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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2023
 or
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission
File Number
Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone NumberIRS Employer Identification Number
001-41137CONSTELLATION ENERGY CORPORATION87-1210716
(a Pennsylvania corporation)
1310 Point Street
Baltimore, Maryland 21231-3380
(833) 883-0162
333-85496CONSTELLATION ENERGY GENERATION, LLC23-3064219
(a Pennsylvania limited liability company)
200 Exelon Way
Kennett Square, Pennsylvania 19348-2473
(833) 883-0162
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
CONSTELLATION ENERGY CORPORATION:
Common Stock, without par valueCEGThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   
Constellation Energy CorporationYesxNo
Constellation Energy Generation, LLCYesxNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Constellation Energy CorporationLarge Accelerated FilerxAccelerated Filer
Non-accelerated Filer
Smaller Reporting Company
Emerging Growth Company
Constellation Energy Generation, LLCLarge Accelerated Filer
Accelerated Filer
Non-accelerated FilerxSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes    No  x
The number of shares outstanding of each registrant’s common stock as of April 28, 2023 was as follows:
Constellation Energy Corporation Common Stock, without par value324,411,457 
Constellation Energy Generation, LLCNot applicable






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Table of Contents
GLOSSARY OF TERMS AND ABBREVIATIONS
Constellation Energy Corporation and Related Entities
CEG ParentConstellation Energy Corporation
ConstellationConstellation Energy Generation, LLC (formerly Exelon Generation Company, LLC)
RegistrantsCEG Parent and Constellation, collectively
Antelope ValleyAntelope Valley Solar Ranch One
CRConstellation Renewables, LLC (formerly ExGen Renewables IV, LLC)
CRPConstellation Renewables Partners, LLC (formerly ExGen Renewables Partners, LLC)
FitzPatrickJames A. FitzPatrick nuclear generating station
GinnaR. E. Ginna nuclear generating station
NERNewEnergy Receivables LLC
NMPNine Mile Point nuclear generating station
RPGRenewable Power Generation, LLC
TMIThree Mile Island nuclear facility

Former Related Entities
ExelonExelon Corporation
ComEdCommonwealth Edison Company
PECOPECO Energy Company
BGEBaltimore Gas and Electric Company
PHIPepco Holdings LLC (formerly Pepco Holdings, Inc.)
PepcoPotomac Electric Power Company
DPLDelmarva Power & Light Company
ACEAtlantic City Electric Company
BSCExelon Business Services Company, LLC


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GLOSSARY OF TERMS AND ABBREVIATIONS
Other Terms and Abbreviations
AESOAlberta Electric Systems Operator
AOCIAccumulated Other Comprehensive Income (Loss)
ARCAsset Retirement Cost
AROAsset Retirement Obligation
CAISOCalifornia ISO
CODMChief Operating Decision Maker
CMCCarbon Mitigation Credit
CTVConstellation Technology Ventures
DOEUnited States Department of Energy
DOJUnited States Department of Justice
DPPDeferred Purchase Price
EBITDAEarnings Before Interest, Tax, Depreciation and Amortization
EMAEmployee Matters Agreement
EMTEverett Marine Terminal
EPAUnited States Environmental Protection Agency
ERCOTElectric Reliability Council of Texas
ERISAEmployee Retirement Income Security Act of 1974, as amended
ERPEnterprise Resource Program
FERCFederal Energy Regulatory Commission
Former PECO UnitsLimerick, Peach Bottom, and Salem nuclear generating units
Former ComEd UnitsBraidwood, Byron, Dresden, LaSalle and Quad Cities nuclear generating units
FRCCFlorida Reliability Coordinating Council
GAAPGenerally Accepted Accounting Principles in the United States
GWhGigawatt hour
IPAIllinois Power Agency
IRSInternal Revenue Service
ISOIndependent System Operator
ISO-NEISO New England Inc.
ITCInvestment Tax Credit
LIBORLondon Interbank Offered Rate
MISOMidcontinent Independent System Operator, Inc.
MWMegawatt
MWhMegawatt hour
NAVNet Asset Value
NASDAQNasdaq Stock Market, Inc.
NDTNuclear Decommissioning Trust
NERCNorth American Electric Reliability Corporation
NGXNatural Gas Exchange, Inc.
Non-Regulatory Agreement UnitsNuclear generating units or portions thereof whose decommissioning-related activities are not subject to contractual elimination under regulatory accounting
NPNSNormal Purchase Normal Sale scope exception
NRCNuclear Regulatory Commission
NYISONew York ISO
NYMEXNew York Mercantile Exchange


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NYPSCNew York Public Service Commission
OCIOther Comprehensive Income
OPEBOther Postretirement Employee Benefits
PAPUCPennsylvania Public Utility Commission
PG&EPacific Gas and Electric Company
PJMPJM Interconnection, LLC
PPAPower Purchase Agreement
PP&EProperty, Plant, and Equipment
PRPPotentially Responsible Parties
PSDARPost-shutdown Decommissioning Activities Report
PSEGPublic Service Enterprise Group Incorporated
PUCTPublic Utility Commission of Texas
RECRenewable Energy Credit which is issued for each megawatt hour of generation from a qualified renewable energy source
Regulatory Agreement UnitsNuclear generating units or portions thereof whose decommissioning-related activities are subject to contractual elimination under regulatory accounting (includes the Former ComEd units and the Former PECO units)
RMCRisk Management Committee
ROURight-of-use
RTORegional Transmission Organization
S&PStandard & Poor’s Ratings Services
SECUnited States Securities and Exchange Commission
SERCSERC Reliability Corporation
SNFSpent Nuclear Fuel
SOFRSecured Overnight Financing Rate
TMATax Matters Agreement
TSATransition Services Agreement
U.S. Court of Appeals for the D.C. Circuit
United States Court of Appeals for the District of Columbia Circuit
VIEVariable Interest Entity
WECCWestern Electric Coordinating Council
ZECZero Emission Credit


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FILING FORMAT
This combined Form 10-Q is being filed separately by Constellation Energy Corporation and Constellation Energy Generation, LLC, (Registrants). Information contained herein relating to any individual Registrant is filed by the Registrant on its own behalf. Neither Registrant makes any representation as to information relating to the other Registrant.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION
This Report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
The factors that could cause actual results to differ materially from the forward-looking statements made by us include those factors discussed herein, as well as the items discussed in (1) the Registrants' combined 2022 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 19, Commitments and Contingencies; (2) this Quarterly Report on Form 10-Q in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Neither Registrant undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Report.
WHERE TO FIND MORE INFORMATION
The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements, and other information that we file electronically with the SEC. These documents are also available to the public from commercial document retrieval services and our website at www.ConstellationEnergy.com. Information contained on our website shall not be deemed incorporated into, or to be a part of, this Report.


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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS



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Constellation Energy Corporation and Subsidiary Companies
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended March 31,
(In millions, except per share data)20232022
Operating revenues
Operating revenues$7,565 $5,431 
Operating revenues from affiliates 160 
Total operating revenues7,565 5,591 
Operating expenses
Purchased power and fuel5,729 3,545 
Purchased power and fuel from affiliates 5 
Operating and maintenance1,432 1,161 
Operating and maintenance from affiliates 44 
Depreciation and amortization267 280 
Taxes other than income taxes132 137 
Total operating expenses7,560 5,172 
Gain on sales of assets and businesses26 16 
Operating income31 435 
Other income and (deductions)
Interest expense, net(107)(55)
Interest expense to affiliates (1)
Other, net314 (318)
Total other income and (deductions)207 (374)
Income before income taxes238 61 
Income taxes131 (53)
Equity in losses of unconsolidated affiliates(5)(3)
Net income102 111 
Net income attributable to noncontrolling interests6 5 
Net income attributable to common shareholders$96 $106 
Comprehensive income, net of income taxes
Net income$102 $111 
Other comprehensive (loss) income, net of income taxes
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic benefit cost(1)(1)
Actuarial loss reclassified to periodic cost6 18 
Pension and non-pension postretirement benefit plan valuation adjustment(53) 
Unrealized gain on foreign currency translation 4 
Other comprehensive (loss) income, net of income taxes(48)21 
Comprehensive income54 132 
Comprehensive income attributable to noncontrolling interests6 5 
Comprehensive income attributable to common shareholders$48 $127 
Average shares of common stock outstanding:
Basic328 327 
Assumed exercise and/or distributions of stock-based awards 1 
Diluted328 328 
Earnings per average common share
Basic$0.29 $0.32 
Diluted$0.29 $0.32 
See the Combined Notes to Consolidated Financial Statements

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Constellation Energy Corporation and Subsidiary Companies
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended March 31,
(In millions)20232022
Cash flows from operating activities
Net income$102 $111 
Adjustments to reconcile net income to net cash flows (used in) provided by operating activities
Depreciation, amortization, and accretion, including nuclear fuel and energy contract amortization605 602 
Gain on sales of assets and businesses(26)(16)
Deferred income taxes and amortization of ITCs(33)(307)
Net fair value changes related to derivatives273 75 
Net realized and unrealized (gains) losses on NDT funds(187)271 
Net realized and unrealized losses on equity investments5 20 
Other non-cash operating activities54 256 
Changes in assets and liabilities:
Accounts receivable513 (78)
Receivables from and payables to affiliates, net 20 
Inventories168 82 
Accounts payable and accrued expenses(1,516)36 
Option premiums paid, net(23)(31)
Collateral (posted) received, net(261)1,169 
Income taxes163 254 
Pension and non-pension postretirement benefit contributions(10)(204)
Other assets and liabilities(761)(909)
Net cash flows (used in) provided by operating activities(934)1,351 
Cash flows from investing activities
Capital expenditures(660)(410)
Proceeds from NDT fund sales1,977 1,130 
Investment in NDT funds(2,030)(1,193)
Collection of DPP, net926 853 
Proceeds from sales of assets and businesses24 28 
Other investing activities(18)(4)
Net cash flows provided by investing activities219 404 
Cash flows from financing activities
Change in short-term borrowings(754)(702)
Proceeds from short-term borrowings with maturities greater than 90 days500  
Repayments of short-term borrowings with maturities greater than 90 days(200)(300)
Issuance of long-term debt1,353 2 
Retirement of long-term debt(30)(1,058)
Retirement of long-term debt to affiliate (258)
Contributions from Exelon 1,750 
Dividends paid on common stock(93)(46)
Repurchases of common stock(231) 
Other financing activities(22)(23)
Net cash flows provided by (used in) financing activities523 (635)
(Decrease) increase in cash, restricted cash, and cash equivalents(192)1,120 
Cash, restricted cash, and cash equivalents at beginning of period528 576 
Cash, restricted cash, and cash equivalents at end of period$336 $1,696 
Supplemental cash flow information
Increase (decrease) in capital expenditures not paid$11 $(119)
Increase in DPP794 918 
Increase in PP&E related to ARO update 335 

See the Combined Notes to Consolidated Financial Statements

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Table of Contents
Constellation Energy Corporation and Subsidiary Companies
Consolidated Balance Sheets
(Unaudited)
(In millions)March 31, 2023December 31, 2022
ASSETS
Current assets
Cash and cash equivalents$237 $422 
Restricted cash and cash equivalents99 106 
Accounts receivable
Customer accounts receivable (net of allowance for credit losses of $47 and $46 as of March 31, 2023 and December 31, 2022, respectively)
2,147 2,585 
Other accounts receivable (net of allowance for credit losses of $5 as of March 31, 2023 and December 31, 2022)
542 731 
Mark-to-market derivative assets1,952 2,368 
Inventories, net
Natural gas, oil and emission allowances259 429 
Materials and supplies1,085 1,076 
Renewable energy credits720 617 
Other1,067 1,026 
Total current assets8,108 9,360 
Property, plant, and equipment (net of accumulated depreciation and amortization of $16,861 and $16,726 as of March 31, 2023 and December 31, 2022, respectively)
20,074 19,822 
Deferred debits and other assets
Nuclear decommissioning trust funds14,606 14,114 
Investments223 202 
Mark-to-market derivative assets1,125 1,261 
Deferred income taxes45 44 
Other1,977 2,106 
Total deferred debits and other assets17,976 17,727 
Total assets(a)
$46,158 $46,909 
See the Combined Notes to Consolidated Financial Statements

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Constellation Energy Corporation and Subsidiary Companies
Consolidated Balance Sheets
(Unaudited)
(In millions)March 31, 2023December 31, 2022
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings$705 $1,159 
Long-term debt due within one year161 143 
Accounts payable1,558 2,828 
Accrued expenses743 906 
Mark-to-market derivative liabilities1,573 1,558 
Renewable energy credit obligation865 901 
Other342 344 
Total current liabilities5,947 7,839 
Long-term debt5,763 4,466 
Deferred credits and other liabilities
Deferred income taxes and unamortized ITCs2,982 3,031 
Asset retirement obligations12,831 12,699 
Pension obligations645 605 
Non-pension postretirement benefit obligations633 609 
Spent nuclear fuel obligation1,244 1,230 
Payables related to Regulatory Agreement Units3,069 2,897 
Mark-to-market derivative liabilities700 983 
Other1,258 1,178 
Total deferred credits and other liabilities23,362 23,232 
Total liabilities(a)
35,072 35,537 
Commitments and contingencies (Note 12)
Shareholders' equity
Common stock (No par value, 1,000 shares authorized, 324 shares and 327 shares outstanding as of March 31, 2023 and December 31, 2022, respectively)
13,029 13,274 
Retained deficit(493)(496)
Accumulated other comprehensive loss, net(1,808)(1,760)
Total shareholders' equity10,728 11,018 
Noncontrolling interests358 354 
Total equity11,086 11,372 
Total liabilities and shareholders' equity$46,158 $46,909 
__________
(a)Our consolidated assets include $2,506 million and $2,641 million at March 31, 2023 and December 31, 2022, respectively, of certain VIEs that can only be used to settle the liabilities of the VIE. Our consolidated liabilities include $1,033 million and $1,041 million at March 31, 2023 and December 31, 2022, respectively, of certain VIEs for which the VIE creditors do not have recourse to us. See Note 14 — Variable Interest Entities for additional information.
See the Combined Notes to Consolidated Financial Statements

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Constellation Energy Corporation and Subsidiary Companies
Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended March 31, 2023
Shareholders' Equity
(In millions, shares in thousands)Issued SharesCommon StockRetained DeficitAccumulated
Other
Comprehensive
Loss, net
Noncontrolling InterestsTotal Equity
Balance, December 31, 2022327,130 $13,274 $(496)$(1,760)$354 $11,372 
Net income— — 96 — 6 102 
Employee incentive plans528 6 — — — 6 
Changes in equity of noncontrolling interest— — — — (2)(2)
Common stock dividends ($0.28/common share)
— — (93)— — (93)
Common stock repurchased(3,239)(251)— — — (251)
Other comprehensive income, net of income taxes— — — (48)— (48)
Balance, March 31, 2023324,419 $13,029 $(493)$(1,808)$358 $11,086 

Three Months Ended March 31, 2022
Shareholders' Equity
(In millions, shares in thousands)Issued SharesCommon StockRetained DeficitAccumulated
Other
Comprehensive
Loss, net
Noncontrolling Interests
Predecessor Member's Equity(a)
Total Equity
Balance, December 31, 2021 $ $ $(31)$395 $11,250 $11,614 
Net income from January 1, 2022 to January 31, 2022— — — — — 151 151 
Separation-related adjustments— — — (2,006)7 1,802 (197)
Changes in equity of noncontrolling interests from January 1, 2022 to January 31, 2022— — — — (7)— (7)
Consummation of separation