Constellation Energy
CEG
Utilities
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Constellation Energy paid a $340M settlement related to the Conowingo Dam on the Susquehanna River, which has caused decades of sediment buildup harming the Chesapeake Bay ecosystem and downstream communities.
AUDIT (2026-03-31): Reclassified from community_harm to environmental_damage. The $340M is a negotiated agreement tied to Conowingo Dam FERC relicensing (Oct 2025), funding fish passage, mussel hatcheries, shoreline restoration. The environmental impact of the dam (Chesapeake Bay sediment/nutrient pollution) is the real concern, not "community harm."
Constellation Energy (spun off from Exelon Feb 2022) inherited Exelon's nuclear generation fleet and associated regulatory history. The NRC enforcement record includes: Notice of Violation for failure to meet 10 CFR Part 50.54(q)(2) requirements; allegations in NRC investigation report IR 2484352 concerning safety and regulatory violations (2015); FERC 2020 violation for inaccurate offer data for Mystic 7 generator. ViolationTracker documents a significant enforcement history spanning nuclear safety and market conduct. Pattern of non-compliance across safety and market conduct regulations indicates systemic governance failures in the generation business.
Research Sources
3 organizations
Related Exclusions
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
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