Constellation Energy : 2023 ESG Investor Presentation

Constellation ESG Investor Presentation

July 2023

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. Words such as "could," "may," "expects," "anticipates," "will," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "predicts," and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.

The factors that could cause actual results to differ materially from the forward-looking statements made by Constellation Energy Corporation and Constellation Energy Generation, LLC, (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2022 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 19, Commitments and Contingencies; (2) the Registrants' First Quarter 2023 Quarterly Report on Form 10-Q in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 12, Commitments and Contingencies; and (d) other factors discussed in filings with the SEC by the Registrants.

Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this presentation. Neither Registrant undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this presentation.

2

Constellation's ESG Principles

Our Value Proposition and ESG Principles

Constellation is positioned to deliver long-term value for our shareholders through our enduring businesses that are ready to meet the climate crisis. We are leading the transition to a carbon-free future as one of the largest providers of energy solutions to commercial and industrial (C&I) customers and the largest producer of carbon-free power in the U.S. Furthermore, our fleet is uniquely situated to be the reliable, baseline carbon- free energy source of the energy transition. We are proud of our history of actively working to reduce our emissions and improving the value, longevity and output of our assets through policy leadership, technology and innovation. Based on this foundation, Constellation is ideally suited to support our customers' ambitions to reduce their environmental impact and seek solutions to the climate crisis. Our disciplined capital allocation strategy supports a strong investment grade balance sheet, reinvestment in our business, growth investment consistent with our corporate strategy and return of capital to owners.

Our ESG principles are core to our business strategy and value proposition. Our values and ESG principles guide us in our central purpose. We are focused on driving action in these critical focus areas:

Constellation's		Carbon-Free Policy Advocacy
ESG Principles

Providing Carbon-Free Energy		Equity and Community
and Climate Mitigation		Empowerment

Commercial & Industrial		Commitment to Diversity,
Customer Transformation		Equity and Inclusion

Innovation and Technology		Strong Corporate Governance
Enablement		and Risk Management

3

Constellation Generates Reliable, Resilient, Carbon-Free Electricity

Nations Largest Producer of Clean, Carbon-Free Generation

Largest Fleet	~10%
of all carbon-
of competitive
free energy
nuclear in U.S.
produced in
	U.S.

178 TWhs		2,653 MWs
	Largest Fleet
of clean, carbon-free	of renewable
energy produced in	of merchant
and storage
2022	nuclear in U.S.
	capacity

	Our Overall Business
32,355 MWs	~3/4	208 TWhs	~2 Million
of operating	of Fortune 100	of load served	customers
capacity	companies
	served

100%		Comprehensive
126M Metric Tons	Suite
carbon-free generation	of clean energy
of carbon avoided
by 2040 (1)	products for our

customers

Note: Numbers reflect year end 2022

• (1) Subject to policy support and technology advancements

Nearly 90% of Constellation's Generation is Emission Free (1)

Total Generation Output by Fuel Type (1)

87%

11%

2%

Nuclear Natural Gas/Oil/Other Renewables & Storage

Calvert Cliffs Clean Energy Center

Note: Reflects Constellation's ownership share of output as of December 31, 2022; may not sum due to rounding

• (1) Output reflects actual amount produced and delivered from each generator (measured in GWhs)

Constellation's Premier Nuclear Fleet is Fighting the Climate Crisis

		Nuclear Plays a Unique Role in the Fight Against the
Constellation's Nuclear Portfolio			Climate Crisis
Constellation's nuclear fleet is the nation's largest -			Nuclear power provides firm carbon-free electricity while
owning and operating 21 reactors, with ownership	24/7
interest in an additional two reactors	displacing fossil fuels in applications requiring a continuous
		power supply

173 TWhs	94.8%	20,895 MWs
of clean,
nuclear capacity	Resilient
carbon-free	nuclear operating
nuclear	factor	capacity
generation

Nuclear power has onsite fuel for 18-24 months, providing resilient and reliable power every season, no matter the weather

Nuclear Avoids Emissions and Contributes to

Constellation's Low Intensity Rates

• Nuclear is an emissions-free energy source - in 2022, Constellation's nuclear fleet avoided 123M metric tons of carbon emissions (1)
• On a per MWh generated basis across our entire fleet in 2022, our
  measured emissions intensity rates for NOX and SOX were below the U.S. electric generation industry average (2), and we have lowered our NOX and SOX emission rates each by 36 percent since 2019

Variable

Renewables

Long-Dated

Asset Life

Nuclear power can support higher deployment of variable wind and solar generation without the need for backup capacity from fossil fuel generation

Subsequent license renewals can extend carbon-free production from 60 to 80 years - more than three times the useful life of renewables and two times the useful life of coal

Note: Numbers reflect year end 2022

1. Measured using the EPA Greenhouse Gas Emissions calculator https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator

• (2) Based on the most recent Benchmarking Air Emissions Report, published September 2022: https://www.sustainability.com/thinking/benchmarking-air-emissions-100-largest-us-powerproducers/

Comprehensive Portfolio of Renewable Generation

	Wind
28	738 MWs
wind projects	of owned capacity
operated
	Solar
5	268 MWs
solar facilities	of owned capacity
operated

Hydroelectric

2	1,642 MWs
hydroelectric	of owned capacity
facilities operated

Criterion Wind Project

• Note: Sum of the renewables will not equal the generation portfolio table in the CSR due to the inclusion of storage

Constellation's Nuclear Plants are Clean Energy Centers

Hydrogen

Data Center

Direct Air

Capture

Flexible Grid

Energy and

Capacity (24/7)

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Constellation is the Largest Producer of Carbon-Free Electricity in the United States

	Largest Producers of Carbon-Free				Lowest CO2 Emissions Among Major					Lowest Carbon Intensity Among
	Generation (1,2)								Investor-Owned Generators (2)						Major Investor-Owned Generators (2)
	million MWh															million short tonnes														lb/MWh
	Constellation (3)															Constellation (3)					8									Constellation (3)				91
									161.8
	NextEra Energy (1)								102.7							PSEG (12)		10											PSEG (12)			359
	Duke (2)		85.2							Energy Harbor (13)		11											NextEra Energy (1)			447
	Dominion (6)		54.5								LS Power (15)		19									Energy Harbor (13)			522
	Entergy (7)		53.2							WEC Energy Group (18)		21									Entergy (7)			591
	Southern (4)		49.4								DTE Energy (19)		24									Dominion (6)			595
Berkshire Hathaway Energy (8)		43.2								Evergy (16)		27								Energy Capital Partners (9)			771
	Energy Harbor (13)		33.6								Ameren (17)		29									Duke (2)			798
	PSEG (12)		31.5								NRG (14)		30									Southern (4)			860
	Xcel (11)		26.0								PPL (20)		30								Berkshire Hathaway Energy (8)			1,004
	AEP (10)		24.4								Entergy (7)		35									LS Power (15)			1,041
	Vistra Energy (5)		19.9								Dominion (6)		36									Xcel (11)			1,058
	Evergy (16)							11.7								Xcel (11)		38									Vistra Energy (5)			1,226
	NRG (14)						10.8							Energy Capital Partners (9)		44								WEC Energy Group (18)			1,277
Energy Capital Partners (9)					10.2								NextEra Energy (1)		47									AEP (10)			1,326
	Ameren (17)				9.7								AEP (10)		52									NRG (14)			1,388
	DTE Energy (19)			9.3							Berkshire Hathaway Energy (8)		57									Evergy (16)			1,498
WEC Energy Group (18)		3.7								Southern (4)						76								DTE Energy (19)			1,512
	PPL (20)		0.4								Duke (2)						83								Ameren (17)			1,589
	LS Power (15)		0.3								Vistra Energy (5)							105							PPL (20)					1,925
		0							50	100	150		200		0	20	40	60	80	100	120	0		500	1,000	1,500	2,000

1. Reflects 2020 regulated and non-regulated generation. Source: M.J. Bradley & Associates Benchmarking Air Emissions, September 2022; https://www.sustainability.com/globalassets/sustainability.com/thinking/pdfs/2022/benchmarking-air-emissions-2022.pdf

• (2) Number in parentheses is the company's ranking among the 20 largest investor-owned producers (total MWh) in 2020, i.e. Constellation was the third largest generator in 2020

Nuclear is One of the Cleanest and Safest Forms of Power Generation

Nuclear has the Lowest GHG Lifecycle Emissions by

Source (1)

	1,000
	900				Range of Lifecycle GHG Emissions Observed
kWh	800				Minimum g CO2 eq. per kWh
700
per	600
500
eq.
400
2
CO	300
g
	200
	100
	0
		Nuclear	Hydro	Onshore Wind	Offshore Wind	Solar PV	Solar Thermal	Gas NGCC (with CCS)	Coal IGCC (with CCS)	Gas NGCC	Coal IGCC

Nuclear has One of the Lowest Mortality Rates per TWh

of Electricity (2)

32.72

24.62

18.43

				2.82	4.63
			1.30
0.02	0.03	0.04
Solar	Nuclear	Wind	Hydropower	Gas	Biomass	Oil	Coal	Brown Coal

1. Source: https://unece.org/sites/default/files/2022-04/LCA_3_FINAL%20March%202022.pdf

10 (2) Source: https://ourworldindata.org/grapher/death-rates-from-energy-production-per-twh