The holding is modest. The irritation was not. California’s leadership keeps finding new ways to tax private wealth and corporate income, and I had talked myself into the idea that Constellation lived in that climate. Yesterday I went back and forth on whether to dump the lot and buy American Electric Power instead. The correction was blunt: the headquarters is at 1310 Point Street, Baltimore, Maryland. Not Sacramento. I kept the shares, for the time being, and called it a coin toss.

Today the coin landed. Google and Constellation announced a power deal on 6 October 2026. The 20-year agreement is a power purchase for 890 megawatts of new nuclear capacity, from uprates at 11 existing reactors in Illinois, Pennsylvania, and New Jersey. First delivery is expected in 2028. Constellation is putting more than $4.3 billion into the work. A separate 15-year supply agreement covers another 2,700 megawatts from Constellation’s existing PJM fleet. That power is not tied to a specific plant or fuel. It is revenue certainty for plants already running.

Constellation traded up about 13 percent on the day, and as much as about 15 percent, from a previous close of $267.62. I will not pretend I had the Google contract in a drawer. I had a grudge against a state the company is not based in.

The old Constellation Energy Group disappeared into Exelon in 2012. This is Constellation Energy Corporation, spun out in 2022. The name on the ticket is not the name in my head, which is how the California theory got in.

I still own it. That is not a thesis. It is a refusal to sell on a fact I had not checked. The accounts that hold the US book are listed here: our brokers and accounts.