Joe Dominguez

Joe Dominguez serves as President and CEO of Constellation Energy, America's largest producer of carbon-free energy and the operator of the nation's biggest nuclear fleet. Constellation was created in February 2022 when Exelon split into two companies: Constellation (the competitive generation and retail business) and Exelon (the regulated utility). The company operates 21 nuclear reactors at 12 sites, plus hydroelectric and wind assets, producing approximately 10% of America's clean electricity. The AI revolution has transformed Constellation's investment thesis. As hyperscale technology companies (Microsoft, Google, Amazon) build massive datacenters requiring enormous amounts of reliable, 24/7, carbon-free electricity, nuclear power has emerged as the ideal solution. Constellation signed a groundbreaking 20-year power purchase agreement with Microsoft to restart a unit at the Three Mile Island nuclear plant — an event that captured global attention and validated nuclear's role in the AI infrastructure buildout. Constellation's nuclear fleet generates electricity at very low marginal costs, and the combination of rising power prices, carbon-free energy credits, and AI datacenter demand has created a dramatic earnings growth outlook. Key stock drivers include power prices in PJM and other markets, datacenter power demand growth, nuclear fleet operational performance, government nuclear energy policy (including production tax credits from the IRA), long-term PPA signing activity, and the pace of AI infrastructure investment.