FINWIRES · TerminalLIVE
FINWIRES

Constellation Energy Reports Dip in Nuclear Power Generation in Q1

By

Constellation Energy (CEG), one of the largest utilities in the US, reported a dip in its nuclear power generation amid increased refueling outages, in a Q1 earnings update on Monday.

The company's nuclear fleet, which includes its owned output from the Salem and South Texas Project generating stations, produced 44,666 gigawatt-hours of electricity during the quarter, down from 45,582 GWh last year.

This was attributed to a decline in capacity factors, essentially the maximum possible electricity output from the reactors, to 92.3% down from 94.1%, as planned refueling outage days increased to 99, from 88 days last year.

Constellation said its combined-cycle and cogeneration natural gas fleet generated approximately 23 million megawatt-hours of electricity while operating at a 47.1% capacity factor.

The company said its expanded retail and commercial platform now delivers about 275 million megawatt-hours of electricity annually and around 800 billion cubic feet of natural gas annually across customers in 40 states.

Total capital expenditures stood at $1.27 billion, up from $806 million last year, with the company forecasting $3.9 billion in capital expenditures for the full-year.

Related Articles

Commodities

Market Chatter: Eni Reportedly Explores 1 Billion Euro LNG Asset Funding Deal, Reuters Says

Eni (E) has asked Morgan Stanley to assist in raising funds from infrastructure investors, including Apollo Global Management, KKR, and Stonepeak, in a potential transaction backed by its floating liquefied natural gas assets, Reuters reported on Tuesday, citing people familiar with the matter.According to Reuters, discussions remain at an early stage, and a transaction is not guaranteed, as the structure and terms are still subject to change.The proposed deal could raise at least 1 billion euros ($1.17 billion) for Eni, one of the sources told Reuters.Neither Eni, Morgan Stanley, nor the named investors immediately responded torequests for comment.Reuters reported that the plan aligns with Eni's broader strategy to attract infrastructure capital to free up balance-sheet capacity for new upstream oil, gas, and LNG developments.One structure under consideration would involve an infrastructure fund providing an initial cash injection into a special-purpose vehicle, which would then be entitled to receive cash flows generated by Eni's FLNG assets.The discussions come amid intensifying global competition for LNG cargoes across Europe and Asia, as supply disruptions linked to geopolitical tensions continue to ripple through markets.Eni has built a significant FLNG portfolio, including three floating liquefaction units operating offshore Mozambique and Congo, processing natural gas for export. The company is also advancing FLNG capacity, including a multi-billion-dollar project in Mozambique and two additional units for YPF in Argentina, targeted for completion by 2030.If completed, the structure would provide investors with exposure to long-term cash flows from assets across Africa and other regions outside the Middle East, offering diversification away from geopolitically sensitive supply zones.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $55.45, Change: $-0.01, Percent Change: -0.02%

$E
Commodities

US Biofuel Sector Needs Unprecedented D4 RIN Output to Meet 2026, 2027 Obligations, Study Says

The level of D4 Renewable Identification Number generation required to meet the final US Renewable Volume Obligations in 2026 and 2027 will have to reach unprecedented levels, according to a new study by the University of Illinois.The research findings follow the Environmental Protection Agency's late March announcement of its final "Set 2" rule establishing RVOs under the Renewable Fuel Standard for 2026 and 2027.RINs are compliance credits that function as the "currency" of the RFS program.In an article that first appeared on FarmdocDaily on Monday, a website hosted by the University of Illinois, economists projected that required D4 net RIN generation must increase from 7.10 billion RIN gallons in 2025 to 11 billion to 12 billion RIN gallons in 2026 and 2027."Those are levels that have no precedent in the history of the US biomass-based diesel industry," the economists said.In their article, the economists examined the recent monthly pace of D4 RIN generation alongside the pace required to meet the final RVOs."In short, the required D4 net RIN generation is the crucial number that the biomass-based diesel sector must hit in each of the next two compliance years, and the cushion provided by the RIN bank is essentially exhausted after 2026," the economists stated in the article.The economists analyzed D4 RIN net generation from January 2023 through the latest available 2026 data and compared it with the average monthly pace of D4 RIN net generation required to satisfy total D4 demand in each calendar year."The required monthly pace was 652 million RIN gallons in 2023, rose to 758 million RIN gallons in 2024, and fell to 592 million RIN gallons in 2025. Under the final Set 2 rule, the required monthly pace jumps to 916 million RIN gallons in 2026 and 991 million RIN gallons in 2027. RIN generation incorporates both imports and domestically produced biomass-based diesel," the economists said.The article noted that the biomass-based diesel sector must shift to monthly D4 RIN generation levels. However, aside from one transitory exception, this level has not been achieved in any month over the past three years. The sector would then need to sustain these levels for 24 consecutive months.So far, monthly D4 RIN net generation in early 2026 has remained well below the pace needed to meet the 2026 RVO.The latest available data show monthly D4 RIN net generation of 436 million gallons in January, 478 million in February, and 649 million in March 2026, according to FarmdocDaily.

Commodities

Equinor Marks 5,000 Gullfaks Cargoes as North Sea Field Extends Lifespan

Equinor (EQNR) completed shipment of oil cargo number 5,000 from the Gullfaks field in the North Sea, marking nearly four decades of production and exports to Europe, the company said Tuesday.Production at Gullfaks began in 1986 with an original operating target through 2007, but the field continues to supply weekly crude cargoes to international buyers nearly two decades later.The field has produced about 2.8 billion barrels of oil equivalent, almost double the company's initial estimate.The Gullfaks field also handles export volumes from the Snorre and Visund fields, along with several subsea developments.Gullfaks crude carries low sulfur content and light oil characteristics, allowing refiners to produce gasoline, diesel, jet fuel, liquefied petroleum gas and naphtha for petrochemical manufacturing.Equinor delivers Gullfaks crude to refineries in Sweden, the UK and Poland, while some shipments also move to the company's Mongstad refinery in Norway, according to the company.The company transports crude through shuttle tankers designed to carry about 800,000 barrels of oil per voyage between the Norwegian continental shelf and European customers."Together, we deliver highly reliable logistics that enable oil to be transported quickly and safely from the Norwegian continental shelf to our customers," said Heidi Aakre, Equinor's head of shipping.Price: $38.30, Change: $+0.08, Percent Change: +0.21%

$EQNR