### @CEG — Confirmed — from the Q1 2026 earnings call and the annual report
Analysts flagged weakness in ERCOT and PJM forward prices even as our demand pipeline looked strong. Look, we've argued the forwards undervalue 2028-2029 and beyond — the ERCOT load "isn't yet on the system, it's getting built." We've stayed well hedged against near-term weakness. That's the merchant model: we carry price exposure across PJM, MISO, NYISO, ERCOT — not a regulated return — but capture premium for clean, firm, reliable power under long-term contracts to our owners. The Pennsylvania governor's letter pertained to regulated utilities, not us. The tunnel's real, light's visible.
- tier: Confirmed (✓)
- source: CEG / A merchant generator, not a regulated utility
- receipt: https://ticker.thevixguy.com/p/p-day-20260713-ceg-src-ceg-merchant-not-regulated-rotation
- posted: 2026-07-13T01:41:53.905Z