New York, Jan 23, 2026, 14:23 (EST) — Regular session underway
- Shares of Constellation Energy climbed roughly 0.5% in afternoon action, bouncing between $285.50 and $292.25 earlier.
- New York regulators pushed payments backing the state’s upstate nuclear plants out through 2049.
- Calpine, a unit of Constellation, announced plans to build a new gas-fired plant in the PJM region, spotlighting ongoing debates over power-market regulations.
Shares of Constellation Energy Corp edged up on Friday, boosted by renewed state backing for its nuclear operations and expansion plans for natural gas through its Calpine subsidiary. The stock climbed 0.5% to $288.79 in afternoon trading.
Policy, not weather or fuel costs, is driving the scene. As electricity demand climbs, power prices and the payments generators receive simply for being available are coming under increased scrutiny amid officials’ efforts to curb rising bills.
This matters for Constellation since its cash flow is influenced as much by market regulations as by actual output. State subsidies may keep nuclear plants operational, while shifts in regional capacity markets can either tighten or boost returns for all power sellers in those grids.
On Thursday, New York’s Public Service Commission extended subsidies for the state’s four nuclear plants, ensuring their eligibility for support through 2049. The decision favors Constellation, the operator of these facilities. “This (nuclear power) is an important part of our energy mix,” said commission member Uchenna S. Bright. 1
The program hinges on zero-emission credits, or ZECs—payments designed to keep nuclear plants running when wholesale power prices fall short of covering their costs. It costs New York ratepayers roughly $408 million annually. Regulators have ordered NYSERDA to submit an updated implementation plan within 60 days, according to the American Public Power Association. 2
Calpine LLC, part of Constellation, announced plans for a natural gas plant in Moundsville, West Virginia, with an investment exceeding $1 billion. The project is expected to generate over 400 construction jobs and roughly 25 permanent positions once up and running, according to a state press statement. “Calpine is moving forward with the project thanks to improved market conditions,” said Suriyun Sukduang, Calpine’s Vice President of Origination. 3
Shares in the utilities sector slipped, with the Utilities Select Sector SPDR ETF dropping roughly 0.7%. Meanwhile, the SPDR S&P 500 ETF, which tracks the S&P 500, nudged up 0.1%. Vistra edged higher by around 0.2%, but NRG Energy slid nearly 1.8%.
Investors are focused on PJM, the power market where the White House and state officials have pushed for changes to curb costs and speed up new supply. This week, FERC greenlit new parameters linked to PJM’s capacity market. At the same time, PJM’s board directed staff and stakeholders to craft a “reliability backstop” procurement plan, with details expected to reach FERC by Feb. 27, according to Utility Dive. “It also needs to have buy-in from the people who finance, build, permit and pay,” said FERC Commissioner David Rosner. 4
Still, efforts to reduce power costs carry risks for generators. Stricter caps on capacity prices could squeeze profits in tight markets, while subsidy programs risk political backlash if ratepayer bills rise or federal backing changes.
Constellation’s next quarterly earnings are due around Feb. 17. Regulators are also set to provide updates on New York’s ZEC framework and changes to PJM’s capacity market. 5
