CEG · 10-Q · 2026Q3 · Full report

Operating Expense Trends

Constellation Energy Corp · 2026-11-09 · Importance 64 · Surprise 56

For the first nine months of 2026, purchased power and fuel expense increased $3.692 billion, or 33.3%, to $14.775 billion; segment expense increased $3.701 billion, or 43.6%, to $12.190 billion. Calpine contributed $3.845 billion of nine-month purchased power and fuel expense, compared with none in the 2025 period. Midwest expense increased 40.9%, including $565 million of higher costs associated with purchased power to supply load, significant January 2026 weather, and net transmission costs. Mid-Atlantic expense included $475 million of higher purchased-power, capacity, and January weather costs, partly offset by $390 million of favorable realized hedges.

Key facts

• Depreciation and amortization expense increased by $213 million for the three months ended September 30, 2026 and by $597 million for the nine months ended September 30, 2026 versus the same periods in 2025, primarily due to Calpine assets acquired beginning in January 2026.
• Interest expense, net, increased by $83 million for the three months ended September 30, 2026 and by $355 million for the nine months ended September 30, 2026 versus the same periods in 2025, primarily due to increased outstanding debt following the January 2026 Calpine acquisition.