Constellation entered into an agreement to acquire Calpine Corporation, coupling clean energy with dispatchable natural gas assets. The acquisition is subject to regulatory approvals and customary closing conditions.

The restart is estimated to cost $1.6 billion and is subject to regulatory approvals and permitting. Site is expected to be online in 2028, with Microsoft purchasing the output.

The nuclear PTC provides a transferable credit up to $15 per MWh, subject to phase-out based on gross receipts. This is an important tool in managing commodity price risk.

Nuclear generating facilities achieved capacity factors of 94.6% in 2024, exceeding the industry average. This reflects effective operation and maintenance.

Renewal rates of 78% for C&I power customers and 88% for C&I gas customers in 2024, demonstrating strong customer relationships and service.

Company plans to file applications to extend the licenses of its nuclear fleet to 80 years for units that receive continued policy support for their long-term operation.

The company is exposed to commodity price risk for natural gas and the unhedged portion of its generation portfolio, which can impact earnings and cash flows.

These risks include challenges in satisfying conditions, obtaining regulatory approvals, and potential delays or abandonment of the merger agreement, as well as integration challenges.

These risks include changes in the global climate that could produce extreme weather events, which could put our facilities at risk, and such changes could also affect the levels and patterns of demand for energy and related services.

Company's nuclear, hydro, wind, and solar generation facilities have the generating capacity to power the equivalent of 16 million homes, providing about 10 percent of the nation's clean energy.

Retail operations compete for customers in a competitive environment, which affects the margins we can earn and the volumes we are able to serve.

Corporations are facing increasing pressure from their customers and investors to align their businesses with environmental and sustainability objectives, including supporting goals to reduce GHG emissions in their business operations.

Company manages scheduled refueling outages to minimize their duration and to maintain high nuclear generating capacity factors, resulting in a stable supply position for our wholesale and retail power marketing activities.

Company is subject to NERC mandatory reliability standards, which protect the nation's bulk power system against potential disruptions from cyber and physical security breaches.

Company has minimized GHG emitting assets in our portfolio and maximized carbon-free electric production.

Company is committed to investing in innovative technologies to drive the transition to a reliable, sustainable and secure energy future.

Company has made investments in developing carbon capture technologies to reduce GHG emissions from carbon emitting generating plants.

Company continue to explore other decarbonization opportunities, supporting pilots of emerging energy technologies and development of clean fuels.

Our Board of Directors approved a 10% increase in the 2025 quarterly dividend per share compared to the 2024 quarterly dividend per share. The 2025 quarterly dividend will be $0.3878 per share.

Company continually evaluate growth opportunities aligned with our businesses, assets, and markets leveraging our expertise in those areas and offering durable returns.

Company is creating new value from the existing fleet through nuclear uprates and license extensions, repowering of renewables, co-location of data centers, production of clean hydrogen, and other opportunities.

Our Board of Directors is responsible for overseeing the management of environmental matters. We have a management team to address environmental compliance and strategy, including the CEO, and other members of senior management.

Company actively invest in community development through philanthropic giving and employee volunteerism. We work to build a future in which all our employees, customers, business associates and communities benefit from social, environmental and economic progress.

Company is committed to a clean energy future and aim to meet the growing energy needs of all our customers. We continue to serve as a partner to businesses and public entities that are setting ambitious sustainability goals and seeking long-term solutions to ensure reliability and maintain affordability.

The U.S. energy sector is experiencing unprecedented changes that we believe will increase the demand for reliable, clean power generation and benefit our business.

Company is focused on a clean energy future and we believe our business is well-positioned to benefit from policy support for decarbonization as our generation fleet is essential to helping meet sustainability goals.

New technologies requiring reliable energy, and evolving customer preferences favoring clean energy, choice and digitization.