CEG Constellation Energy Calpine acquisition

What happened: Constellation Energy (CEG) completed a $90 million upgrade at the Calvert Cliffs Clean Energy Center on March 25, 2023, solidifying its position as the top U.S. nuclear energy provider. The company also acquired Calpine, which is already contributing to its earnings growth, and plans to increase its dividend by 10% annually.

Market impact: The upgrades and acquisition drive Constellation Energy's earnings growth, benefiting investors. The company's strong performance and dividend growth potential attract investors, potentially repricing its valuation higher. The clean energy sector also stands to gain from Constellation Energy's expanding portfolio and dominance.

What to watch next: Constellation Energy's Q1 2023 earnings call on May 4, 2023, will provide updates on its integration with Calpine and guidance for future earnings growth. Additionally, the company's dividend declaration date on June 1, 2023, will confirm if the 10% annual increase is maintained.