Constellation Energy Corporation (NASDAQ:CEG) Q4 2022 Earnings Call Transcript

Kathleen Barron: Yes, sure, Joe. I mean I think you know the locations where we’re talking about. We have state programs in 3 places and we have 4 programs across those states. So that’s where we are. And of course, the goal is to make sure that these states that acted first to keep the plants online get some benefit coming out of the national support for the nuclear fleet. So what we need to work through is just precisely how those provisions are going to work, both federal and state, and importantly, the timing to make sure that everything lines up properly. So as we said, we’ve started to have the conversations and we will let them play out according to how the states would like them to and not sort of discuss that anymore at this point.

Paul Zimbardo: Okay. Duly noted. And then I know you commented a little bit on the special dividend commentary and relative value. But just at a high level, what’s the philosophy around the authorized share repurchases? Is it something more programmatic or opportunistic?

Daniel Eggers: Yes. And I think as Joe said, we see real value in our software. It is here today. We have the $1 billion authorization. I think we will find ways to be in the market and I probably want to get into the strategy more than that isn’t like particularly prudent to get too much of a layout. But we like where the stock is here, for sure.

Operator: Thank you. And I am showing no further questions. I would now like to turn the call back over to Joe Dominguez for closing remarks. .

Joseph Dominguez: Well, thanks, everybody, again, for joining the call for your interest in our company. It’s been a great ride this first year. But as I noted earlier, our attention now is focused on ’23 and beyond. We’re off to a strong start. And I just want to thank again the folks at Constellation who made this happen every single day at the plants, in the commercial business and the back office functions. The stats ought to demonstrate this, but we feel we have the best team in the business, and we’re just really excited by what the future may hold for us. So thanks again to everybody, and we’ll talk again after the next quarter.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.