Space industry companies urge Congress not to cut funding to space commerce office
'We write today on behalf of more than 450 U.S. space, satellite, and defense companies to urge the Subcommittee on Commerce, Justice, and Science to provide sufficient funding for the Office of Space Commerce (OSC) in the Fiscal Year 2026 appropriations bill – specifically funding OSC at $65M, the Fiscal Year 2025 appropriated level,' Monday letters signed onto by multiple space-oriented organizations reads.
'We also urge the Subcommittee to ensure continued execution of funds appropriated to OSC in Fiscal Year 2025,' the letters continue.
According to the OSC's website, it 'is the principal unit for space commerce policy activities within the Department of Commerce' and the office's 'mission is to foster the conditions for the economic growth and technological advancement of the U.S. commercial space industry.'
The letters were addressed to Sens. Jerry Moran (R-Kan.) and Chris Van Hollen (D-Md.), as well as Reps. Hal Rogers (R-Ky.) and Grace Meng (D-N.Y.),
'One of OSC's most important functions is to provide space traffic coordination support to U.S. satellite operators, similar to the Federal Aviation Administration's role in air traffic control for the U.S. airline industry,' the Monday letters read.
'Helping the U.S. space industry operate safely in an increasingly congested space domain ensures space-based services like broadband internet and weather forecasting are available to the American people.'
The Hill has reached out to the Department of Commerce, Department of Defense, National Oceanic and Atmospheric Administration, Moran's office, Van Hollen's office, Rogers's office and Meng's office for comment.
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Business Wire
10 minutes ago
- Business Wire
Constellation Reports Second Quarter 2025 Results
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'Backed by continued strong performance from our Generation and Commercial businesses, Constellation delivered adjusted operating earnings of $1.91 per share this quarter, up from $1.68 per share in Q2 last year,' said Dan Eggers, chief financial officer, Constellation. 'We're reaffirming our full-year adjusted operating earnings guidance range of $8.90-$9.60 per share. Following recent approval from FERC, our transaction with Calpine remains on track to close by year-end as we look to combine two leading generation fleets and two exceptional teams to enhance our ability to serve our customers and communities coast-to-coast.' Second Quarter 2025 Our GAAP Net Income for the second quarter of 2025 increased to $2.67 per share from $2.58 per share in the second quarter of 2024. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2025 increased to $1.91 per share from $1.68 per share in the second quarter of 2024. For the reconciliations of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings, refer to the GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation section below. Adjusted (non-GAAP) Operating Earnings in the second quarter of 2025 primarily reflects: Higher IL banked ZEC revenues and favorable market and portfolio conditions, partially offset by lower nuclear PTCs due to higher anticipated gross receipts for the year Recent Developments and Second Quarter Highlights 20-Year Deal with Meta for clean, reliable nuclear energy: We have signed a 20-year Power Purchase Agreement with Meta for the full output of the Clinton Clean Energy Center to support their clean energy goals and operations. The agreement, beginning in June of 2027, supports the relicensing and continued operations of the Clinton nuclear facility for another two decades and will allow us to expand Clinton's clean energy output by 30 megawatts through plant uprates. 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Unless otherwise noted, the income tax impact of each reconciling adjustment between GAAP Net Income (Loss) Attributable to Common Shareholders and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all adjustments except the NDT fund investment returns, which are included in decommissioning-related activities, the marginal statutory income tax rate was 25.5% and 25.1% for the three months ended June 30, 2025 and 2024, respectively. Under IRS regulations, NDT fund investment returns are taxed at different rates for investments if they are in qualified or non-qualified funds. The effective tax rates for the unrealized and realized gains and losses related to NDT funds were 54.6% and 66.9% for the three months ended June 30, 2025 and 2024, respectively. (In millions, except per share data) Three Months Ended June 30, 2024 Earnings Per Share (1) GAAP Net Income (Loss) Attributable to Common Shareholders $ 814 $ 2.58 Unrealized (Gain) Loss on Fair Value Adjustments (net of taxes of $136) (405 ) (1.28 ) Plant Retirements and Divestitures (net of taxes of $9) 26 0.08 Decommissioning-Related Activities (net of taxes of $3) 36 0.11 Pension & OPEB Non-Service (Credits) Costs (net of taxes of $—) 1 — Change in Environmental Liabilities (net of taxes of $18) 55 0.17 Separation Costs (net of taxes of $1) 4 0.01 ERP System Implementation Costs (net of taxes of $1) 2 0.01 Noncontrolling Interests (2 ) (0.01 ) Adjusted (non-GAAP) Operating Earnings $ 531 $ 1.68 Expand _______ (1) Amounts may not sum due to rounding. Earnings per share amount is based on average diluted common shares outstanding of 314 million and 316 million for the three months ended June 30, 2025 and 2024, respectively. 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Non-GAAP Financial Measures We utilize Adjusted (non-GAAP) Operating Earnings (and/or its per share equivalent) in our internal analysis, and in communications with investors and analysts, as a consistent measure for comparing our financial performance and discussing the factors and trends affecting our business. The presentation of Adjusted (non-GAAP) Operating Earnings is intended to complement and should not be considered an alternative to, nor more useful than, the presentation of GAAP Net Income. The tables above provide a reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings. Adjusted (non-GAAP) Operating Earnings is not a standardized financial measure and may not be comparable to other companies' presentations of similarly titled measures. Due to the forward-looking nature of our Adjusted (non-GAAP) Operating Earnings guidance, we are unable to reconcile this non-GAAP financial measure to GAAP Net Income given the inherent uncertainty required in projecting gains and losses associated with the various fair value adjustments required by GAAP. These adjustments include future changes in fair value impacting the derivative instruments utilized in our current business operations, as well as the debt and equity securities held within our nuclear decommissioning trusts, which may have a material impact on our future GAAP results. Cautionary Statements Regarding Forward-Looking Information This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as 'could,' 'may,' 'expects,' 'anticipates,' 'will,' 'targets,' 'goals,' 'projects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' 'predicts,' and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the proposed transaction between Constellation and Calpine Corporation, the expected closing of the proposed transaction and the timing thereof. This includes statements regarding the financing of the proposed transaction and the pro forma combined company and its operations, strategies and plans, enhancements to investment-grade credit profile, synergies, opportunities and anticipated future performance and capital structure, and expected accretion to earnings per share and free cash flow. Information adjusted for the proposed transaction should not be considered a forecast of future results. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. The factors that could cause actual results to differ materially from the forward-looking statements made by Constellation Energy Corporation and Constellation Energy Generation, LLC, (the Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2024 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18 — Commitments and Contingencies; (2) the Registrants' Second Quarter 2025 Quarterly Report on Form 10-Q (to be filed on August 7, 2025) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 13 — Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants. Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. Neither Registrant undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release. __________ (a) Results reported in accordance with GAAP. (b) Adjustment for mark-to-market on economic hedges, interest rate swaps, and fair value adjustments related to gas imbalances and equity investments. (c) Adjustment for all gains and losses associated with Nuclear Decommissioning Trusts (NDT), Asset Retirement Obligation (ARO) accretion, Asset Retirement Cost (ARC) Depreciation, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units. (d) In 2024, adjustment for certain incremental costs related to the separation (system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation), including a portion of the amounts billed to us pursuant to the transition services agreement (TSA). (e) Adjustment for Pension and Other Postretirement Employee Benefits (OPEB) Non-Service credits. (f) In 2024, adjustment for costs related to a multi-year Enterprise Resource Program (ERP) system implemented in the first quarter of 2024. (g) Adjustments related to plant retirements and divestitures. (h) Adjustment for elimination of the noncontrolling interest related to certain adjustments. (i) Adjustment for changes in environmental liabilities. (j) In 2025, reflects acquisition-related costs associated with the proposed Calpine merger. Expand __________ (a) Results reported in accordance with GAAP. (b) Adjustment for mark-to-market on economic hedges interest rate swaps, and fair value adjustments related to gas imbalances and equity investments. (c) Adjustment for all gains and losses associated with NDTs, ARO accretion, ARC Depreciation, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units. (d) In 2024, adjustment for certain incremental costs related to the separation (system-related costs, third-party costs paid to advisors, consultants, lawyers, and other experts assisting in the separation), including a portion of the amounts billed to us pursuant to the TSA. (e) Adjustment for Pension and OPEB Non-Service credits. (f) In 2024, adjustment for costs related to a multi-year ERP system implemented in the first quarter of 2024. (g) Adjustments related to plant retirements and divestitures. (h) Adjustment for elimination of the noncontrolling interest related to certain adjustments. (i) Adjustment for changes in environmental liabilities. (j) In 2024, primarily reflects the adjustment to deferred income taxes due to changes in forecasted apportionment. (k) In 2025, reflects acquisition-related costs associated with the proposed Calpine merger. Expand
New York Post
10 minutes ago
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Washington Post
11 minutes ago
- Washington Post
The nationalist case against trade surpluses
Dominic Pino is the economics editor and Thomas L. Rhodes fellow at National Review and host of the American Institute for Economic Research podcast 'Econception.' We're familiar at this point with the 'America First' justification for tariffs: The United States has a large trade deficit in goods, and this is bad because it means American jobs to make those goods went abroad. Foreigners then take the dollars from selling us those imports and buy up the U.S. out from under Americans. The U.S. needs tariffs to solve this deficit and turn it into a surplus.
