{"slug":"constellation-energy","name":"Constellation Energy","name_en":"Constellation Energy","ticker":"CEG","updated_at":"2026-07-12T05:01:52.009693+00:00","canonical":"https://valuechain.wiki/constellation-energy","same_as":["https://finance.yahoo.com/quote/CEG","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1868275"],"citable":"밸류체인 그래프 기준 Constellation Energy의 직접 연결 기업은 3곳(관계 기준 공급 1·매출 2)이고, 사슬을 2차까지 넓히면 11곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Constellation Energy is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 11 companies within two hops; the links are backed by 5 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"AI 데이터센터 전력(원전)","kicker_en":"AI datacenter power (nuclear)","lead":"미국 최대 무탄소(원전) 발전사. AI 데이터센터 전력난의 핵심 공급원. 마이크로소프트와 스리마일섬 1호기 재가동·20년 PPA(837MW, 약 $16억 투자, 2027~28 재가동), 메타와도 20년 원전 PPA를 체결했다. 가치사슬의 가장 밑단(전력)에서 AI 인프라를 떠받친다.","lead_en":"The largest carbon-free (nuclear) power generator in the US and a key source for AI-datacenter power. It signed a 20-year PPA with Microsoft to restart Three Mile Island Unit 1 (837MW, ~$1.6B investment, restart 2027-28) and a 20-year nuclear PPA with Meta. It sits at the very bottom of the chain (power), holding up AI infrastructure.","segments":{"fy":2025,"parts":[{"desc":"미국 최대 무탄소(원전) 발전 — AI 전력난의 핵심 공급원. 연료 우라늄은 카메코에서 조달.","name":"원전 발전"},{"desc":"MS(스리마일섬 837MW·20년)·메타 장기 PPA로 가동률·가격을 장기 고정하는 AI 전력 매출 축.","name":"데이터센터 PPA"}],"total":"255.3억 달러 (2025, +8.3%)","concentration":"미국 최대 원전 발전사. MS·메타 장기 PPA로 AI 데이터센터 전력 공급."},"segments_en":{"fy":2025,"parts":[{"desc":"The largest US carbon-free (nuclear) generation — a key source for the AI power crunch; uranium fuel sourced from Cameco.","name":"Nuclear generation"},{"desc":"Long-term PPAs with Microsoft (Three Mile Island 837MW, 20 years) and Meta that lock output and price — the AI-power revenue axis.","name":"Datacenter PPAs"}],"total":"$25.53bn (FY2025, +8.3%)","concentration":"Largest US nuclear generator. Long-term PPAs with Microsoft and Meta for AI-datacenter power."},"returns_yearly":{"2023":37.2,"2024":92.7,"2025":58.8,"2026":-28.6},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"nestle","name":"Nestlé","name_en":"Nestlé S.A.","tier":3,"returns_yearly":{"2021":22.1,"2022":-4.2,"2023":-9.3,"2024":-18.8,"2025":-1.8,"2026":17.9}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":3,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}},{"slug":"emart","name":"이마트","name_en":"E-mart Inc.","tier":3,"returns_yearly":{"2021":-18.4,"2022":-19.5,"2023":-25.3,"2024":-14.6,"2025":44.7,"2026":-7.8}},{"slug":"starbucks","name":"Starbucks Corp","name_en":"Starbucks Corp","tier":2,"returns_yearly":{"2021":11.1,"2022":-13.2,"2023":-1.2,"2024":-2.5,"2025":-5.3,"2026":27.4}},{"slug":"johnson-controls","name":"존슨 컨트롤스","name_en":"Johnson Controls","tier":2,"returns_yearly":{"2021":77.4,"2022":-19.3,"2023":-7.6,"2024":39.8,"2025":53,"2026":20}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":2,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":2,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"procter-gamble","name":"Procter & Gamble","name_en":"Procter & Gamble","tier":2,"returns_yearly":{"2021":20.5,"2022":-5,"2023":-0.9,"2024":17.3,"2025":-12.3,"2026":4.1}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":2,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":2.6}},{"slug":"servicenow","name":"ServiceNow","name_en":"ServiceNow","tier":2,"returns_yearly":{"2021":17.9,"2022":-40.2,"2023":82,"2024":50.1,"2025":-27.7,"2026":-29.7}},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":2,"returns_yearly":null},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":1,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":66,"2025":13.1,"2026":1.6}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":1,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}}],"benefiting":[{"slug":"cameco","name":"Cameco","name_en":"Cameco","tier":1,"returns_yearly":{"2021":63.2,"2022":4.3,"2023":90.5,"2024":19.5,"2025":78.4,"2026":4.9}}],"analysis":"컨스텔레이션의 논점은 'AI 데이터센터 전력난의 밑단(무탄소 원전) 공급자'다. 미국 최대 원전 발전사로, AI 전력 수요가 폭증하며 마이크로소프트(스리마일섬 1호기 재가동·837MW·20년 PPA)·메타와 장기 원전 PPA를 확보해 가동률·가격을 장기 고정했다 — 발전 사슬의 가장 아래에서 AI 인프라를 떠받치는 자리다. 2025 +59% 뒤 2026 -29% 되돌림은 전력주 기대의 조정으로, 연료(우라늄)는 카메코에 의존한다. 관전 포인트는 추가 데이터센터 PPA 체결과 재가동(2027~28) 일정·규제 승인이다.","analysis_en":"Constellation's thesis is 'the carbon-free (nuclear) supplier at the bottom of the AI-datacenter power crunch.' As the largest US nuclear generator, surging AI power demand let it lock long-term output and price via 20-year nuclear PPAs with Microsoft (restarting Three Mile Island Unit 1, 837MW) and Meta — sitting at the very bottom of the generation chain that holds up AI infrastructure. The +59% in 2025 and -29% give-back in 2026 is a correction of power-stock enthusiasm, and it depends on Cameco for uranium fuel. What to watch is further datacenter PPAs and the restart (2027-28) schedule and regulatory approval.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"high","metric":null,"note":"스리마일섬 1호기 재가동 전력을 MS 데이터센터에 20년 PPA로 공급(837MW).","note_en":"Supplies restarted Three Mile Island Unit 1 power to Microsoft datacenters under a 20-year PPA (837MW).","sources":[{"stance":"confirms","publisher":"SEC 연차보고서","publisher_en":"SEC annual report","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/1868275/000155278126000142/e26100_ceg-ars.pdf","title":"SEC 연차보고서 — constellation-energy 실적","title_en":"SEC annual report — constellation-energy results","excerpt":"2025 매출 $255.3억(+8.3%)","excerpt_en":"FY2025 revenue $25.53bn (+8.3%)"},{"stance":"confirms","publisher":"이데일리","publisher_en":"Edaily","kind":"news","lang":"ko","published_at":"2024-09-21","url":"https://edaily.co.kr/News/Read?mediaCodeNo=257&newsId=01528486639022416","title":"美최대원전사 스리마일섬 재가동…MS에 전력 공급","title_en":"Largest US nuclear operator restarts Three Mile Island for Microsoft","excerpt":"MS가 스리마일섬 재가동 전력 100%를 20년 구매(837MW, ~$16억).","excerpt_en":"Microsoft buys 100% of restarted TMI power for 20 years (837MW, ~$1.6B)."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-09-20","url":"https://www.sec.gov/Archives/edgar/data/0001868275/000186827524000058/ceg-202409208kexh991.htm","title":"Constellation·MS 스리마일섬 PPA 공시(8-K)","title_en":"Constellation–MS Three Mile Island PPA (8-K)","excerpt":"MS가 스리마일섬 재가동 전력 100%를 20년 구매(837MW, ~$16억).","excerpt_en":"Microsoft buys 100% of restarted TMI power for 20 years (837MW, ~$1.6B)."}]},{"direction":"cost","counterparty":"Cameco","counterparty_slug":"cameco","confidence":"high","metric":null,"note":"원전 연료(우라늄)를 카메코에서 조달.","note_en":"Sources nuclear fuel (uranium) from Cameco.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-23","url":"https://www.sec.gov/Archives/edgar/data/0001009001/000119312525253372/d935274dex991.htm","title":"Cameco FY2025 실적(6-K)","title_en":"Cameco FY2025 results (6-K)","excerpt":"원전 연료(우라늄)를 카메코에서 조달.","excerpt_en":"Sources nuclear fuel (uranium) from Cameco."}]},{"direction":"revenue","counterparty":"전력시장·기업 PPA (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"도매 전력시장·기업 PPA 매출.","note_en":"Wholesale power market and corporate PPA revenue.","sources":[{"stance":"confirms","publisher":"이데일리","publisher_en":"Edaily","kind":"news","lang":"ko","published_at":"2024-09-21","url":"https://edaily.co.kr/News/Read?mediaCodeNo=257&newsId=01528486639022416","title":"美최대원전사 스리마일섬 재가동…MS에 전력 공급","title_en":"Largest US nuclear operator restarts Three Mile Island for Microsoft","excerpt":"미국 최대 원전 발전사로 도매·기업 전력 공급.","excerpt_en":"Largest US nuclear generator selling wholesale/corporate power."}]},{"direction":"revenue","counterparty":"메타 플랫폼스","counterparty_slug":"meta","confidence":"mid","metric":null,"note":"메타와 20년 원전 PPA로 AI 데이터센터 전력 공급.","note_en":"Supplies AI-datacenter power to Meta under a 20-year nuclear PPA.","sources":[{"stance":"confirms","publisher":"전기신문","publisher_en":"Electimes","kind":"news","lang":"ko","published_at":"2025-06-01","url":"https://www.electimes.com/news/articleView.html?idxno=355996","title":"메타, 컨스텔레이션과 20년 원전 계약…AI 전력 대응","title_en":"Meta signs 20-year nuclear deal with Constellation for AI power","excerpt":"메타가 컨스텔레이션과 20년 원전 PPA 체결.","excerpt_en":"Meta signed a 20-year nuclear PPA with Constellation."}]},{"direction":"cost","counterparty":"원전 연료·운영·정비 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"우라늄 연료·원전 운영·정비(비공개).","note_en":"Uranium fuel, nuclear operations and maintenance.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-09-20","url":"https://www.sec.gov/Archives/edgar/data/0001868275/000186827524000058/ceg-202409208kexh991.htm","title":"Constellation·MS 스리마일섬 PPA 공시(8-K)","title_en":"Constellation–MS Three Mile Island PPA (8-K)","excerpt":"원전 운영·연료·재가동 정비 비용.","excerpt_en":"Nuclear operations, fuel and restart-maintenance costs."}]},{"direction":"cost","counterparty":"재가동 설비투자 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"스리마일섬 재가동 설비투자(~$16억).","note_en":"TMI restart capex (~$1.6B).","sources":[{"stance":"confirms","publisher":"이데일리","publisher_en":"Edaily","kind":"news","lang":"ko","published_at":"2024-09-21","url":"https://edaily.co.kr/News/Read?mediaCodeNo=257&newsId=01528486639022416","title":"美최대원전사 스리마일섬 재가동…MS에 전력 공급","title_en":"Largest US nuclear operator restarts Three Mile Island for Microsoft","excerpt":"터빈·발전기·냉각계통 등 재가동 투자.","excerpt_en":"Restart capex on turbines, generators and cooling."}]}]}