Continued investments in carbon-free energy, new customer solutions and underserved communities advance Constellation's efforts to lead the nation's clean energy transition
In Constellation's first full year as a standalone Fortune 200 company, the unique value of its carbon-free energy fleet was affirmed with passage of the Inflation Reduction Act (IRA), which recognized the vital role nuclear energy will play in meeting consumer demand for clean, reliable electricity. As the report highlights, Constellation's fleet of nuclear, hydro, solar and wind assets accounted for more than 10% of the nation's clean energy last year. About 90% of the energy Constellation produced in 2022 was carbon-free and the company remains focused on its goal to achieve 100% carbon-free generation by 2040.
"Since day one, we've been focused on accelerating the transition to a carbon-free future and uplifting the communities we serve, and this report reflects our progress," said Joe Dominguez, president and CEO of Constellation. "This year again demonstrated that America needs energy that is both clean and available when and where customers across the country need it. That's why we are innovating products that will help our customers reduce greenhouse gas emissions, advocating for policies that will help our nation advance reliable, carbon-free energy, and working to ensure that the benefits of the energy transition are shared by all."
Below are a few highlights from the report:
Producing Clean, Affordable Hydrogen
Constellation made history this year with the launch of nation's first nuclear-powered electrolyzer at its Nine Mile Point station, funded in part through a Department of Energy grant, and stands ready to invest $900 million to expand clean hydrogen production to help meet the administration's Hydrogen Shot goal. Clean hydrogen powered by nuclear energy will be essential to reducing emissions from industries such as agriculture, aviation and long-distance trucking.
Landmark Hourly CFE Matching Agreement with Microsoft
In 2022, Constellation collaborated with Microsoft to develop an hourly carbon-free energy matching product that enables companies to ensure they are powering their operations with clean energy in every hour of every day. Earlier this year, Microsoft became one of the first customers to employ this game-changing technology through an agreement with Constellation to reduce the carbon footprint of a Virginia data center through hourly matching with up to 35% in environmental attributes from nuclear power to complement its other wind and solar purchases. This agreement demonstrates that hourly carbon-free energy agreements are feasible today, setting an example for other corporate purchasers as well as policymakers designing clean energy procurement goals for utilities.
Additional highlights:
- Produced 178 terawatt hours of clean, carbon-free electricity, enough to power the equivalent of 15 million homes and avoid 126 million metric tons of carbon emissions.
- Delivered on the goal set in year one to provide 100% of C&I customers with customized reports of their carbon emissions by the end of 2022.
- Launched its Powering Change workforce development program with an initial commitment of $1 million in support of nonprofits working to break down employment barriers for underserved communities.
- Provided nearly $8 million in company and employee philanthropic contributions, 87 percent of which supported organizations, programs and events specifically focused on underrepresented and underserved populations. Constellation employees also logged more than 80,000 volunteer service hours.
- Hired more than 2,000 new employees since February 2022, while increasing the number of women in the workforce by more than 5% and the number of ethnically or racially diverse employees by 10%.
- Signed an historic diversity pledge with North America's Building Trades aimed at increasing access and advancement opportunities for underrepresented groups.
- Executed the company's largest offsite renewable deal to date in August 2022, an agreement with the City of Chicago enabling the development of a 593 megawatt solar facility in Illinois.
About Constellation
A Fortune 200 company headquartered in Baltimore, Constellation Energy Corporation (Nasdaq: CEG) is the nation's largest producer of clean, carbon-free energy and a leading supplier of energy products and services to businesses, homes, community aggregations and public sector customers across the continental United States, including three fourths of Fortune 100 companies. With annual output that is nearly 90% carbon-free, our hydro, wind and solar facilities paired with the nation's largest nuclear fleet have the generating capacity to power the equivalent of 15 million homes, providing about 10% of the nation's clean energy. We are further accelerating the nation's transition to a carbon-free future by helping our customers reach their sustainability goals, setting our own ambitious goal of achieving 100% carbon-free generation by 2040, and by investing in promising emerging technologies to eliminate carbon emissions across all sectors of the economy. Follow Constellation on LinkedIn and Twitter.
Contacts
Dave Snyder
Constellation Communications
410-470-9700
david.snyder@constellation.com
