Constellation Raising Guidance On "Strong" Retail Performance

November 4, 2024

Email This Story
Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

The following story is brought free of charge to readers by VertexOne, the exclusive EDI provider of EnergyChoiceMatters.com

In announcing third quarter earnings today, Constellation Energy Corporation raised its Adjusted (non-GAAP) Operating Earnings guidance range for the full year to $8.00 – $8.40 per share, up from $7.60 – $8.40 per share, due in part to, "strong wholesale and retail performance with load auction wins and margin expansion."

Constellation reported its combined earnings were lifted by, among other factors, "favorable market and portfolio conditions primarily driven by higher realized margins on load contracts and generation-to-load optimization".

Constellation reported, "better than average customer margins."

Generally, Constellation said that its Commercial (load) business is continuing to see margins above the previously reported long-term averages used in its forecast and above the enhanced margins disclosed in February.

While Constellation's Commercial (load serving) business generally outperformed, Constellation in ERCOT did report unfavorable retail load revenue as negatively impacting operating revenues by $60 million (gross) year-over-year versus the third quarter of 2023 (partially offset in part by gains in other facets of its ERCOT businesses), with Constellation citing in ERCOT lower retail contracted energy prices and load volumes

Constellation's third quarter 2024 Retail Electric Load Served by Region was as follows:

Q3 2024 Retail Electric Load Served (TWh)

Midwest                    10
Mid-Atlantic               12
ERCOT                       4
New York                    5
New England/South/West      8

ADVERTISEMENT

ADVERTISEMENT
NEW Jobs on RetailEnergyJobs.com:
• NEW! -- Director of Policy and Research, Retail Energy
• NEW! -- Director, Load Forecasting -- Retail Supplier
• NEW! -- Wholesale Markets Analyst -- Retail Supplier
• NEW! -- Origination Analyst -- Retail Supplier
• NEW! -- Settlements Analyst -- Retail Supplier
• NEW! -- Billing Supervisor

Email This Story

HOME

Copyright 2024 EnergyChoiceMatters.com. Unauthorized copying, retransmission, or republication prohibited. You are not permitted to copy any work or text of EnergyChoiceMatters.com without the separate and express written consent of EnergyChoiceMatters.com