New York, January 27, 2026, 20:48 EST — Market closed.
- Constellation Energy (CEG) closed Tuesday up 1.2% at $288.76.
- PJM’s fast-track plan for data-center hookups and a proposed “backstop” auction keep power-market rules in focus.
- Watch list: natural-gas swings, PJM/FERC next steps, and the company’s next earnings update (estimated Feb. 17).
Constellation Energy Corporation (CEG) shares closed up 1.2% at $288.76 on Tuesday, after trading as low as $282.50. The stock topped out near $290.40 in the regular session before giving back some gains into the close. 1
Policy is back in the spotlight. PJM Interconnection, which runs the power grid and wholesale markets for about 65 million people across 13 states, has proposed a fast-track process for large data centers that bring new generation alongside their demand, following a December Federal Energy Regulatory Commission order. “Given the speed-to-market requirements of AI data centers, the FERC’s order could favor arrangements with existing power plants, such as nuclear,” said Josh Price, director of the energy team at Capstone. 2
That debate is moving from headlines to process. PJM stakeholders kicked off discussions on a government-proposed “backstop” auction — an extra round to buy new power capacity — that would be held in September, RTO Insider reported. Capacity auctions pay generators to be available in future years, and small rule changes can move the clearing price. 3
Constellation’s gain came in a broader bounce for power names. Vistra rose 3.4%, NRG Energy climbed 4.1% and AES gained 2.1%, while NextEra Energy added about 2.0%. “The market seems to be hanging in there,” Phil Blancato, chief market strategist at Osaic Wealth, said as the S&P 500 scored a record close. 4
Winter weather has made the fundamentals jumpy. In a weekly market note, Constellation said February NYMEX natural gas settled at $6.80 per million British thermal units on Monday, up about $1.53, as freeze-offs and big storage withdrawals came into view. 5
Constellation is still digesting its Calpine deal, which closed on Jan. 7 and expanded the company’s natural-gas and geothermal generation footprint. In announcing the combination, the company said the combined fleet totals 55 gigawatts and includes operations in high-demand regions such as Texas and California. 6
But tighter rules can cut both ways for generators. Governors were set to unveil a two-year price-cap deal for future PJM auctions with the White House earlier this month, two sources said, as officials tried to blunt rising electricity bills tied to data-center growth. “Americans are already struggling to make ends meet,” Senator Chris Van Hollen said in a press release. 7
Ahead of Wednesday’s session, traders will look for more detail on PJM’s fast-track rules and any follow-through on the proposed backstop procurement, while keeping an eye on gas prices. Constellation’s next estimated earnings date is Feb. 17, before market open, according to StockAnalysis.com. 8
