Constellation Energy has outlined a proposal to invest up to 5,800 MW of new generation and battery storage in Maryland, a move that would add more than 5 % of the state’s peak load and increase total generation capacity by roughly 10 %.
The proposal, submitted to the Maryland Public Service Commission on October 31, 2025, includes gas‑fired generation units and battery storage facilities designed to provide firm capacity and grid flexibility. The plan also covers new and existing nuclear investments, with Constellation working with state leaders to explore building new nuclear power plants in Maryland and extending the life of the Calvert Cliffs nuclear plant.
In addition to the generation and storage components, the proposal references the historic agreement to extend the life of the Conowingo Dam and the Calvert Cliffs nuclear plant. The Conowingo Dam agreement, announced in September 2025, involves more than $340 million in investments for operational improvements and environmental projects that support Chesapeake Bay restoration. The Calvert Cliffs life‑extension plan includes upgrades that could increase the plant’s output and extend its operating life well beyond current projections.
Financially, Constellation has posted strong earnings in recent quarters. In Q3 2024 the company reported GAAP net income of $3.82 per share and adjusted operating earnings of $2.74 per share, up from $2.26 and $2.13 per share in Q3 2023. Q1 2025 earnings were $0.38 per share GAAP and $2.14 per share adjusted, while Q2 2025 results were $2.67 per share GAAP and $1.91 per share adjusted. These results demonstrate the company’s ability to generate robust cash flow to support large capital projects.
The proposal aligns with Maryland’s climate goals, which include achieving net‑zero emissions by 2045 and transitioning to 100 % clean energy by 2035. The Next Generation Energy Act, recently passed in Maryland, encourages the development of battery storage and streamlines approvals for new gas and nuclear plants, creating a favorable regulatory environment for Constellation’s plans.
Management has highlighted both opportunities and headwinds. The CEO noted that the company’s experience with interconnection timelines and regulatory approvals positions it well to execute the proposal, while acknowledging that interconnection delays and evolving market conditions could pose challenges. Nonetheless, Constellation remains committed to investing billions of private‑sector dollars in Maryland’s energy grid without seeking rate increases.
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