stellation Energy (US:CEG)2025-08-07 14:00Financial Performance - Q2 2025 GAAP earnings were $2.67 per share[11], while Adjusted Operating Earnings* were $1.91 per share[11] - The company reaffirmed its full-year Adjusted Operating Earnings* guidance range of $8.90 - $9.60 per share[11] - Constellation deployed approximately $400 million of capital for share repurchases[11] - Long-term debt balances reflect $6.1 billion in recourse debt and $1.3 billion in non-recourse debt as of June 30, 2025[82] Strategic Initiatives - The Calpine acquisition is on track for Q4 close and is expected to be more than 20% accretive to Adjusted Operating Earnings per Share* in 2026 and at least $2.00 per share through 2029, adding more than $2 billion in free cash flow before growth* annually[11, 30] - The Crane Clean Energy Center restart is accelerated into 2027[11] - A Clinton Clean Energy Center PPA was announced with Meta[11] Market and Policy - The One Big Beautiful Bill Act (OBBBA) passed, continuing support for nuclear energy[11] - PJM's Expedited Interconnection Process is studying the addition of over 9,000 MWs by 2031[19] Operational Performance - The nuclear capacity factor was 94.8%[41] - Approximately 46.6 TWhs of emissions-free electricity were generated, avoiding approximately 31.3 million metric tons of carbon dioxide[39] - The company completed three refueling outages with an average outage duration of 19 days[41]