# Constellation Energy Nuclear Decommissioning Trust

Constellation Energy Nuclear Decommissioning Trust is a Decommissioning Trust based in Baltimore, United States.

## Overview

- **Organization type:** Decommissioning Trust
- **Headquarters:** Baltimore, United States
- **Region:** North America
- **Address:** Baltimore, MD, United States
- **Assets under management:** Over $10 billion (Altss estimate)
- **LinkedIn:** https://linkedin.com/company/constellation-energy-nuclear-group-llc

## Regulatory record

- **Reports private funds:** No

## About

Constellation Energy was formed in 2022 through the spin-off from Exelon Corporation, inheriting a portfolio of nuclear decommissioning trust (NDT) funds that had been built over decades (per Exelon, 2022). These trusts are legally segregated pools of assets—funded by ratepayers during plant operations—that must grow enough to pay for eventual decommissioning of reactors such as Braidwood, Byron, and Calvert Cliffs. The NDT assets are subject to NRC rules that restrict investments to high-grade bonds, publicly traded equities, and limited alternatives. Constellation manages these portfolios with a focus on liability-driven investing, using a mix of fixed-income securities (Treasuries, corporate bonds), equity index funds, and tactical cash. The trusts also hold real assets: known positions include stakes in Corporate Office Properties Trust (OFC), a Mid-Atlantic REIT (SEC filings). The geographic footprint is concentrated in the U.S., primarily across the Mid-Atlantic and Midwest where Constellation operates plants. 6 billion as of December 2022 (per NRC, 2023). The Constellation Energy Foundation, the firm's philanthropic arm, supports STEM education and environmental stewardship. In May 2024, Constellation announced a 20-year PPA with Microsoft to restart Three Mile Island Unit 1—renamed Crane Clean Energy Center—a deal that will require NDT funds to cover decommissioning of the dormant reactor (per Constellation, May 2024). What distinguishes the Constellation NDT from other decommissioning trusts is its integration with an operating nuclear utility: the investment decisions are made by a dedicated team at Constellation, not by a third-party fiduciary. This in-house model allows the trust to coordinate with plant operations, regulatory compliance, and eventual decommissioning schedules—a structural alignment uncommon among other nuclear plant owners, many of which outsource trust management to external asset managers.

## Sectors

- Infrastructure
- Energy Transition & Renewables
- Private Credit

## Questions

### Who manages the investment decisions for the Constellation NDT?

Constellation Energy's internal investment team oversees the trust portfolios, operating under guidelines set by the NRC. The team is led by Constellation's chief investment officer, who reports to the parent company's CFO. This in-house structure allows the trust to align investment strategy with plant decommissioning timelines and regulatory requirements.

### What types of assets are held in the trust?

The trust portfolios are restricted by NRC rules to investment-grade bonds, publicly traded equities, and limited cash equivalents. Known holdings include Treasury securities, corporate bonds, and equity index funds. Real asset exposure includes a reported stake in Corporate Office Properties Trust (OFC), a publicly traded REIT (SEC filings). The overall allocation is liability-driven, favoring capital preservation.

### Is the NDT open to external investors?

No. The trust funds are set aside exclusively for Constellation's decommissioning obligations and are not available for outside investment. They are funded by Constellation's revenue from power sales, ratepayer contributions (where applicable), and investment returns within the trust. The purpose is to ensure sufficient capital for safe reactor decommissioning.

## Related profiles

- [Chicago Public School Teachers' Pension & Retirement Fund (CTPF)](https://altss.com/profile/chicago-public-school-teachers-pension-and-retirement-fund-ctpf)
- [Construction Workers Pension Trust Fund - Lake County & Vicinity](https://altss.com/profile/construction-workers-pension-trust-fund-lake-county-and-vicinity)

---

Last updated: 2026-08-11T02:43:31.692Z

Canonical page: https://altss.com/profile/constellation-energy-nuclear-decommissioning-trust

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology