CEG

Nuclear baseload — the cleanest firm power on the grid, owned at scale. The mechanism is about the quality of a megawatt: data centers need power that is always on and increasingly need it clean, and an operating nuclear fleet is the only asset that is both, today, with a decade of construction standing between any competitor and parity. Constellation runs the largest nuclear fleet in the country, at the capacity factors that make "always on" a measured fact rather than a slogan; it has signed decade-scale contracts with the hyperscalers, and a federal floor sits under the fleet's economics — so scarcity arrives as term revenue, not spot noise. The named risk was registered in advance: FERC, the regulator with the power to move the goalposts. The expression is the common — the fleet is the position. The kill condition deliberately reaches outside the company, because the thesis is a regime claim: if the refining complex demobilizes — crack spreads collapsing and staying collapsed for ten sessions — or the buildout starts funding itself without paying any scarcity premium, then the energy-scarcity regime this name is priced on has ended, and the thesis ends with it, whatever the fleet earned that quarter. Verdict due January 31, 2028.