Constellation Energy clears PJM capacity auction, boosting outlook

Constellation Energy's nuclear and fossil fleet cleared the PJM capacity auction for 2028-2029, securing 18,875 MW of capacity (15,700 MW nuclear) and confirming revenue stability through Production Tax Credit eligibility tied to capacity gross receipts. If you sell power to the grid, your revenue is now locked in two years out at whatever Constellation just cleared. If you're building small modular reactors, distributed generation, or demand response, you now know the floor price you need to beat to displace this nuclear fleet.