Exelon Corporation · NASDAQ:EXC
Exelon — Investor Day (January 2022)
104 slides from Exelon's investor day presentation, Jan 10, 2022
Slide 1: Analyst Day January 11, 2022
= Constellation amr | Analyst Day EE January 11, 2022 —————_
Slide 2: Welcome and Agenda
= Constellation Welcome and amu | Agenda y 4 Emily Duncan Vice President, Investor Relations
Slide 3: Agenda
Agenda @ Welcome & Constellation = A Policy/ESG Generation Introductions Overview Kathleen Barron, Bryan Hanson, Emily Duncan, Joe Dominguez, Chief Strategy Officer Chief Generation Vice President, Chief Executive Officer Onficar Investor Relations Page 2 Page 23 Page 37 Commercial Jim McHugh, Chief
Slide 4: Cautionary Statements Regarding Forward-Looking Information
Cautionary Statements Regarding Forward-Looking Information This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties including, among others, those related to the timing, manne
Slide 5: Non-GAAP Financial Measures
Non-GAAP Financial Measures Constellation reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). Constellation supplements the reporting of financial information determined in accordance with GAAP with certain non-GAAP financial measure
Slide 6: Non-GAAP Financial Measures Continued
Non-GAAP Financial Measures Continued This information is intended to enhance an investor's overall understanding of period over period financial results and provide an indication of Constellation's baseline operating performance by excluding items that are considered by management to be not directl
Slide 7: Driving Deep Decarbonization of the U.S. Economy
= Constellation Driving Deep Decarbonization of the —w U.S. Economy ki EE Joe Dominguez Chief Executive Officer
Slide 8: Constellation: America's Leading Clean Energy Company
ane aaa ae Carbon-Free Generation Fleet: #1 provider of carbon-free 24/7 energy in the United States + Lowest carbon emissions and carbon intensity generator in the United States + 32,400 MWs of total generating capacity + =78 million metric tonnes of carbon avoided through our fleet + 94.3% capacit
Slide 9: Constellation's Value Proposition
Constellation’s Value Proposition Enduring Businesses Ready to Meet the Climate Crisis ‘* World-Class nuclear operator and largest generator of 24/7 carbon-free firm electricity with ability to extend asset lives ‘Largest provider of energy and solutions to commercial and industrial customers ‘* Str
Slide 10: U.S. is Rapidly Decarbonizing
U.S. is Rapidly Decarbonizing Have GHG targets or clean energy goals 10 [e) local governments leveloped climate $100B...,.. needed in clean energy investment to reach 90% clean energy by 2035 2/3 of car sales will be electric U.S. GHG Reduction Target of 50-52% —= Constellation
Slide 11: Constellation is the Largest Producer of Carbon-Free Electricity in the United States
u Constellation is the Largest Producer of Carbon-Free Electricity in the United States Largest Producers of Carbon-Free Generation@2) Lowest CO, Emissions Among Major Investor-Owned Generators®) Lowest Carbon Intensity Among Major Investor-Owned Generators@) ‘milion MWh Constellation (3) a NextEra
Slide 12: Demand for Carbon-Free Electricity and Byproducts
Positioned for Long-Term Success — Demand for Carbon-Free Electricity and Byproducts Electricity Demand Will Nearly Double and Carbon-Free Electricity Will Expand Five-fold to Meet Net Zero by 2050 Stade ¥ 8,140 TWhs Electricity must grow to ~50% of energy used in industry, transport and buildings t
Slide 13: Firm Nuclear Power Plays a Unique Role in the Fight Against the Climate Crisis
B Firm Nuclear Power Plays a Unique Role in the Fight Against the Climate Crisis Firm Carbon-Free Nuclear power provides firm carbon- free electricity while displacing fossil fuels in applications requiring a continuous power supply Resilient Nuclear power has onsite fuel for 18-24 months, providing
Slide 14: Nuclear is Among the Safest Forms of Power Generation
Nuclear is Among the Safest Forms of Power Generation® and Has Lowest Life Cycle Emissions of any Technology) Nuclear || Hydro |] Onshore Wind [If Offshore Wind [i Solar PV Solar Thermal (j Gas NGCC (with CCS) | ieessrmienaceuedie Coal IGCC (with CCS) | [iS Ml Range of Lifecycle GHG Emissions Observ
Slide 15: Demand for Carbon-Free Energy
5 Demand for Carbon-Free Energy December 2021 Executive Order calling for “100 percent carbon pollution-free electricity (CFE) by 2030, at least half of which will be locally supplied clean energy to meet 24/7 demand” In November 2021, the Renewable Energy Buyers Association, Oo G E BA a community o
Slide 16: Constellation's Pathway to Flexible Clean Energy Centers
Constellation’s Pathway to Flexible Clean Energy Centers BEFORE AFTER Power to X H2, e-methanol, -—> a sma Data Center Nuclear Inflexible Grid Energy and Capacity with ‘Advanced Nuclear Dispatch Clean Energy Center Direct ra p ‘apture Flexible Grid giligy gi Energy and 4 Capacity (24/7) Nuclear ener
Slide 17: Customer Platform Provides Tools for Sustainability and Carbon Reduction Targets
Constellation’s Customer Platform Provides Tools to Help Communities, Families and Businesses Meet Their Sustainability and Carbon Reduction Targets AA Carbon Footprint Measures customers’ carbon footprint across all locations to develop aplan to lower emissions factors v7 wy Carbon-Free Power Reduc
Slide 18: Disciplined Capital Allocation Strategy
18 Disciplined Capital Allocation Strategy Designed to Deliver Value for Our Shareholders Maintain Strong Investment Grade Credit Metrics Organic and Inorganic Growth Consistent with Role as America’s Leading Clean Energy Company Delivering Value to Our Shareholders Annual Dividend with Targeted 10%
Slide 19: Growth Opportunities Can Deliver Value for Our Shareholders
19 Growth Opportunities Can Deliver Value for Our Shareholders We may pursue growth opportunities that provide ad expanding our competitive advantages * Opportunistic carbon-free energy acquisitions, ditional value building on our core businesses or particularly nuclear plants with supportive policy
Slide 20: ESG Principles are Core to Constellation's Strategy
20 ESG Principles are Core to Constellation’s Strategy Providing Carbon-Free Energy and Climate Mitigation Strong Corporate C&I Customer Gevernancs and Transformation Management Constellation’s ESG Principles Innovation and Technology Enablement Commitment to Diversity Equity and Inclusion Equity an
Slide 21: Constellation's Industry Leading Climate Commitment
Constellation’s Industry Leading Climate Commitment 100” 100” i 100” 100% Carbon-free owned 100% reduction in operational 100% of C&I customers provided eneration by 2040 jet (1) with specific information . a eotaiza ar e040 about their GHG impact — 21 @)_ Anyemissions that cannot be technologically
Slide 22: Our Unique Businesses Give Us a Durable, Competitive Advantage
22 Our Unique Businesses Give Us a Durable, Competitive Advantage Constellation is the largest producer of carbon-free electricity in the United States — nearly two times more than the next producer. Our plants provide firm, resilient, reliable, 24/7 power no matter the weather with 18-24 months of
Slide 23: Leading the Clean Energy Transition
= Constellation Leading the Clean Energy Transition EE Kathleen Barr6én Chief Strategy Officer
Slide 24: Subsidizing Renewables Without Preserving Nuclear Keeps U.S. Running in Place
Subsidizing Renewables Without Preserving Nuclear Keeps U.S. Running in Place 1,600 Million metric tonnes of CO, ° So oO 600 400 r r r r T T 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 — Current Policy — Expanding Renewables with Nuclear Retirements — Expanding Renewables and Preserving N
Slide 25: Experts and Policy Makers Agree; Nuclear is Critical to Decarbonization
Experts and Policy Makers Agree; Nuclear is Critical to Decarbonization For the first time since 1972, the Democratic platform in 2020 supported nuclear power, Democrats support ‘technology-neutral” approach that includes “all zero-carbon technologies, including hydroelectric power, geothermal, exis
Slide 26: States are at the Forefront of Decarbonization Efforts
States are at the Forefront of Decarbonization Efforts 25 states and the District of Columbia have 100% clean electricity targets, deep GHG reduction targets, or both, encompassing 54% of US electricity customers fui ish GHG reduction target QQY Commitmentto 100% ces/RPS. (economy-wide 7596-100%) an
Slide 27: Constellation's Generation is Essential for States to Meet Carbon-Free Energy Goals
Constellation’s Generation is Essential for States to Meet Carbon-Free Energy Goals Constellation’s Contribution to Carbon-Free Electricity by State® New York " Maryland Pennsylvania New Jersey 100% carbon-free by 100% carbon-free by 100% carbon-free by 80% emission reduction by 100% carbon-free by
Slide 28: Carbon-Free Programs Support Our Fleet
28 Carbon-Free Programs Support Our Fleet Targets Support Mecha Current Term Station its Capacity (MW)® Braidwood 2 2.386 CMC Jun '22— May ‘27 Byron 2 2,347 Illinois 100% Carbon-Free by 2045 Dresden 2 1,845 Clinton 1 1,080 ZEC Jun ‘17 - May ‘27 Quad Cities 2 1,403 Fitzpatrick 1 842 100% Clean Energy
Slide 29: Constellation's Nuclear Fleet Supports Our Communities
29 Constellation’s Nuclear Fleet Supports Our Communities Constellation’s nuclear plants are economic engines that inject nearly $1.6 billion directly into their state and local economies each year. > Paid nearly $207 million in local property taxes to fund school districts and other community prior
Slide 30: Constellation's Strategy is Integrated with ESG
Constellation’s Strategy is Integrated with ESG E G Environmental Governance A + Clean Energy Advocacy + Carbon-Free Energy & Carbon Mitigation + Equity and Community * Governance and Ethics Empowerment + Diversity, Equity and Inclusion + Energy Equity + Customer Transformation + Technology and Comm
Slide 31: Emissions Significantly Below Paris Climate Agreement Levels
Constellation’s Emissions are Already Significantly Below Paris Climate Agreement Levels 0.700 4 — — Below 2 Degrees — — Paris Pledges 2 Degrees — Constellation” 06007 “fess Zme ss Ses! So a 0.500 + == == Fee Sky — o_o = 0.400 ===- —- = = 3 “=e fey ie fase 2 0.300 + aS 0.200 4 0.100 + 0.000 2013 «20
Slide 32: Reduced Our Emissions Footprint by 80% Since 2005
32 Reduced Our Emissions Footprint by 80% Since 2005 Constellation — Scope 1 and Scope 2 Emissions Reductions wo a w fo} iN) a 22.01 & mn metric tonnes of CO, Ny ts) 0.50, S) 0.07 6.40 As-owned 2005) Plants Sold Adjusted Baseline®) Real Reductions®) New-Build [Operations Hl Generation [_] Generation
Slide 33: Constellation's Climate Commitment
Constellation’s Climate Commitment 100% 100% 100% Of our owned generation will be Reduction of our operations- Of C&I customers provided with carbon-free by 2040 driven emissions by 20400) specific information about how to meet GHG reduction goals. v Clean Energy Supply: * Clean Electricity Supply:
Slide 34: Diversity, Equity and Inclusion is a Core Value
Diversity, Equity and Inclusion is a Core Value at Constellation We center our DE&I strategy around three primary values: as a business imperative, core value and moral obligation Attracting, retaining and advancing and ‘tners and Providing a workplace that ensures mutual respect and where each indi
Slide 35: Committed to Safe Operations and Environmental Performance
Constellation is Committed to Safe Operations and Environmental Performance Best Safety Records in the Industry Strong Safety Culture Environmental Performance + Nuclear plants have lo ec rates of any form of electricity cordable injury ates plant and industry safety and ovement over life of fleet w
Slide 36: Constellation's Board of Directors
36 Constellation’s Board of Directors CEO, Constellation Former President, Chair and CEO McCormick & Company Joe Dominguez Robert J. Lawless* Independent Chair Former Executive Vice President & ELSIE CFO, Newmont Mining Former Co-Chairman of Bregal Yves C. de Balmann investments Executive Vice Presi
Slide 37: Outstanding Operational Performance of Carbon-Free Generation Assets
= Constellation Outstanding Operational Performance of Carbon- —w - Free Generation Assets 7 ae EE Bryan Hanson Chief Generation Officer
Slide 38: Constellation is America's Leading Clean Energy Provider
38 Constellation is America’s Leading Clean Energy Provider Total Generation Output (GWh)® Asset Location (GW)@) ISO-NE Natural Gas/Oil/Other Nyiso Renewables PUM MISO Other Nuclear Ee: Zero-Emi: 163 99 83 liisicss:. | iinet in Energy Produced (GWh)() Constellation produces 10% of the nation’s carbo
Slide 39: Best-in-Class Nuclear Operations Resulting in More Carbon-Free Energy
39 Best-in-Class Nuclear Operations Resulting in More Carbon-Free Energy Nuclear Capacity Factor (%) (2.3) Average Nuclear Refueling Outage Days @5) = = Industry Average = — Industry Average “dpertore HN ery) %) 941% 94.6% += 93-7 95.4% — 94 30% Operators (2-Yr) s ss ag Operators 2020 z ee a eet 202
Slide 40: Nuclear fuel is ~20% of operating costs
▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ Nuclear fuel is ~20% of operating costs and uranium is 40% of fuel costs
Slide 41: Constellation has a History of Improving Operations
Constellation has a History of Improving Operations CENG (integrated 2014) Fitzpatrick (integrated 2017) 92.6 Increasing the Average Capacity Factor (%) 92.4 Pre-Integration Minimizing the Avg. Refueling Outage Duration (Days) Post-Integration Lowering Forced Loss Rate/Online Reliability Loss Factor
Slide 42: Best-in-Class Operations Provide Substantial Environmental and Economic Benefits
Best-in-Class Operations Provide Substantial Environmental and Economic Benefits ..over 7.3 million MWh additional carbon-free energy generated , ..almost 5.2 million mtCO, avoided, which is 4% Capacity Factor equivalent to removing 1.1 million cars off the road) Above Industry Average ..the equival
Slide 43: Seeking to Extend Licenses of our Nuclear Fleet
Committed to Reaching Carbon-Free Energy Goals by Seeking to Extend Licenses of our Nuclear Fleet License Extensions Nuclear Uprate Opportunities + Constellation plans to file applications to extend the licenses of our nuclear fleet to 80 years assuming policy support * The NRC approved the extensio
Slide 44: Clean Hydrogen will enable decarbonization of hard to decarbonize sectors
Clean Hydrogen will enable decarbonization of hard to decarbonize sectors Transportation + Aviation + Long Distance Trucks and Buses + Heavy Duty Machinery/Vehicles/Trucks Industrial Sector + Steel + Refineries * Chemicals (Ammonia & Methanol production) Clean Hydrogen Production Power generation +
Slide 45: Nine Mile Point Hydrogen Pilot
45 Nine Mile Point Hydrogen Pilot Constellation has been awarded a DOE grant in partnership with Nel Hydrogen and 3 national laboratories to demonstrate an integrated hydrogen production strategy Budget Period 1 H,/Water To Process = ae * Nine Mile Point was selected as the site to install a Proton
Slide 46: Strong Performance from our Renewables and Power Fleet
46 Strong Performance from our Renewables and Power Fleet of carbon-free energy ith 3 BCF storag produced frorr —= Constellation
Slide 47: Wind Assets Available for Repowering
Up to 500 MWs of Wind Assets Available for Repowering Advantages of Repowerin; + Enabled repowering/refurbishment of up to ~500 MWs under the current IRS guidelines for 60% PTC Promotes the growth of Renewable platform v + IRR range between 10%-25% assuming 60% PTC Contributes toward federal and sta
Slide 48: Texas Gas Plants have Significantly Lower Emissions than other ERCOT Plants
Constellation’s Texas Gas Plants have Significantly Lower Emissions than other ERCOT Plants * CO, emission rate was 23% lower than the ERCOT average) + 1.348 million metric tonnes of CO, were avoided, or the equivalent of taking over 293,000 cars®) off the road compared to the ERCOT grid average emi
Slide 49: Staying at the Forefront of Technology
Staying at the Forefront of Technology Rolls Royce Agreement Net Power, LLC * Constellation invested in Rolls Royce SMR Ltd alongside the UK + NET Power, LLC is a strategic venture between Constellation, 8 Rivers Government, Rolls Royce, BNF Capital and Qatar Investment Authority McDermott, and Occi
Slide 50: Catalyzing Customer Access to Carbon-Free Products
= Constellation Catalyzing Customer Access to Carbon-Free A Products EE Jim McHugh Chief Commercial Officer
Slide 51: Our Commercial Business: Who & What We Serve
Our Commercial Business: Who & What We Serve Our Customers 1 = ro e 2 ry a E 9 ° 5 ° "2020 Data Power 215TWh Load served across Wholesale, Cand ‘mass markets Power Cooperative Municipal Power Authorities Financial Institutions * Expertise in sourcing contracted generation to provide customized produ
Slide 52: 2017 20182016 2019 2020 20202016 20192017 2018
2017 20182016 2019 2020 200 210 210 210 215 20202016 20192017 2018
Slide 53: Constellation is a Leading Provider of Retail Electricity
Constellation is a Leading Provider of Retail Electricity Mi Constellation MI C&l Ml Residential 152 A 4 | a Retail Electri etail Electric = mA ae Load Served SS || 3h 25 25 a (TWh) eS | | J = — — — NRGEnerey Constellation VistraEneray Caloine Energy EDF Eneray ENGIE GexaEneray ShellEnereyNA. AEPEne
Slide 54: Our C&I Concentration is a Core Strength
54 Our C&lI Concentration is a Core Strength Financial Stability + Predictable load and stable unit margins + Repeatable business with high retention and win rates + Insulation from weather-driven volatility + Better aligned to baseload fleet + Maximized cash flows from high customer satisfaction an
Slide 55: Integrated Value Proposition for our C&I Customers
55 Constellation Provides an Integrated Value Proposition for our C&l Customers vue Integrate Carbon-free options (Renewables, RECs, EFECs, Bio-Gas, carbon offsets) into a customer's supply Develop customized AKA Power and Natural Gas Supply solutions for our customers Deploy and manage On-Site Add
Slide 56: Businesses are Demanding Carbon-Free Energy Products and Solutions
Businesses are Demanding Carbon-Free Energy Products and Solutions JP Morgan created a methodology called Carbon Compass™ which establishes Paris-aligned targets to reduce carbon intensity in Oil & Gas, Electric Power and ‘Auto Manufacturing portfolios by 2030 60% of the Fortune 500 have set a targe
Slide 57: Industry-Leading Sustainability Solutions
Constellation Provides Industry-Leading Sustainability Solutions Constellation provides solutions for our customers to: Support investment and supply of carbon-free energy Simplify complex energy solutions Manage customer price risk Annual RECs Matching Efficiency Solutions Renewables Total Carbon A
Slide 58: Hourly-Matched Carbon-Free Product
Driving the Customer and Grid Transition to Carbon Free with an Hourly- Matched Product Carbon-Free Generation Identify base load, dispatchable, and non dispatchable assets Customer fe Load Leverage real-time meter data to balance hour-by-hour grid and usage to available carbon-free sources Carbon E
Slide 59: Committed to Enabling Technology Development to Drive Value
59 Constellation is Committed to Enabling Technology Development to Drive Value Constellation’s culture of innovation is advancing the energy transition by enabling new technology, forging strategic partnerships, investments and acquisitions to bring the next innovative product to our customers Gove
Slide 60: Creating Value for Shareholders
= Constellation Creating Value for Shareholders EE Dan Eggers Chief Financial Officer
Slide 61: De-risking Generation Platform through Hedging and Contracted Revenue
De-risking Generation Platform through Hedging and Contracted Revenue % TWh 8 8 a 8 5 g A q § 2022 2023 2024 MM State or Federal Credits Ill No Program or Credits Il % Generation Hedged including oMC® Our generation supported by state programs will increase to Such that the IL CMC program plus our r
Slide 62: Gross Margin Update
62 Gross Margin* Update November 30, 2021 Gross Margin Category ($M) 2022 2023 (rules Wee New England, Canada hedged gross margin)? $6,200 $4,450 Contracted Revenues (Capacity, ZEC and IL CMC Plant Revenues) $2,450 $2,850 Mark-to-Market of Hedges“ $(2,150) $(600) Power New Business / To Go $450 $500
Slide 63: Focus on efficiencies and cost reduction to support free cash flow
Constellation’s focus on efficiencies and cost reduction, while ensuring safety and operational excellence, will support free cash flow generation ▪ ▪
Slide 64: Carbon-Free Capital Investment Plans
Carbon-Free Capital Investment Plans (Sin millions) $2,250 $2,150 $325 $300 $1,800 $1,800 $75 C55 $1,675 ——— fa ot $1,550 $900 7 1 $32 $900 325) $1,300 $875 2 $675 $675 $725 = $950 5 2017 2018 2019 2020 2021E 2022E 2023E 2024E Ml Baseline Committed Growth Ill Separation & One-Time System Spend @B Nu
Slide 65: Disciplined Capital Allocation Strategy
65 Disciplined Capital Allocation Strategy Designed to Deliver Value for Our Shareholders Maintain Strong Investment Grade Credit Metrics Organic and Inorganic Growth Consistent with Role as America’s Leading Clean Energy Company Delivering Value to Our Shareholders Annual Dividend with Targeted 10%
Slide 66: Maintaining Strong Investment Grade Credit Ratings
Maintaining Strong Investment Grade Credit Ratings is a Top Financial Priority S&P FFO/Debt (%)*®) Moody's CFO Pre-WC/Debt (%)*@) 50% 40% 4596) | 35% aoe 30% 30% - — — Downgrade Threshold® 5 J == Downgrade Threshold 20% 20% 10% 223 0% 4 0% 2022E 2022E Debt/Adjusted EBITDA Ratio*@) Constellation Cred
Slide 67: Returning Value Through an Annual Dividend
R . eturning Value to Our Shareholders Through an Annual Dividend ($ million) 67 @)Divdendis sujectto aprovlby Constelatin’s Board of Deters — — Constellati onstellation
Slide 68: Growth Opportunities Can Deliver Value for Our Shareholders
68 Growth Opportunities Can Deliver Value for Our Shareholders We may pursue growth opportunities that provide ad expanding our competitive advantages * Opportunistic carbon-free energy acquisitions, ditional value building on our core businesses or particularly nuclear plants with supportive policy
Slide 69: Available Cash Flow Outlook
Available Cash Flow Outlook ($ in billions) $4.6-$5.0 Opening Balance $18 Sheet Adjustment ($18) - ($2.2) 2022-2023 Debt Reduction® Dividend Separation O&M / CapEx® Identified Growth Unidentified Growth Available Cash 7 Return of Capital (@) Available Cashis a midnoint ofa range based on November 30
Slide 70: Initiating 2022 Guidance
Initiating 2022 Guidance / Adjusted EBITDA* \ — = Constellation.
Slide 71: Closing
= Constellation Closing Joe Dominguez aw hy EE Chief Executive Officer
Slide 72: Constellation: America's Leading Clean Energy Company
Constellation: America’s Leading Clean Energy Company Committed toa Carbon-Free - _Cleanest generation fleet in the country providing 10% of carbon-free power in the U.S. Future + Enabling customers to meet their environmental and sustainability goals by providing innovative products aimed at carbon
Slide 73: Appendix
= Constellation ~—w =| Appendix ye EE —————_
Slide 74: Constellation's Strategy is Integrated with ESG
Constellation’s Strategy is Integrated with ESG Clean Energy * Policy Advocacy - We work with policymakers to find solutions that drive decarbonization and provide value to customers Advocacy Carbon-Free = Carbon-Free, Safe, and Reliable Energy - Retaining essential best-in-class carbon-free, firm,
Slide 75: Long-Term Debt Maturity Profile
Long-Term Debt Maturity Profile Recourse@) $4.38 Non-Recourse $1.88 | Consolidated $6.18 a § 2 = 28 © & @ @ © Be BS @ @ 8 © Bb 8 fe oe vy gy © 5 ® @ 6 8 8 &€& & € €& RRR BRR BE A’ BBR BBE S g 225 22 8 8 3 pme ec MCCMCCececes & 2 8s 8 § § § & & & & Ss & hted average LTD maturity is approximately 10 y
Slide 76: Nuclear Fleet Overview
76 Nuclear Fleet Overview Plant Location Type/Containment License Extension Status License Expiration® Capacity (mw)? Policy Support (Term) Ownership 2-Year Capacity Factor®) Spent Fuel Storage , ’ , BraidwoodiL | Pressurized Water Reactor Unit:2006 | Mc Unit 1 96.89% (nitsiand2) | __Conerete/SteelL
Slide 77: Renewables Fleet (Wind)
7 Renewai Asset Name Michigan Wind 2 | Beebe __ Michigan Wind 1 Harvest 2 Harvest _ bles Fleet (Wind) Iso Location MISO Sanilac Co... Mi MISO ___ Gratiot Co., MI_ MISO Huron Co., Ml MISO Huron Co. MISO _ Huron Co. “Beebe 1B |_CP Windfarm Sendero | Fair Wind Fourmile Ridge Blue Breezes MISO __6 0. Mi
Slide 78: Renewables Fleet (Solar/Hydro/Storage)
8 Renewables Fleet (Solar/Hydro/Storage) Asset Name Solar Horizons PJM Solar New Jersey 3 PJM Antelope Valley CAISO | Sacramento PY Energ CAISO_ Denver Airport Solar Southwest ‘otal Solar iddy Run eenowings i Clinton Battery Storage | ‘otal Hydro/Storag {Total Renewables Location Emmitsburg, MD. Mid
Slide 79: Gas Fleet
Gas Fleet ‘Asset Name foto No.of Units Primary Fuel Primary Dispatch Net Generation Ownership Type Type Capacity (MW) Interest (%)® Mystic 8, 9 - Charlestown, MA | Gas |__Intermediate Hillabee SERC Alexander City, AL om “Gas | Intermediate West Medway, MA | [Oi/eas Peaking West Medway, MA | Oil [Pea
Slide 80: Zero-Emitting Nuclear is Prime Vehicle for Producing Hydrogen
Zero-Emitting Nuclear is Prime Vehicle for Producing Hydrogen Ca Superior Economics Green hydrogen from nuclear currently beats hydrogen production from renewables ona levelized cost basis Low barriers to implementation Nuclear plants require no siting or permitting and offer a secure and steady pro
Slide 81: June ’17 May ‘27 April ’17 March ‘29 June ’22 May ‘25 • •
June ’17 May ‘27 April ’17 March ‘29 June ’22 May ‘25 • • • • • • • • April ’17 March ‘29 April ’17 March ‘29 June ’17 May ‘27
Slide 82: New York ZEC Price Determination
82 New York ZEC Price Determination us sce "c GG co. SHORT On tS ee "Central Baseline RGGI Net CO, : Zone A pacity Tranche Value" Estimate Externality lcuneien Coe Reference Price Forecast Baan) ($/Short Ton) ($/Short Ton) _($/Short Ton) (S/MWh) Adjustment Factor) ($/MWh) 4av20y7- 5: Tranche Be Geis
Slide 83: Illinois Carbon Mitigation Credit (CMC) Overview and Timelines
Illinois Carbon Mitigation Credit (CMC) Overview and Timelines 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Braidwood IL 2,386 June ‘22 May °27 Byron IL 2.347 June ‘22 May 27 Dresden IL 1,845 June '22 May 27 Program Elements Illinois Carbon Mitigation Credits Program + ILCMC program is similar
Slide 84: PJM Capacity Market
84 PJM Capacity Market Zone Nuclear Fossi/Others ComEd Nuclear Fossil/Others EMAAC i Nuclear Fossil/Others ‘SWMAAC i Nuclear Fossil/Others MAAC | Nuclear Fossil/Others BGE Nuclear Fossi/Others Rest of RTOs | Nuclear Fossil/Others Cleared Volumes (Mw) 5175 100 10,800 2,825 2021/2022 Price ($/MW-day)
Slide 85: Other Capacity Markets
Slide 86: Texas Winter Preparedness
Slide 87: • • •
• • •
Slide 88: The offerings described herein are those of either Constellation NewEnergy-Gas Division, LLC or Constellation
© 2020 Constellation Energy Resources, LLC. The offerings described herein are those of either Constellation NewEnergy-Gas Division, LLC or Constellation NewEnergy, Inc., affiliates of each other and ultimate subsidiaries of Exelon Corporation. Brand names and product names are trademarks or service
Slide 89: CTV: Investing in Emerging Technologies and Business Models
Slide 90: Constellation Technology Ventures' Active Investments
Slide 91: Commercial Disclosures
Slide 92: • • • • • • • • • • • •
• • • • • • • • • • • •
Slide 93: Components of Gross Margin Categories
Slide 94: Gross Margin
Slide 95: Generation and Hedges
Slide 96: Hedged Gross Margin Sensitivities
Slide 97: Illustrative Example of Modeling 2023 Total Gross Margin
Slide 98: Additional Constellation Modeling Data
Slide 99: Appendix: Reconciliation of Non-GAAP Measures
Slide 100: GAAP to Non-GAAP Reconciliations
Slide 101: GAAP to Non-GAAP Reconciliations
Slide 102: GAAP to Non-GAAP Reconciliation
Slide 103: GAAP to Non-GAAP Reconciliation
Slide 104: GAAP to Non-GAAP Reconciliation