CEG

What You Should Know

Constellation Energy Corporation is the largest producer of carbon-free electricity in the United States, spun off from Exelon in 2022. The company operates the nation's largest nuclear fleet (21 reactors across 12 plants providing baseload carbon-free generation), plus hydroelectric, wind, and solar assets, and a competitive retail-and-wholesale energy-supply business serving residential, commercial, and industrial customers. Constellation has positioned itself as a key supplier of clean, reliable, around-the-clock power to data-center and hyperscale-computing customers (including a high-profile power-purchase agreement to restart a unit at Three Mile Island for a major technology company) and announced the acquisition of Calpine to add natural-gas and geothermal generation. Electricity generation and energy supply are unambiguously permissible at the activity level under standard Sharia methodology — power generation is an essential public-utility-style service, and nuclear, hydro, wind, and solar generation carry no fossil-fuel ESG concerns. The financial screen consideration is leverage: Constellation uses moderate debt to fund its generation fleet and growth investments, and the pending Calpine acquisition will add debt; the consolidated debt-to-market-cap ratio should be verified against the 33% Sharia threshold at the time of investment. Most major Sharia advisory boards classify Constellation Energy as permissible with purification of small interest-income components.