Constellation Energy secures record contracts worth billions

The shares of Constellation Energy have seen a significant surge after the company announced securing over one billion dollars in orders from the US General Services Administration (GSA). These comprehensive contracts include providing energy to over 13 federal agencies and conducting energy savings and efficiency projects at five GSA-managed sites in the capital region. A notable milestone is the 10-year contract valued at 840 million dollars, which is considered the largest contract in GSA history. Starting in 2025, Constellation will deliver over one million megawatt-hours of electricity annually, with part of the energy coming from so-called "uprates" – capacity expansions funded by Constellation. The federal agencies supplied include, among others, the Social Security Administration and the Department of Veterans Affairs, spread across the states of Illinois, Maryland, New Jersey, Pennsylvania, and Ohio. Furthermore, Constellation has secured a contract worth 172 million dollars to improve energy efficiency in five GSA-owned facilities in the National Capital Region. This will be realized through the installation of LED lighting, improvements in climate and heating technology, and transitioning from steam heat to electric heating systems. The construction work begins this month and will be carried out over a period of 42 months. Long-term energy efficiency and cost savings are the focus, supported by comprehensive maintenance and training services from Constellation. Joe Dominguez, President and CEO of Constellation, emphasizes that collaboration with the US government, Microsoft, and other partners promotes investment in reliable nuclear energy, which will extend the lifespan of these critical energy sources. Along with the previously announced restart of Crane, Constellation plans to provide around 1,100 MW of clean energy around the clock by 2028.