Latest news with #Constellation
Daily Mirror
a day ago
- Daily Mirror
Gorgeous 'British island' with pink beaches and loads of shipwrecks
This beautiful British Overseas Territory is known for its stunning pink sand beaches, crystal-clear waters and fascinating shipwrecks - and it's a great winter sun destination Across the world, there are 14 British Overseas Territories. These areas fall under UK sovereignty whilst remaining separate from the United Kingdom itself. Nine such destinations are permanently inhabited and include places like the Cayman Islands, Gibraltar and the Falklands. Bermuda stands among these territories - a small but breathtaking archipelago positioned in the heart of the Atlantic Ocean. Often referred to as a 'British island', it's celebrated for its remarkable pink-coloured sandy shores and hundreds of shipwrecks just offshore. The distinctive rosy hue of Bermuda's beaches comes from microscopic red sea organisms known as foraminifera, which mix with white sand to produce a soft pink glow. This, after news that sunbed wars continue to see Brits forced to queue for 'over an hour' just to get to the pool. Horseshoe Bay is the most renowned shoreline in the area, though visitors can also see pink sand at Elbow Beach, Warwick Long Bay and Church Bay. The island has earned the title " shipwreck capital of the Atlantic". Approximately 300 vessel remains rest beneath its coastal waters, with some dating back several centuries, reports the Express. Divers and snorkellers travel from all over the world to explore these underwater sites. Well-known wrecks include the Cristobal Colon, Constellation and Montana. Bermuda comprises multiple islands and houses just over 60,000 residents. It attracts considerable tourist interest, welcoming over 700,000 visitors throughout 2024, based on Bermuda Tourism Authority data. The majority of tourists arrive by cruise ships, though direct flights are accessible as well. Once on the island, there are plenty of attractions to explore on beyond the beaches. The historic town of St George's, a UNESCO World Heritage Site, and the vibrant capital Hamilton, brimming with shops, colourful architecture, and eateries, are must-visits. Tourists can also visit the National Museum of Bermuda or delve into the island's forts, caves and verdant gardens. For thrill-seekers, Bermuda is fit for a range of water sports including kayaking, paddleboarding and sailing. That said, a large majority of visitors simply go to the island to unwind and bask in the consistently mild and sunny climate that graces Bermuda throughout the year. Bermuda boasts a rich tapestry of history dating back to 1609 when English settlers first arrived. The island's culture blends British, African and Caribbean influences, creating an atmosphere that many tourists find both familiar yet distinctively unique. Despite its allure, Bermuda has managed to avoid the pitfalls of mass tourism. It remains relatively tranquil, pristine and well-maintained, with a strong emphasis on preserving nature and local heritage. Though one of Britain's smaller territories, Bermuda certainly punches above its weight, packing a myriad of experiences into its compact 21 square miles.
Toronto Star
4 days ago
- Business
- Toronto Star
Constellation Software Inc. Announces Results for the Second Quarter Ended June 30, 2025 and Declares Quarterly Dividend
TORONTO, Aug. 08, 2025 (GLOBE NEWSWIRE) — Constellation Software Inc. (TSX:CSU) ('Constellation' or the 'Company') today announced its financial results for the second quarter ended June 30, 2025 and declared a $1.00 per share dividend payable on October 10, 2025 to all common shareholders of record at close of business on September 19, 2025. This dividend has been designated as an eligible dividend for the purposes of the Income Tax Act (Canada). Please note that all dollar amounts referred to in this press release are in U.S. Dollars unless otherwise stated. The following press release should be read in conjunction with the Company's Unaudited Condensed Consolidated Interim Financial Statements for the three and six months ended June 30, 2025 and the accompanying notes, our Management Discussion and Analysis for the three and six months ended June 30, 2025 and with our annual Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards ('IFRS') and our annual Management's Discussion and Analysis for the year ended December 31, 2024, which can be found on SEDAR+ at and on the Company's website Additional information about the Company is also available on SEDAR+ at
Business Wire
6 days ago
- Business
- Business Wire
Constellation Reports Second Quarter 2025 Results
BALTIMORE--(BUSINESS WIRE)--Constellation Energy Corporation (Nasdaq: CEG) today reported its financial results for the second quarter of 2025. 'With increasing demand for electricity to power American families and businesses, AI, electric vehicles and industrial growth, we're doing our part to ensure reliability and affordability,' said Joe Dominguez, president and CEO of Constellation. 'We are adding megawatts to the grid through extending the lives of our existing fleet, expediting the Crane Clean Energy Center restart, expanding nuclear plant capacity through uprates, and launching a new, AI-powered demand response tool that helps businesses reduce energy use during periods of peak demand. These efforts reduce costs for everyone while strengthening grid reliability and reflect the kind of leadership our customers, our communities and our economy need right now.' '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. The Clinton Clean Energy Center will continue to flow power onto the local grid, providing grid reliability and low-cost power to the region for decades to come. Legislative support for nuclear energy: Bipartisan support for nuclear energy continues at both the federal and state levels. Passage of the One Big Beautiful Bill Act preserves and expands the nuclear provisions enacted in the Inflation Reduction Act. These are the only tax credits that have received overwhelming support from both the Republican and Democratic congressional delegations. Federal initiatives are also underway to expand the existing fleet with fast-track licensing, increase domestic conversion and enrichment of nuclear fuel, and accelerate deployment of new reactors, all while maintaining the NRC's track record of being a responsible regulator to what is considered the safest nuclear fleet in the world. At the State level, just last week policymakers in New York called for extension of the ZEC program to ensure that the existing nuclear fleet continues to operate while NY also pursues 1 GW of new nuclear generation in the state. In Maryland and Texas, policymakers are proceeding with implementation to procure and provide financial support for new nuclear reactors in those states. Calpine Acquisition: We received regulatory approval from the New York State Public Service Commission, the Public Utility Commission of Texas, and the Federal Energy Regulatory Commission for our acquisition of Calpine. We continue to expect this transaction to close in the 4th quarter of this year. Crane Clean Energy Center will return to service in 2027: Exceptional project execution will allow the Crane Clean Energy Center to return to service in 2027, ahead of our original schedule. The project was selected by PJM for expedited grid connection as part of its Reliability Resource Initiative and we are ahead of schedule for other long lead time items. Restarting Crane's Unit 1 reactor will bring new clean, firm, reliable energy to the grid at a time when it is needed to support growing demand. Delivering on Our Capital Allocation Promises: In the second quarter we continued our share repurchase program, entering into an Accelerated Share Repurchase agreement with a financial institution to initiate the repurchase of approximately $400 million of our common stock. In addition we continued to deliver on our commitment to increase dividends by 10% in 2025. 2025 Great Place to Work Certification: For the third year in a row we were Certified™ by Great Place To Work®. The designation is based on how our employees rate their experience working at Constellation. In a survey of about 5,000 of our employees, 86% of those who responded said it is a great place to work – about 29 points higher than the average U.S. company. Great Place To Work® is acknowledged worldwide as a global benchmark for workplace culture, employee experience and the leadership behaviors proven to deliver strong market performance, employee retention and increased innovation. Nuclear Operations: Our nuclear fleet, including our owned output from the Salem and South Texas Project (STP) Generating Stations, produced 45,170 gigawatt-hours (GWhs) in the second quarter of 2025, compared with 45,314 GWhs in the second quarter of 2024. Excluding Salem and STP, our nuclear plants at ownership achieved a 94.8% capacity factor for the second quarter of 2025, compared with 95.4% for the second quarter of 2024. There were 41 planned refueling outage days in the second quarter of 2025 and 49 in the second quarter of 2024 for sites we operate. There were 22 non-refueling outage days in the second quarter of 2025 and three in the second quarter of 2024 for sites we operate. Natural Gas, Oil, and Renewables Operations: The dispatch match rate for our gas and pumped storage fleet was 98.3% in the second quarter of 2025, compared with 98.0% in the second quarter of 2024. Renewable energy capture for our wind, solar and run-of-river hydro fleet was 96.1% in the second quarter of 2025, compared with 96.6% in the second quarter of 2024. GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation The table below provides 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. 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. Expand Webcast Information We will discuss second quarter 2025 earnings in a conference call scheduled for today at 10:00 a.m. Eastern Time. The webcast and associated materials can be accessed at 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. Follow Constellation on LinkedIn and X. 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
04-08-2025
- New York Post
Packed cruise ship loses power, set adrift for 3 hours due to ‘technical issue'
These travelers certainly didn't feel like celebrities. This past Saturday, a Celebrity Cruises ship packed with vacationers was left temporarily powerless after a significant electrical failure — causing it to drift off a southern Italian coast, according to CruiseMapper. The incident occurred on Saturday, August 2, when the Celebrity Constellation lost power while sailing in the Ionian Sea — approximately 25 miles southeast of Crotone, Italy — during its 11-night Mediterranean voyage. Advertisement Facebook/Mike Van Horn The cruise ship, which carries over 2,100 guests and roughly 1,000 crew members, was scheduled to spend the day at sea before its next port of call in Messina, Sicily. Instead, the vessel suffered a total electrical outage for three hours — cutting off lighting, air conditioning, toilets and kitchen facilities. Advertisement The ship slowed to just 1–2 knots, far below its typical cruising speed of 24 knots, and drifted for nearly three hours, according to Cruise Hive. The vessel suffered a total electrical outage, cutting off lighting, air conditioning, toilets, and kitchen facilities. Facebook/Mike Van Horn Passengers aboard the Constellation were left without air conditioning in temperatures nearing 80°F, causing conditions inside the ship to quickly become uncomfortable. In the absence of functional kitchens, guests were served cold meals for dinner. Despite the discomfort, many passengers noted the crew remained professional and communicative. Advertisement The ship's emergency generators activated as designed, maintaining minimal essential systems including emergency lighting, fire detection, and communications. A spokesperson for the Royal Caribbean Group, parent company of Celebrity Cruises, confirmed to USA Today that the vessel experienced a power failure caused by a 'technical issue' but provided no further details about the root cause or the repair process. Engineering crews on board worked closely with shoreside support teams to restore functionality. Advertisement Although power was gradually restored after about two hours, the vessel remained stationary for some time before regaining full propulsion. The cruise took off from Ravenna, Italy, on July 28 and will end in Civitavecchia-Rome on Aug. 8. It is currently en route to Naples, though it remains unclear if it made it to Messina on schedule. Power failures at sea, which are not uncommon, can be triggered by a range of factors, including electrical faults, engine room complications or software issues. Comparisons were made to past incidents such as the 2013 Carnival Triumph power failure — which was detailed in the Netflix docuseries 'Trainwreck: Poop Cruise' — though passengers aboard the Constellation were quick to note that this was nowhere near as severe.
Yahoo
03-08-2025
- Yahoo
Celebrity Cruises ship drifts off coast of Italy during power outage
Passengers aboard the Celebrity Cruises' Constellation experienced a few hours of neither air conditioning nor electricity during a brief power outage. A spokesperson for Royal Caribbean Group, the line's parent company, confirmed the 2,170-passenger ship lost power for under three hours on Saturday, Aug. 2, as the team "addressed a technical issue" in an email to USA TODAY. The cruise line did not provide details on what sort of issue or repair was required. It's not uncommon for cruise ships to lose power, with most having emergency generators independent of the ship's main source of power as a backup plan. Situated on the upper decks, they can provide power for emergency lighting, elevators, radios and fire detection systems, and even re-start engines if necessary, according to Royal Caribbean's website. The ship was sailing to Messina, Sicily from Kotor, Montenegro and was right off the coast of Italy when the incident occurred, leaving it to drift for a short period of time, according to CruiseMapper. Satellite tracking data at the time showed the ship's speed briefly dropped down to as low as 1.1 mph, as reported by Cruise Hive. The cruise line said the ship was close enough to the coast to still be within range of cell phone service. "We've been communicating with our guests directly," the spokesperson added. Part of Celebrity's more upscale Millennium class, the Constellation is currently sailing an 11-day, one-way cruise departing from Ravenna, Italy on July 28. It is scheduled to visit Naples and Livorno before ending in Civitavecchia-Rome on Aug. 8. This article originally appeared on USA TODAY: Power outage leaves cruise ship drifting off the coast of Italy
