Constellation Energy

Core pricing lever is not list price but portfolio design and term contracting.

Constellation increasingly sells a differentiated 24x7 clean solution where reliability and carbon attributes command a premium, as evidenced by 20‑year PPAs with Microsoft and Meta and rising retail load revenues at higher contracted prices in 2025. However, a large portion of earnings remains tied to wholesale markets and capacity constructs, limiting unilateral pricing.

Nuclear PTC provides a floor when power prices are weak and phases out as gross receipts rise; it thus stabilizes economics rather than amplifying headline margins.

With scarcity of firm clean megawatts and data centers’ baseload needs, latent pricing power exists in bespoke, long‑dated contracts, though regulatory scrutiny and reputational considerations constrain aggressive price-taking.