Constellation Energy to sell gas plant to LS Power and raises earnings forecast
Article excerpt
((Automated translation by Reuters using machine learning and generative AI, please refer to the following disclaimer: https://bit.ly/rtrsauto)) * Constellation to sell Texas gas plant to LS Power for 860 million dollars * Company raises 2026 earnings forecast * Company beats second-quarter earnings estimates (Adds conference call information in paragraphs 4 and 6, updates share prices) by Dharna Bafna Electricity company Constellation Energy CEG.O announced on Thursday that it would sell a gas plant located in Texas to LS Power for 860 million dollars, and raised its operating income forecast for the current year thanks to strong electricity demand, which pushed its share price up by 1.3% in early trading. The sale of the Brazos Valley Energy Center plant to LS Power marks the last divestiture required by Constellation to finalize its acquisition of Calpine's assets, amounting to 16.4 billion dollars. Constellation, the largest nuclear energy operator in the United States, has diversified beyond its heavily nuclear-powered fleet: the acquisition of Calpine allowed it to add a significant portfolio of gas-fired power plants, giving it greater flexibility in high-demand markets such as Texas. During a conference call, executives indicated that a large part of the planned load for data centers in Texas was still under construction and had not yet been connected to the grid. In...
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It raised its annual operating earnings forecast to a range of 11.50 to 12.50 dollars per share, up from a previous range of 11.00 to 12.00 dollars per share.
