Report published September 30, 2026
Constellation Energy Corp. (CEG): Announces a 20-Year Nuclear PPA for ~700 MW in PJM - Goldman Sachs Equity Research
Goldman Sachs · September 30, 2026
Constellation Energy announced a 20-year PPA with Amazon for 690 MW of nuclear power at Calvert Cliffs, implying an estimated $86mn-$224mn FCFbG uplift. Goldman Sachs reiterates its Neutral rating and $305 price target, noting the positive read-through for merchant power producers despite the relatively small fleet share.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Constellation Energy announced a 20-year PPA with Amazon for 690 MW of nuclear power at the Calvert Cliffs Clean Energy Center, including 190 MW of uprates online between 2030 and 2032.
- 2.The deal implies an estimated $86mn to $224mn uplift on FCFbG based on CEG's prior disclosures, though contracted capacity represents only ~3% of CEG's total nuclear fleet.
- 3.Goldman Sachs maintains a Neutral rating and a 12-month price target of $305, noting potential for CEG and IPPs to react positively to contracting progress in PJM amidst regulatory uncertainty.
Table of Contents
- Calvert Cliffs PPA Overview
- Our Views
- Valuation and key risks
Report data
GS Forecast — as of September 30, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Contracted Nuclear Capacity | 690 MW | Total contracted nuclear power under the 20-year PPA with Amazon |
| Planned Uprates | 190 MW | Portion of 690 MW PPA capacity consisting of plant uprates |
| Infrastructure Investment Enabled | 3+ USD bn | Capital commitment enabled across the entire 1,790 MW Calvert Cliffs facility |
| Estimated FCFbG Uplift | 86-224 USD mn | Estimated annual FCFbG uplift implied by the 690 MW Amazon PPA based on company disclosures |
| PPA Share of CEG Nuclear Fleet | 3% | The 690 MW capacity as a percentage of CEG's total nuclear fleet |
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