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.
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. Reuters
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. RTO Insider
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. Virginia Business
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.
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.
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. Reuters
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.
