12 Best Utility Stocks to Buy According to Hedge Funds

2. Constellation Energy Corporation (NASDAQ:CEG)

Number of Hedge Fund Holders: 78

Constellation Energy Corporation (NASDAQ:CEG) is the largest producer of carbon-free energy in the United States. The company operates a vast portfolio of nuclear, wind, and solar power plants and supplies electricity to approximately 2 million customers. Constellation Energy Corporation (NASDAQ:CEG) also provides natural gas, energy management, and efficiency solutions to help customers reduce carbon footprints.

Constellation Energy Corporation (NASDAQ:CEG) is focusing on expanding its clean energy capacity to meet the growing demand for renewable energy sources. The company plans to add approximately 1,100 MWs of 24/7 clean energy by 2028, enough to power over one million homes. This expansion will be driven by investments in nuclear energy, including the restart of the Crane facility nuclear plant and the upgrading of existing plants.

Constellation Energy Corporation (NASDAQ:CEG) has recently been awarded a record-setting 10-year, $840 million contract by the U.S. General Services Administration to supply power to over 13 government agencies, including the Social Security Administration, the Department of Veterans’ Affairs, and the National Park Service. By partnering with Constellation Energy Corporation (NASDAQ:CEG), these agencies will benefit from a cost-competitive and reliable supply of nuclear energy, while also reducing their carbon footprint. Constellation Energy Corporation (NASDAQ:CEG) has also been awarded a $172 million Energy Savings Performance Contract to perform energy-saving upgrades at five General Services Administration-owned facilities in the National Capital Region. These upgrades will include LED lighting, weatherization, and new HVAC systems.