Constellation Energy (CEG) Signs $340M Agreement to Rehabilitate Chesapeake Bay

Constellation Energy Corporation (NASDAQ:CEG) is one of the best performing NASDAQ stocks according to hedge funds. On October 2, the company announced an agreement with Maryland Governor Wes Moore and several environmental organizations to fund and implement major operational and environmental improvements at the Conowingo Dam on the Susquehanna River. Valued at over $340 million, the agreement covers multiple initiatives designed to improve water quality in the Chesapeake Bay, tackle pollution, restore aquatic habitats, and safeguard renewable energy production.

The company added that this agreement is a revised deal that replaces a previous 2019 settlement. The last agreement stalled because it was challenged by environmental groups and overturned in court in 2022. The new terms respond to concerns about the dam’s contribution to sediment, nutrient pollution, and debris entering the Chesapeake Bay. The agreement also commits to addressing invasive species problems, such as snakeheads and blue catfish that threaten the Chesapeake Bay ecosystem.

The new regulatory framework, including a Revised Water Quality Certification, will be enforced by Maryland and is expected to be incorporated into Constellation’s 50-year operating license for the dam. All parties involved have formally signed the agreement.

Constellation Energy Corporation (NASDAQ:CEG) generates and supplies carbon-free power across major US markets. It operates the nation’s largest fleet of nuclear plants alongside hydro, wind, solar, and natural gas facilities, giving it a leading role in clean energy production.

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Disclosure: None. This article is originally published at Insider Monkey.