Updated: December 12, 2025
Company / Ticker: Constellation Energy Corporation (NASDAQ: CEG)
Constellation Energy (CEG) ended the week on a dramatic note, sliding to $351.98 at Friday’s close after a sharp intraday reversal that took the stock from an early surge to a steep selloff. CEG opened at $379.00, traded as high as $380.78, then dropped to $351.22 before closing down 7.03% on the day, with volume around 3.78 million shares. [1]
That one-session swing capped a volatile five-day stretch in which Constellation’s stock climbed into Thursday’s close—then abruptly gave back gains on Friday. From Monday (Dec. 8) close of $357.67 to Friday (Dec. 12) close of $351.98, CEG finished down about 1.6% for the week, even after closing at $378.60 just one day earlier (Dec. 11). [2]
So what changed? The short answer: investors are weighing (1) the fast-approaching finish line for the Calpine acquisition, (2) financing and divestiture mechanics tied to that deal, and (3) the market’s broader “AI + data centers + firm clean power” narrative that has turned nuclear-heavy generators like Constellation into a high-multiple trade—one that can move quickly in both directions when sentiment shifts.
Below is a complete, publication-ready roundup of the latest CEG news, forecast and analyst outlook, and the week-ahead setup (Dec. 15–19, 2025).
CEG stock recap: what happened this week?
Daily closes (this week):
- Dec. 8: $357.67
- Dec. 9: $359.15
- Dec. 10: $362.07
- Dec. 11: $378.60
- Dec. 12: $351.98 (–7.03%) [3]
The headline move was Friday’s reversal, but the story of the week is the push-pull between optimism that Constellation’s next phase is near (Calpine closing steps, commercial clean-energy wins) and caution about valuation, regulatory conditions, and integration risk as the company prepares to become significantly larger and more gas-exposed than it is today.
Latest Constellation Energy news in the last few days
1) Calpine acquisition: DOJ resolution clears a major hurdle (Dec. 5)
On Dec. 5, Constellation said it reached a resolution with the U.S. Department of Justice regarding conditions to complete its Calpine acquisition—calling it the final regulatory clearance needed to complete the transaction. Constellation also noted it can begin closing once a court signs the stipulation and order agreed to by the parties and DOJ. [4]
Reuters reported the Calpine acquisition at about $16.4 billion, and said FERC approved the transaction with conditions tied to divestitures intended to address competition concerns. [5]
What Constellation disclosed about divestitures
Constellation’s Dec. 5 release laid out two layers of divestiture requirements:
- FERC condition: divestiture of four Calpine assets in the Mid-Atlantic region: Hay Road, Edge Moor, Bethlehem, and York 1. [6]
- DOJ resolution: Constellation agreed to divest York 2 (828 MW, PA), Jack Fusco Energy Center (605 MW, near Houston), and a minority ownership interest in the Gregory Power Plant (385 MW, near Corpus Christi). [7]
Industry outlet Utility Dive added that, under the agreement, Constellation must enter into contracts to sell the assets within 240 days after it buys Calpine, and described the Calpine deal as $26.6 billion (a figure commonly associated with enterprise value in large acquisitions, which can differ from equity-only deal values cited elsewhere). [8]
Why markets care: regulatory clearance removes “will it close?” uncertainty, but required divestitures introduce “at what price?” and “how clean is the closing process?” questions—especially when power markets are tight and the market value of gas assets can swing with fuel prices and capacity dynamics.
2) Calpine financing mechanics: exchange offers for Calpine notes (Dec. 9)
On Dec. 9, Constellation commenced private exchange offers and consent solicitations for multiple series of Calpine notes (including 4.625% due 2029, 5.000% due 2031, and 3.750% senior secured notes). The company described issuing new Constellation notes with the same interest payment dates, maturity dates, and interest rates as the Calpine notes being exchanged, and noted the exchange offers are conditioned on the consummation of the Calpine merger. [9]
Business Wire’s detailed timetable highlighted a key near-term date for investors tracking the transaction:
- Early Tender / Withdrawal Deadline:5:00 p.m. NYC time, Dec. 22, 2025
- Expiration Date:5:00 p.m. NYC time, Jan. 8, 2026 [10]
Why this matters to CEG stock: these steps are the “plumbing” of a mega-deal. They’re not usually a long-term thesis driver, but they can influence short-term trading—especially when the stock is priced for execution and markets are sensitive to credit conditions.
3) Commercial clean-energy demand: W. L. Gore expands agreement with “hourly carbon-free” matching (Dec. 9)
Also on Dec. 9, Constellation announced a deal with W. L. Gore & Associates to incorporate hourly carbon-free energy matching into a prior clean-energy procurement agreement. Constellation said the arrangement covers approximately 110,000 MWh per year of clean energy, with an estimated reduction of 33,000 metric tons through November 2026, and framed the “hourly matching” offering as enabled by its always-on nuclear fleet. [11]
Why it matters: beyond headlines about data centers, corporate buyers are increasingly focused on 24/7 matching—not just annual renewable certificates. For Constellation’s nuclear-heavy generation profile, that’s a structural commercial advantage the company is leaning into.
4) Nuclear + Big Tech narrative: Platts “Energy Deal of the Year” for Microsoft PPA tied to Crane restart (Dec. 12)
On Dec. 12, Constellation said it won “Energy Deal of the Year” at the 2025 Platts Global Energy Awards for its 20-year power purchase agreement (PPA) with Microsoft, which it says paved the way for the launch of the Crane Clean Energy Center and the restart of Unit 1 in Londonderry, Pennsylvania. The company said Microsoft will utilize 835 MW of emissions-free power from Crane to help match PJM data centers’ power use and contribute grid capacity and reliability. [12]
Separately, the U.S. Department of Energy announced on Nov. 18 that DOE’s Loan Programs Office closed a $1 billion loan to Constellation Energy Generation, LLC to help finance the Crane Clean Energy Center restart—describing the project as an 835 MW plant and noting the reactor ceased operations in 2019 but was not fully decommissioned. [13]
Why it matters: these announcements reinforce the market’s central CEG narrative: rising demand for reliable, low-carbon electricity—particularly from the “data economy”—is increasing willingness to sign long-duration contracts that support nuclear life extensions and even restarts.
Fundamental snapshot: what the company most recently guided
Constellation’s most recent quarterly update (Q3 2025 results, released Nov. 7) included:
- Adjusted (non-GAAP) operating earnings:$3.04 per share for Q3 2025
- Full-year 2025 adjusted operating earnings guidance:$9.05 to $9.45 per share (narrowed range) [14]
Management also emphasized nuclear performance and the company’s positioning as it approaches the Calpine close. [15]
Analyst forecast and price targets: what Wall Street expects for CEG
Across major tracking services, the Street outlook remains broadly constructive—even after the week’s volatility:
- MarketBeat shows 16 analyst ratings with a “Moderate Buy” consensus and an average 12-month price target of $399.07 (about 13% upside from $351.98), with targets ranging from $258 to $478. [16]
- StockAnalysis lists an average target of $391.29 from 14 analysts (about 11% upside), while also showing examples of recent target changes (e.g., a Citi target raised from $337 to $368 on Nov. 10, and a Wells Fargo initiation at $478 in late Oct.). [17]
How to interpret this: consensus targets imply upside, but the dispersion is wide—consistent with a stock whose future depends heavily on deal execution, power prices, and the durability of the “firm clean” premium investors are currently paying.
Options market “forecast”: implied move for the week ahead
For traders watching near-term volatility, options pricing implies the market is braced for continued large moves.
OptionCharts’ expected move estimates for CEG show, for Dec. 19, 2025 expiration, an implied move of approximately ±$27.25 (±7.57%). [18]
Meanwhile, Fintel’s implied volatility table shows IV30 around the mid-0.40s (roughly mid-40% annualized) across the week’s sessions, consistent with elevated volatility versus a typical regulated utility profile. [19]
Important caveat: an “expected move” is not a directional prediction; it’s a market-implied range derived from option prices.
What to watch next week (Dec. 15–19, 2025): catalysts for CEG stock
1) Macro data that can move rate-sensitive equities
Even though Constellation is not a traditional regulated utility, its valuation and sentiment can still react to rate and macro surprises—especially in a market that has rewarded “duration-like” growth narratives.
Key U.S. calendar items next week include:
- Retail sales rescheduled for Dec. 16, 2025, per the Census Bureau (rescheduling notice). [20]
- CPI for November 2025 scheduled for Dec. 18, 2025 at 8:30 a.m. ET, per BLS. [21]
- A broader weekly lineup of major reports and Fed speakers is also summarized in Kiplinger’s week-ahead calendar coverage. [22]
Why it matters for CEG: high-multiple, narrative-driven stocks can see sharp repositioning when inflation and rates reprice, even if the company-specific thesis remains intact.
2) Calpine close watch: court sign-off and “final-mile” deal updates
Constellation said closing can begin once the court signs the stipulation and order agreed to by the parties and DOJ. [23]
Utility Dive reported the proposed settlement would be published in the Federal Register with a 60-day comment period, and reiterated the deal’s scale and the divestiture timeline mechanics. [24]
Why it matters: investors may treat any “closing date” clarity as a catalyst—positive if the process looks clean, negative if timelines stretch or divestiture economics appear less favorable.
3) Calpine note exchange timetable: a looming date just beyond next week
While not within Dec. 15–19, the Dec. 22 Early Tender/Withdrawal Deadline for the note exchange is close enough that markets may start pricing incremental execution signals next week. [25]
Bottom line for Google News readers
Constellation Energy’s week was a reminder that CEG is no longer trading like a sleepy utility stock. It’s trading like a high-conviction infrastructure-and-AI power thesis—with a major M&A integration about to reshape the company’s generation mix and risk profile.
The bullish pillars remain:
- Growing demand for reliable, carbon-free power (notably 24/7 matching) [26]
- Big-tech-aligned nuclear commercialization (Microsoft PPA; Crane restart) [27]
- A near-term M&A catalyst with “final clearance” now in place [28]
The near-term risks that can keep volatility high:
- Divestiture and closing mechanics tied to regulatory conditions [29]
- Financing steps (note exchanges, consents) that can add headline risk [30]
- Macro-driven repricing of richly valued, narrative-heavy names [31]
As of Dec. 12, the Street’s consensus price targets still point higher over a 12-month horizon, but Friday’s action underscores that the path may be anything but smooth. [32]
References
1. www.investing.com, 2. www.investing.com, 3. www.investing.com, 4. www.constellationenergy.com, 5. www.reuters.com, 6. www.constellationenergy.com, 7. www.constellationenergy.com, 8. www.utilitydive.com, 9. www.constellationenergy.com, 10. www.businesswire.com, 11. www.constellationenergy.com, 12. www.constellationenergy.com, 13. www.energy.gov, 14. www.constellationenergy.com, 15. www.constellationenergy.com, 16. www.marketbeat.com, 17. stockanalysis.com, 18. optioncharts.io, 19. fintel.io, 20. www.census.gov, 21. www.bls.gov, 22. www.kiplinger.com, 23. www.constellationenergy.com, 24. www.utilitydive.com, 25. www.businesswire.com, 26. www.constellationenergy.com, 27. www.constellationenergy.com, 28. www.constellationenergy.com, 29. www.constellationenergy.com, 30. www.constellationenergy.com, 31. www.bls.gov, 32. www.marketbeat.com
