Constellation Offers Maryland a Menu of New Generation Options to Meet Rising Demand, Including 5,800 Megawatts of New Power Generation and Battery Storage
Constellation today announced a long-range proposal to invest in up to 5,800 megawatts of power generation and battery storage projects in Maryland to meet rising demand for electricity, lower utility bills and usher in the next generation of clean and lower-carbon energy resources to power the state’s economic growth. The proposal offers Maryland leaders a menu of options so they can make informed decisions about how to power the state’s economy and address climate change in the most cost-effective way for generations to come.
To meet the state’s near-term needs, Constellation submitted battery storage and gas generation proposals to the Maryland Public Service Commission (PSC) on October 31 as part of a state program to fast-track permits for large-scale energy projects. These projects would by themselves cover more than 5 percent of the state’s peak load with battery storage and increase total power generation capacity about 10 percent, representing billions of dollars of private-sector investment in Maryland energy infrastructure. Longer term, the company has proposed a range of new and existing nuclear investments, including a plan to work with state leaders to explore building new nuclear power plants in Maryland.
Constellation already has invested over $1 billion of its own money on Maryland wind, hydro and 24/7 clean nuclear energy resources to power Maryland families and businesses for generations to come. Today, we announce an ambitious plan to make billions of dollars of new investments in Maryland without seeking any electricity rate increases, including options ranging from new natural gas to battery storage and nuclear energy,” said Joe Dominguez, president and CEO, Constellation. “Constellation hopes to be a thought partner as Governor Moore and other policymakers consider the state’s many choices. For example, while there is a good deal of consensus on the need for battery storage, the future of natural gas in our state is less clear.
Some Maryland stakeholders support new natural gas development, including the pipeline work that would be needed, while others oppose it even if that means building transmission lines and importing electricity from natural gas-rich states like Pennsylvania. We believe that natural gas generation should be an option, but there are pros and cons to consider and, quite naturally, we do not want to build what our state does not want. Therefore, our plan presents natural gas generation as one of a number of options, with an explanation of the utility work that will be needed to secure this option.
What is clear to us is that we must build and retain resources that produce abundant, reliable and clean power. The best way we know to do that is to make state-of-the-art investments in our state’s existing nuclear, hydroelectric and renewable energy resources to get them to operate better and longer, and then to build on top of that great foundation.
The historic agreement reached by Maryland and Constellation this September paves the way for extending the life of the Conowingo Dam for another 50 years, providing clean energy for hundreds of thousands of families for generations, while also investing $340 million to preserve wildlife and this beautiful watershed that we all enjoy. Likewise, Constellation has extended the lives of our wind assets for another 20 years, and we are working with willing customers to support the relicensing of the Calvert Cliffs clean nuclear plant.
“Finally, we are excited to work with Governor Moore, other state policymakers, and all Maryland stakeholders to investigate the development of new nuclear power in our state just as dozens of states across America are doing today. Importantly, all our investments have been and will be done without any cost to Maryland families and businesses. We are not now and never will be a monopoly that seeks guaranteed profits.
We are a company that competes for its opportunities just like all our hardworking customers do — every single day. We rely on the talent and ingenuity of our Maryland team of power generation experts to make prudent investments, understanding that we will bear 100% of the risks of any cost overruns, delays or bad decisions that sometimes plague utility investments. That is the way it should be because the privilege to serve our customers and earn profits should be won, not guaranteed. Maryland is our home state and Constellation looks forward to continuing to offer competitive and innovative solutions to our state to create a prosperous and brighter future for Maryland families and businesses.
About Constellation
Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the nation’s largest producer of reliable, emissions-free energy and a leading energy supplier to businesses, homes, and public sector customers nationwide, including three-fourths of Fortune 100 companies. With annual output that is nearly 90% carbon-free, our hydro, wind and solar facilities paired with the nation’s largest nuclear fleet have the generating capacity to power the equivalent of 16 million homes, providing about 10% of the nation’s clean energy. We are committed to investing in innovative technologies to drive the transition to a reliable, sustainable, and secure energy future.
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