Constellation Reports "Strong Retail Performance With Margin Expansion," Increases Guidance

November 6, 2023

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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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Constellation Energy Corporation reported Adjusted EBITDA (non-GAAP) for the third quarter of 2023 (quarter ending September 30, 2023) of $1,199 million, up from $592 million in the third quarter of 2022

Constellation reported that "favorable market and portfolio conditions" contributed $763 million to increased third quarter 2023 Adjusted EBITDA, partially offset by Labor, Contracting and Materials, and lower contributions (versus the year-ago) from ZEC Revenue and Capacity Revenue

Constellation said that the third quarter 2023 results exceeded expectations, in part due to its, "commercial business performance", including, "strong wholesale and retail performance with margin expansion."

Such performance, along with load auction wins and optimization of the portfolio to capture benefits from volatility, plus certain other drivers, prompted Constellation to raise full year 2023 adjusted EBITDA guidance to a $3.9 billion mid-point, and narrowing the range to $3.8 billion to $4 billion

Constellation's most recent prior 2023 adjusted EBITDA guidance had been $3.3 billion to $3.7 billion

Constellation reported Q3 2023 Retail Electric Load Served by Region (TWhs) as follows:

Midwest                          10
Mid-Atlantic                     13
ERCOT                             4
New York                          4
Other/New England/South/West      8

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