Constellation: A Power Play in the Coming Darkness

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Constellation Energy. The name itself suggests a certain… celestial ambition. And ambition, my friends, is a dangerous fuel. Three years ago, spun from the carcass of Exelon like a particularly robust larva, it began its ascent. A shedding of skin, if you will. Now, it postures as a merchant of power, while the parent company diligently tends to the regulated, the predictable. A neat division of labor. One chases the phantom of profit, the other counts the pennies. And yet, both are bound to the same earthly grid.

They’ve been signing deals, these Constellation folk. Nuclear pacts, naturally. One cannot build a future on sunbeams and whims. No, one requires something… substantial. Something that hums with contained fury. And they’ve acquired Calpine, a transaction so vast it threatens to disrupt the very tectonic plates of the energy market. A fitting prelude, perhaps, to the storms to come.

The Gas and the Glow

Constellation boasts a considerable portfolio – over 32.4 gigawatts. Enough to illuminate a small continent, or perhaps to power the delusions of a particularly ambitious bureaucrat. Ninety percent carbon-free, they proclaim. A noble gesture, certainly. Though one suspects the carbon merely relocates, like a mischievous spirit, to haunt another corner of the globe. They are, after all, masters of displacement, these energy companies. Shifting the problem, not solving it.

The Calpine acquisition, when finalized, will swell their capacity to nearly 60 gigawatts. A monstrous expansion. And why, one asks, is such expansion occurring now? The answer, as always, lies in the insatiable hunger of the machine. AI data centers, the electrification of everything, the reshoring of industry… these are not trends, my friends, they are symptoms. Symptoms of a feverish consumption that will soon demand a sacrifice.

They foresee electricity demand growing by 58% by 2045. A tidy sum. And naturally, they intend to capitalize on it. Gas power, they say, will be key. A temporary reprieve, perhaps, a flickering candle in the encroaching darkness. But even candles cast shadows, and some shadows are best left undisturbed.

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The Resurgence of the Atom

Ah, nuclear power. The Faustian bargain of the 20th century. Constellation, ever the pragmatist, is embracing it with open arms. They’ve secured agreements with Microsoft and Meta, promising to satiate their data-hungry gods with the power of the atom. The Three Mile Island Unit 1, resurrected from its economic slumber, will once again hum with contained fury. A ghost returning to haunt the landscape. Microsoft, of course, is paying handsomely. One can buy almost anything with enough zeros attached.

The Clinton Clean Energy Center, nearly shuttered in 2017, has been granted a reprieve, thanks to another lucrative agreement. A temporary stay of execution, one might say. The government, ever the benevolent patron, provided financial support. A palliative care measure, designed to delay the inevitable. But Meta’s investment ensures its continued operation. For now. One suspects the deal involves more than mere kilowatts.

These tech companies require prodigious amounts of power, and they prefer it clean. Nuclear power, with its inherent drama and potential for catastrophe, appeals to their sense of grandeur. Constellation, sensing an opportunity, is poised to become their favored supplier. They may even invest in new nuclear plants, joining forces with Westinghouse in a grand, ambitious scheme. A reckless gamble, perhaps, but one cannot fault their audacity.

A Larger Shadow in 2029

Constellation Energy is on a trajectory to double its size this year, thanks to the Calpine acquisition. A breathtaking expansion. Earnings per share will swell, and incremental growth is projected through 2029. The nuclear PPAs will provide a steady stream of revenue, and surging power demand will create new investment opportunities. A virtuous cycle, they call it. A delusion, I say. For every gain, there is a corresponding loss. Every expansion creates a void.

By 2029, Constellation will be a much larger, more profitable company. A colossus, striding across the energy landscape. But what will it leave in its wake? What shadows will it cast? These are questions they do not ask. They are too busy counting their profits. And that, my friends, is the most terrifying prospect of all.

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2026-01-20 20:23