Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We spent our careers avoiding electric utilities and independent power producers. Commodity product, political interference, endless capital appetite — Charlie used to say the utility business is a way to take a fortune and make it merely large. So it says something that we find Constellation genuinely interesting. This company owns the largest fleet of nuclear reactors in America — roughly a fifth of the nation's nuclear output and about 10% of all its carbon-free electricity — at the precise moment in history when 24/7 carbon-free power has become the scarcest industrial commodity in the country. You cannot build what Constellation owns. Not at any sane price, not on any relevant timeline. That is the definition of a moat.
Recent filings analysed: 8-K (2026-08-06), 10-Q (2026-08-06), 8-K (2026-08-05), 8-K (2026-07-14).
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