Constellation Energy Corp
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
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8. Property, Plant, and Equipment
- Property, Plant, and Equipment
The following table presents a summary of property, plant, and equipment by asset category as of December 31, 2023 and 2022:
| Asset Category | December 31, 2023 | December 31, 2022 |
|---|---|---|
| Electric | $32,889 | $30,804 |
| Nuclear fuel(a) | 5,503 | 5,106 |
| Construction work in progress | 1,133 | 630 |
| Other property, plant, and equipment | 14 | 8 |
| Total property, plant, and equipment | 39,539 | 36,548 |
| Less: accumulated depreciation(b) | 17,423 | 16,726 |
| Property, plant, and equipment, net | $22,116 | $19,822 |
(a)Includes nuclear fuel that is in the fabrication and installation phase of $1,265 million and $937 million as of December 31, 2023 and 2022, respectively.
(b)Includes accumulated amortization of nuclear fuel in the reactor core of $2,484 million and $2,657 million as of December 31, 2023 and 2022, respectively.
The following table presents the average service life for each asset category in number of years:
| Asset Category | Average Service Life (years) |
|---|---|
| Electric | 1-60 |
| Nuclear fuel | 1-8 |
| Other property, plant, and equipment | 1-10 |
Depreciation provisions are based on the estimated useful lives of the stations, which generally correspond with the term of the NRC operating licenses, except for Clinton, Dresden Units 2 and 3, Ginna, NMP Unit 1, Peach Bottom Units 2 and 3 and Conowingo. Depreciation provisions for Clinton, Dresden Units 2 and 3, Ginna, NMP Unit 1, and Peach Bottom Units 2 and 3 all assume an additional 20 years beyond current license expiration. Conowingo depreciation provisions are based on an estimated useful life through 2071, in anticipation that a 50-year license will be issued. See Note 3 — Regulatory Matters for additional information regarding license renewals for Peach Bottom and Conowingo.
Beginning August 2020, Byron and Dresden depreciation provisions were based on their announced shutdown dates of September 2021, November 2021, and May 2024, respectively. On September 15, 2021, we updated the estimated useful lives for Byron and Dresden to reflect the end of the available NRC operating license for each unit. Beginning in the third quarter of 2022, we updated Dresden depreciation provisions consistent with the license renewal of 2029. See Note 3 — Regulatory Matters for additional information regarding license renewals for Peach Bottom and Conowingo. See Note 7 — Early Plant Retirements for additional information on the impacts related to Byron and Dresden.
Annual depreciation rates for electric generation were 3.26%,3.46%, and 8.67% for the years ended December 31, 2023, 2022, and 2021, respectively. Nuclear fuel amortization is charged to fuel expense using the unit-of-production method and not included in the annual depreciation rates.
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