Constellation to sell gas plant to LS Power, raises operating earnings forecast

In a separate statement, LS Power said its deal for the Texas plant, expected to close by the end of this year, will bring its total capacity to 14,100 MW post completion and strengthen its presence in ERCOT, one of the fastest-growing power markets.

Constellation, the largest nuclear power operator in the U.S., has been benefiting from robust power consumption in the country.

The company said on Thursday it has signed agreements to provide an additional 920 megawatts (MW) of nuclear power to a diverse set of investment-grade customers for 15 to 20 years, with supply set to begin from 2029 through 2032.

It has also filed applications with the Nuclear Regulatory Commission to extend the operating licenses of its Ginna Clean Energy Center and Nine Mile Point Unit 1 reactor in New York to 2049, a 20-year extension if approved.

The Baltimore, Maryland-based company posted operating earnings of $2.55 per share, beating the average of analysts' estimates of $2.28 per share, according to data compiled by LSEG.

The company raised its forecast for operating earnings to a range of $11.50 to $12.50 per share, from $11.00 to $12.00 per share earlier.