Wholesale electricity and capacity prices surged last year in key power markets, according to Constellation Energy, a major independent power producer.
Average day-ahead electricity prices in the PJM West region, for example, jumped 49%, to $50.19/MWh; prices in the ComEd region surged 44%, to $36.62/MWh, Constellation said in its annual report, filed Tuesday with the U.S. Securities and Exchange Commission.
Prices in the Electric Reliability Council of Texas market grew 22% last year, to $32.94/MWh, while prices in New England jumped 64%, to $68.56/MWh, according to the report.
Fuel prices, generating resources in a region, weather, competition, emerging technologies, as well as macroeconomic and regulatory factors all can affect electricity prices, Constellation said.
Capacity prices in PJM’s ComEd zone soared 445% in 2025, to $169.50/MW-day; prices in its eastern region increased nearly 250%, to $179.79/MW-day, according to the Baltimore-based IPP. The prices are a blend of two capacity years, which begin on June 1.
Those price increases come amid a sharp focus by politicians, regulators and utilities on electric affordability amid a rise in data center development.
Constellation’s income plunged to $2.3 billion, or $7.40/share, last year, from $3.7 billion, or $11.89/share, in 2024, partly on reduced nuclear production tax credit revenue, according to the company’s SEC filing.
However, after removing one-time factors such as unfavorable net unrealized losses on economic hedges and higher net unrealized losses on equity investments, Constellation’s operating earnings increased to $2.9 billion in 2025, up from $2.7 billion the year earlier. Constellation’s revenue climbed to $25.5 billion last year from $23.6 billion in 2024.
Constellation’s 22-GW nuclear fleet produced 182,690 GWh in 2025, up 0.5% from the previous year, the company said. Its gas- and oil-fired power plants produced 16,679 GWh and its renewable fleet produced 5,575 GWh last year, down 20% and 3%, respectively, from 2024.
Constellation’s power supply also included 63,999 GWh that it bought on the spot market in 2025, up 5% from 2024.
Meanwhile, Calpine has entered into deals to supply CyrusOne, a data center developer and operator, with 1,100 MW for data centers in Texas, Constellation noted in its earnings press release. As part of that total, on Feb. 9 Constellation said Calpine would supply a CyrusOne data center with 380 MW.
Constellation said in its SEC report it is unsure when it will restart its 835-MW Crane nuclear unit, formerly Three Mile Island Unit 1, which is under a 20-year power purchase agreement with Microsoft.
“The timing of the restart is subject to certain regulatory approvals, interconnection-related construction, permitting, and obtaining a renewed operating license,” the company said.
Constellation contends that it is well-positioned to meet rising demand for dependable, emissions-free electricity.
“Rising awareness of climate change and clean energy options is fueling demand for value-added products and services, such as solar, behind-the-meter storage, EV charging, and the ability to choose 100% clean power 24/7 in competitive retail energy markets,” Constellation said. “Customers are also showing heightened interest in long-term energy agreements that provide price stability and reliability.”
Constellation plans to hold a conference call on March 31 to discuss its earnings outlook.
