CONSTELLATION ENERGY GENERATION LLC

Midwest

Braidwood · Braidwood, IL · 2 · Uranium · Baseload · 2,386

Byron · Byron, IL · 2 · Uranium · Baseload · 2,350

LaSalle · Seneca, IL · 2 · Uranium · Baseload · 2,320

Dresden · Morris, IL · 2 · Uranium · Baseload · 1,845

Quad Cities · Cordova, IL · 2 · 75 · Uranium · Baseload · 1,403

Clinton · Clinton, IL · 1 · Uranium · Baseload · 1,092

Michigan Wind 2 · Sanilac County, MI · 50 · 51 · (e) · Wind · Intermittent · 46

Beebe · Gratiot County, MI · 34 · 51 · (e) · Wind · Intermittent · 42

Michigan Wind 1 · Huron County, MI · 46 · 51 · (e) · Wind · Intermittent · 35

Harvest 2 · Huron County, MI · 33 · 51 · (e) · Wind · Intermittent · 30

Harvest · Huron County, MI · 31 · 51 · (e) · Wind · Intermittent · 26

Beebe 1B · Gratiot County, MI · 21 · 51 · (e) · Wind · Intermittent · 26

Clinton Battery Storage · Blanchester, OH · 1 · Energy Storage · Peaking · 5

Total Midwest · 11,606

Mid-Atlantic

Limerick · Sanatoga, PA · 2 · Uranium · Baseload · 2,315

Calvert Cliffs · Lusby, MD · 2 · Uranium · Baseload · 1,789

Peach Bottom · Delta, PA · 2 · 50 · Uranium · Baseload · 1,324

Salem · Lower Alloways Creek Township, NJ · 2 · 42.59 · Uranium · Baseload · 988

Conowingo · Darlington, MD · 11 · Hydroelectric · Baseload · 497

Criterion · Oakland, MD · 28 · 51 · (e) · Wind · Intermittent · 36

Fair Wind · Garrett County, MD · 12 · Wind · Intermittent · 30

Fourmile Ridge · Garrett County, MD · 16 · 51 · (e) · Wind · Intermittent · 20

Solar Horizons · Emmitsburg, MD · 1 · 51 · (e) · Solar · Intermittent · 8

Solar New Jersey 3 · Middle Township, NJ · 4 · 51 · (e) · Solar · Intermittent · 1

Muddy Run · Drumore, PA · 8 · Hydroelectric · Intermediate · 1,058

Eddystone 3, 4 · Eddystone, PA · 2 · Oil/Gas · Peaking · 760

Perryman · Aberdeen, MD · 5 · Oil/Gas · Peaking · 404

Croydon · West Bristol, PA · 8 · Oil · Peaking · 391

Handsome Lake · Kennerdell, PA · 5 · Gas · Peaking · 268

Richmond · Philadelphia, PA · 2 · Oil · Peaking · 98

Philadelphia Road · Baltimore, MD · 4 · Oil · Peaking · 60

Eddystone · Eddystone, PA · 4 · Oil · Peaking · 60

Delaware · Philadelphia, PA · 4 · Oil · Peaking · 56

Southwark · Philadelphia, PA · 4 · Oil · Peaking · 52

Falls · Morrisville, PA · 3 · Oil · Peaking · 51

Station(a) · Location · No. of Units · Percent Owned(b) · Primary Fuel Type · Primary Dispatch Type(c) · Net Generation Capacity (MWs)(d)

Moser · Lower Pottsgrove Township, PA · 3 · Oil · Peaking · 51

Chester · Chester, PA · 3 · Oil · Peaking · 39

Schuylkill · Philadelphia, PA · 2 · Oil · Peaking · 30

Total Mid-Atlantic · 10,386

ERCOT

STP · Bay City, TX · 2 · 44 · (g) · Uranium · Baseload · 1,164

Whitetail · Webb County, TX · 57 · 51 · (e) · Wind · Intermittent · 47

Sendero · Jim Hogg and Zapata Counties, TX · 39 · 51 · (e) · Wind · Intermittent · 40

Colorado Bend II · Wharton, TX · 3 · Gas · Intermediate · 1,143

Wolf Hollow II · Granbury, TX · 3 · Gas · Intermediate · 1,103

Handley 3 · Fort Worth, TX · 1 · Gas · Intermediate · 375

Handley 4, 5 · Fort Worth, TX · 2 · Gas · Peaking · 870

Total ERCOT · 4,742

New York

NMP 1 · Scriba, NY · 1 · Uranium · Baseload · 620

NMP 2 · Scriba, NY · 1 · 82 · Uranium · Baseload · 1,055

FitzPatrick · Scriba, NY · 1 · Uranium · Baseload · 842

Ginna · Ontario, NY · 1 · Uranium · Baseload · 576

Total New York · 3,093

Other

Antelope Valley · Lancaster, CA · 1 · Solar · Intermittent · 242

Bluestem · Beaver County, OK · 60 · 51 · (e)(f) · Wind · Intermittent · 101

Shooting Star · Kiowa County, KS · 65 · 51 · (e) · Wind · Intermittent · 53

Bluegrass Ridge · King City, MO · 26 · 51 · (e) · Wind · Intermittent · 29

Conception · Barnard, MO · 23 · 51 · (e) · Wind · Intermittent · 26

Cow Branch · Rock Port, MO · 23 · 51 · (e) · Wind · Intermittent · 26

Mountain Home · Glenns Ferry, ID · 20 · 51 · (e) · Wind · Intermittent · 21

High Mesa · Elmore County, ID · 19 · 51 · (e) · Wind · Intermittent · 20

Echo 1 · Echo, OR · 21 · 50.49 · (e) · Wind · Intermittent · 17

Sacramento PV Energy · Sacramento, CA · 4 · 51 · (e) · Solar · Intermittent · 15

Cassia · Buhl, ID · 13 · 51 · (e) · Wind · Intermittent · 14

Wildcat · Lovington, NM · 13 · 51 · (e) · Wind · Intermittent · 14

Echo 2 · Echo, OR · 9 · 51 · (e) · Wind · Intermittent · 9

Tuana Springs · Hagerman, ID · 8 · 51 · (e) · Wind · Intermittent · 9

Greensburg · Greensburg, KS · 10 · 51 · (e) · Wind · Intermittent · 6

Threemile Canyon · Boardman, OR · 6 · 51 · (e) · Wind · Intermittent · 5

Loess Hills · Rock Port, MO · 4 · Wind · Intermittent · 5

Denver Airport Solar · Denver, CO · 1 · 51 · (e) · Solar · Intermittent · 2

Hillabee · Alexander City, AL · 3 · Gas · Intermediate · 753

Station(a) · Location · No. of Units · Percent Owned(b) · Primary Fuel Type · Primary Dispatch Type(c) · Net Generation Capacity (MWs)(d)

Wyman 4 · Yarmouth, ME · 1 · 5.9 · Oil · Intermediate · 34

West Medway II · West Medway, MA · 2 · Oil/Gas · Peaking · 189

West Medway · West Medway, MA · 3 · Oil · Peaking · 123

Grand Prairie · Alberta, Canada · 1 · Gas · Peaking · 105

Framingham · Framingham, MA · 3 · Oil · Peaking · 31

Total Other · 1,849

Total · 31,676

(a)All nuclear stations are boiling water reactors except Braidwood, Byron, Calvert Cliffs, Ginna, Salem, and STP units which are pressurized water reactors.

(b)100%, unless otherwise indicated.

• Long-lived assets, goodwill, and other assets could become impaired.
• We could incur substantial costs in the event of non-performance by third parties under indemnification agreements. We are exposed to other credit risks in the power markets that are beyond our control.
• Expiration or termination of our PPAs and other contractual agreements may significantly reduce our revenue and allow the counterparty or customer to seek liquidated damages.
• Risks Related to Legislative, Regulatory, and Legal Factors
• Federal or state legislative or regulatory actions could negatively affect the scope and functioning of the wholesale markets.
• Our business is highly regulated and could be negatively affected by legislative and/or regulatory actions.
• NRC actions could negatively affect the operations and profitability of our nuclear generating fleet.
• We could be subject to higher costs and/or penalties related to mandatory reliability standards.
• We could incur substantial costs to fulfill our obligations related to environmental and other matters.
• We could be negatively affected by federal and state RPS and/or energy conservation legislation, along with energy conservation by customers.
• Our financial performance could be negatively affected by risks arising from our ownership and operation of hydroelectric facilities.
• We could be negatively affected by challenges to tax positions taken, tax law changes and the inherent difficulty in quantifying potential tax effects of business decisions.
• Following the Calpine acquisition in January 2026, we have several government awards for projects involving cost-share agreements with the DOE, which could be affected by our inadvertent failure to comply with certain laws, rules, and regulations.
• Legal proceedings could result in a negative outcome, which we cannot predict.
• We could be subject to adverse publicity and reputational risks, which make us vulnerable to negative customer perception and could lead to increased regulatory oversight or other consequences.
• Risks Related to Operational Factors
• We are subject to risks associated with weather, including its effect on the supply and demand for electricity, as well as impacts from climate change, including extreme weather events.
• We are subject to certain risks associated with the operation and maintenance of generation facilities.
• Our financial performance could be negatively affected by matters arising from our ownership and operation of nuclear facilities.
• Nuclear major incident risk and insurance.
• Decommissioning obligation and funding.
• The productivity of Calpine's geothermal resources acquired in January 2026 may be lower than expected, and it is possible that certain of leases for geothermal steam fields may not be renewed or may be renewed at less favorable terms.
• We are subject to evolving physical security, cybersecurity, and third-party reliability risks.
• The rapid development and integration of AI technologies into our processes presents several risks to our business.
• Our employees, contractors, customers and the general public could be exposed to a risk of injury due to the nature of the energy industry.
• Natural disasters, war, acts and threats of terrorism, pandemic and other significant events could negatively impact our results of operations, ability to raise capital, and future growth.
• Our business is capital intensive, and our assets could require significant expenditures to maintain and are subject to operational failure, which could result in potential liability.
• Our performance could be negatively affected if we fail to attract and retain an appropriately qualified workforce.
• We could make acquisitions or investments in new business initiatives and new markets, which may not be successful or achieve the intended financial results.
• The demand for our generation may be impacted by changes in industry trends, including the demand associated with the developing data economy.
• Risks Related to the Acquisition of Calpine
• We cannot assure that we will continue paying dividends at the current rate.
• Our shareholders prior to the merger have a reduced ownership and voting power after the merger, and former Calpine stockholders are not obligated to maintain their ownership interest indefinitely.
• The merger may not be accretive to earnings and may cause dilution to our earnings per share, which may negatively affect the market price of our common stock.
• We have incurred and will incur significant transaction- and merger-related costs, and these costs may be more than anticipated, negatively impacting our operating results.
• We may not realize all the expected benefits of the merger because of integration challenges.
• Uncertainties associated with the merger may cause a loss of management personnel and other key employees, which could adversely affect the future business and operations of the combined company.
• The merger may divert significant attention of our management team, which could detract from efforts to meet business goals.