Constellation opens 20-year, 270 MW nuclear deal under new Peak+ product

Constellation Energy signed its first Peak+ contract: a 20-year deal for 270 MW of unit-contingent energy, capacity and attributes drawn from its existing nuclear fleet, starting in 2028. The company disclosed the agreement on Nov. 9 alongside third-quarter results, and CEO Joe Dominguez declined to name the counterparty.

Peak+ is a long-term product aimed at data center operators and other large power buyers. It bundles output from Constellation's existing nuclear plants with new capacity from batteries, new generation and demand response. Dominguez said the incremental resources could sit on land the company already controls.

"Constellation Peak+ gives us a new way to pair the existing fleet with incremental capacity," Dominguez said on the earnings call, as reported by Utility Dive. "We could add batteries and generation supply at our plants given the vast amount of land that we own around the plants."

How does Peak+ price against new gas?

Constellation positions the product as a simpler and cheaper alternative to building a gas plant. A slide in the third-quarter presentation placed Peak+ pricing at $20 to $50 per MWh above the floor set by the federal nuclear production tax credit. That band sits below the $110 to $130 per MWh levelized cost the company projects for new combined-cycle gas plants in eastern PJM by 2032, assuming a build cost of $3,000 per kW.

Dominguez framed the pitch around risk. He cited construction delays, cost overruns, interconnection queues and fuel-price uncertainty as the main hazards for new plant construction. He also acknowledged that some customers will still choose to build large plants of their own or go off-grid.

The takeaway is that Constellation is selling certainty: firm clean power plus tailored new capacity, at a price it argues undercuts the cost of building gas from scratch.

Is the nuclear fleet already spoken for?

Investors have questioned whether Constellation's recent uprate agreements have consumed its sellable nuclear output. Dominguez rejected that view directly.

"I know that there's been some chatter that once we sold the uprates, our ability to contract the existing fleet would somehow be exhausted. It is not," he said. He added that the company has "not finished exploring uprates."

The answer matters for supply: if further uprates are economic, Constellation can keep adding emissions-free megawatts to its existing sites rather than waiting on new construction.

What else came with the quarter?

Peak+ builds on a run of deals that Constellation says add more than 1,000 MW of new emissions-free capacity. The list includes an 890 MW agreement with Google and a 190 MW agreement with Amazon. The company also secured a conditional Energy Department loan guarantee of up to $5 billion to fund uprates.

On guidance, Constellation raised the midpoint of its 2026 adjusted operating earnings range to $12.50 to $12.80 per share. Dominguez confirmed that the Crane Clean Energy Center restart — the former Three Mile Island Unit 1 — remains on track for the second half of 2027.

Taken together, the quarter shows a company converting nuclear scarcity into premium long-term contracts while extending its fleet through uprates and restarts.

The unnamed 270 MW customer, and the pace of follow-on Peak+ deals from 2028, will show whether Constellation can keep pricing its fleet above the tax-credit floor while undercutting new gas.