New York, Feb 2, 2026, 16:14 ET — After-hours
- Shares slipped 3.5%, lagging behind the broader utilities sector.
- Efforts to rein in power costs across major U.S. grids continue to draw attention.
- The stock now turns its focus to the company’s quarterly results due later this month.
Constellation Energy’s stock slipped 3.5% on Monday, ending the day at $270.75. This decline outpaced the broader U.S. utilities sector, despite gains elsewhere in the market.
This shift is significant since the stock now behaves like a high-beta utility play, driven by two volatile factors: power-price politics and data-center demand growth forecasts. It takes only a small trigger to move the tape.
Policy risk is at the heart of the issue. PJM Interconnection — the biggest U.S. grid operator — faces mounting pressure from the White House and state regulators to speed up adding new capacity and rein in costs in its capacity market, which compensates generators for future availability. At a January event, Josh Shapiro slammed PJM for being “too damn slow to let new generation onto the grid.” Under Trump’s administration, proposals like BYOG (“bring your own generation”) for major data centers gained traction.
Shares of other power companies also slipped. Vistra Corp dropped 2.6%, NRG Energy Inc. lost 2.3%, and NextEra Energy Inc. declined 1.8%.
But for Constellation’s bulls, the real issue isn’t a single day’s flow—it’s about execution. When the company wrapped up its Calpine Corporation deal, it warned of typical risks: integration hiccups, synergies taking longer than planned, and benefits arriving late. CEO Joe Dominguez noted it was “not just about two great companies coming together,” while Calpine’s Andrew Novotny described the merger as “the assets that power America today.” (Constellationenergy)
The deal included strings attached. Constellation earlier announced it had settled with the U.S. Department of Justice, agreeing to sell off three natural gas-fired plants. On top of that, the Federal Energy Regulatory Commission signed off on the acquisition but demanded a separate divestiture involving Calpine assets in the Mid-Atlantic. (Reuters)
The next key event is the quarterly report, set for Feb. 19 before markets open. According to StreetInsider’s earnings calendar, analysts expect earnings around $2.31 per share on approximately $4.95 billion in revenue.
The stock has swung widely. According to Investing.com, it ranged between about $161 and $413 over the past year, with after-hours trading showing little movement from the closing price. (Investing)
Traders on Tuesday will be on the lookout for any follow-through from yesterday’s late sell-off, as well as new policy developments that might shift outlooks on capacity pricing and the timing of new projects.
After that, all eyes turn to the Feb. 19 earnings report. Investors will be listening closely for any updates on early integration efforts, progress on asset sales linked to regulatory hurdles, and management’s take on contracting and power price trends.
