncollectibles of $180.9 and $240.6, respectively)
2,217.1 3,389.9 Fuel stocks 303.8 717.9 Materials and supplies
224.4 224.5 Derivative assets 582.8 1,465.0 Unamortized energy
contract assets 89.8 81.3 Restricted cash 48.9 1,030.5 Deferred
income taxes 346.0 268.0 Other 264.7
815.5 Total current assets 4,820.1
8,194.8
Investments And Other Noncurrent
Assets Nuclear decommissioning trust funds 1,200.4 1,006.3
Other investments 350.0 421.0 Regulatory assets (net) 434.1 494.7
Goodwill 25.4 4.6 Derivative assets 917.7 851.8 Unamortized energy
contract assets 212.5 173.1 Other 292.0
421.3 Total investments and other noncurrent assets
3,432.1 3,372.8
Property, Plant And
Equipment Nonregulated property, plant and equipment 9,496.3
8,866.2 Regulated property, plant and equipment 6,651.7 6,419.4
Nuclear fuel (net of amortization) 528.4 443.0 Accumulated
depreciation (5,222.6 ) (5,012.1 )
Net property, plant and
equipment
11,453.8 10,716.5
Total
Assets $ 19,706.0 $ 22,284.1
LIABILITIES AND EQUITY Current Liabilities Short-term
borrowings $ 334.9 $ 855.7 Current portion of long-term debt
1,333.6 2,591.5 Accounts payable and accrued liabilities 1,368.9
2,370.1 Customer deposits and collateral 105.4 120.3 Derivative
liabilities 823.1 1,241.8 Unamortized energy contract liabilities
397.4 393.5 Accrued expenses 393.9 373.1 Other 447.7
514.2 Total current liabilities 5,204.9
8,460.2
Deferred Credits And Other
Noncurrent Liabilities Deferred income taxes 1,223.2 677.0
Asset retirement obligations 1,040.8 987.3 Derivative liabilities
964.8 1,115.0 Unamortized energy contract liabilities 682.3 906.4
Defined benefit obligations 1,049.5 1,354.3 Deferred investment tax
credits 39.6 44.1 Other 365.8 249.6
Total deferred credits and other noncurrent liabilities
5,366.0 5,333.7
Long-Term
Debt Long-term debt of nonregulated businesses 3,938.8 5,467.0
Long-term debt of BGE 1,443.0 1,443.0 Rate stabilization
securitization bonds of BGE 537.8 564.4
6.20% deferrable interest
subordinated debentures due October 15, 2043 to BGE wholly owned
BGE Capital Trust II relating to trust preferred securities
257.7 257.7 Unamortized discount and premium (4.1 ) (41.9 ) Current
portion of long-term debt (1,333.6 ) (2,591.5
) Total long-term debt 4,839.6 5,098.7
Equity Common shareholders' equity: Common stock
3,213.0 3,164.5 Retained earnings 2,089.4 2,228.7 Accumulated other
comprehensive loss (1,269.4 ) (2,211.8 ) Total
common shareholders' equity 4,033.0 3,181.4 BGE preference stock
not subject to mandatory redemption 190.0 190.0 Noncontrolling
interests 72.5 20.1 Total equity
4,295.5 3,391.5
Total
Liabilities And Equity $ 19,706.0 $ 22,284.1
Certain prior-period amounts have been reclassified
to conform with the current period's presentation.
Constellation Energy Group and
Subsidiaries
Merchant Operating Statistics
(Unaudited) Nine Months Ended September 30, Oil
& Hydro & Nuclear Coal Gas Renewables
Other Total Generation by Fuel Type (%)
2009
65.1
30.2
1.0
2.1
1.6 100.0
2008
61.7 33.5 1.1
2.3 1.4 100.0
Thousands of MWH
2009
23,871 11,076 373
796
574
36,690
2008
23,794
12,914
404 894 546
38,552
Certain prior-period amounts have been revised to conform
with the current period's presentation.
Utility Operating
Statistics (Unaudited) Three Months Ended Nine Months
Ended
September 30, September 30, 2009 2008
2009 2008 ELECTRIC Revenues (In
Millions) Residential $ 541.2 $ 518.6 $ 1,524.3 $ 1,240.9
Commercial Excluding Delivery Service Only 138.9 198.2 420.2 453.6
Delivery Service Only 64.5 61.2 182.3 168.6 Industrial Excluding
Delivery Service Only 7.9 10.6 23.6 24.2 Delivery Service Only
7.9 7.3 22.1 21.1 System
Sales 760.4 795.9 2,172.5 1,908.4 Other 27.9
26.5 78.3 72.1 Total $ 788.3 $ 822.4 $
2,250.8 $ 1,980.5
Distribution Volumes (In
Thousands) - MWH Residential 3,450 3,467 9,761 9,978 Commercial
Excluding Delivery Service Only 1,051 1,162 3,043 3,008 Delivery
Service Only 3,206 3,227 8,943 8,869 Industrial Excluding Delivery
Service Only 67 73 203 186 Delivery Service Only 687
797 2,079 2,345 Total 8,461
8,726 24,029 24,386
GAS Revenues (In Millions) Residential Excluding
Delivery Service Only $ 41.2 $ 57.8 $ 350.4 $ 385.0 Delivery
Service Only 2.7 2.7 13.8 13.4 Commercial Excluding Delivery
Service Only 10.8 18.6 99.4 117.6 Delivery Service Only 7.1 8.4
29.8 33.1 Industrial Excluding Delivery Service Only 0.5 0.7 5.1
5.8 Delivery Service Only 2.7 3.8 10.2
11.7 System Sales 65.0 92.0 508.7 566.6 Off-System
Sales 12.2 62.1 62.8 166.5 Other 1.0 1.4
5.3 6.9 Total $ 78.2 $ 155.5 $ 576.8
$ 740.0
Distribution Volumes (In Thousands) -
DTH Residential Excluding Delivery Service Only 2,430 2,468 26,054
24,631 Delivery Service Only 250 252 2,841 2,647 Commercial
Excluding Delivery Service Only 1,024 1,073 8,913 8,773 Delivery
Service Only 4,265 5,111 19,300 21,739 Industrial Excluding
Delivery Service Only 46 42 475 468 Delivery Service Only
4,567 4,532 14,761 14,050 System
Sales 12,582 13,478 72,344 72,308 Off-System Sales 3,170
5,371 13,903 14,791 Total
15,752 18,849 86,247 87,099
Utility operating statistics do
not reflect the elimination of intercompany transactions.
Heating Degree Days (Calendar-Month Basis)
Heating Degree Days
- Actual
77 60 3,134 2,899 - Normal 84 83 3,034 3,083
Cooling Degree Days
- Actual
499 523 716 761 - Normal 588 589 827 827
Constellation Energy Group and Subsidiaries
Supplemental Financial Statistics (Unaudited) Nine Months
Ended September 30, 2009 2008
Effective Tax Rate 67.7 % 41.1 %
Equity Investment
In Nonregulated Businesses -- End of Period (In Millions) $
2,409.7 $ 3,398.7
Equity Investment In Regulated Business
-- End of Period (In Millions) $ 1,623.3 $ 1,459.9
Common Stock Data Three Months Ended Nine
Months Ended September 30, September 30,
2009 2008 2009 2008 Common
Stock Dividends - Per Share --Declared $ 0.2400 $ 0.4775 $
0.7200 $ 1.4325 --Paid $ 0.2400 $ 0.4775 $ 0.9575 $ 1.3900
Market Value Per Share --High $ 33.37 $ 85.53 $ 33.37 $
107.97 --Low $ 25.76 $ 13.00 $ 15.05 $ 13.00 --Close $ 32.37 $
24.30 $ 32.37 $ 24.30
Shares Outstanding--End of Period
(In Millions) 200.8 178.4 200.8 178.4
Book Value per
Share--End of Period $ 20.08 $ 27.23 $ 20.08 $ 27.23
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