Summary by Moomoo AI
Constellation Energy reported Q3 2024 net income of $1.2 billion, up 64% from $731 million in Q3 2023, primarily driven by nuclear production tax credits (PTCs) from the Inflation Reduction Act. Operating revenues increased 7.2% to $6.55 billion, while operating expenses decreased to $5.09 billion from $5.13 billion year-over-year.The company recognized approximately $670 million in nuclear PTC benefits during Q3 and executed agreements to sell $1 billion of nuclear PTCs to third parties at a nominal discount. Strong operational performance was reflected in the nuclear fleet capacity factor of 95.0%, despite having more refueling outage days compared to the same period last year. Market and portfolio conditions improved with higher realized margins on load contracts.Looking ahead, Constellation expanded its share repurchase program by $1 billion to $3 billion total authorization and maintained quarterly dividends at $0.3525 per share. The company also announced plans to restart the Three Mile Island Unit 1 (renamed Crane Clean Energy Center) under a 20-year power purchase agreement with Microsoft, requiring approximately $1.6 billion in capital expenditures with targeted completion in 2028.
