CEG · 10-Q · 2026Q3 · Full report

Commercial Commitments

Constellation Energy Corp · 2026-11-09 · Importance 43 · Surprise 6 · In source text

Commercial commitments potentially triggered by future events totaled $6,631 million as of September 30, 2026. The total included $4,494 million of letters of credit and $1,607 million of surety bonds. The company also reported $3,783 million of commitments expiring within the first listed period and $2,044 million expiring in the next listed period.

Key facts

• Constellation Energy assumed approximately $3 billion of projected cash payments under existing fixed- or minimum-payment financial commitments in connection with the January 2026 Calpine acquisition.
• As of September 30, 2026, Constellation's commercial commitments totaled $6,631 million.
• As of September 30, 2026, letters of credit were $4,494 million in total commercial commitments, including $2,844 million expiring within the first listed period and $1,521 million in the next listed period.
• Following the January 2026 Calpine acquisition, Constellation assumed additional first-priority liens on Calpine assets as collateral under certain power and natural gas agreements and certain interest-rate swaps to reduce cash collateral and letters of credit otherwise provided to counterparties.
• As of September 30, 2026, exposure under first-priority liens was reported for power and natural gas agreements, with no exposure for interest-rate swaps.

Impact estimates