Constellation Energy Corp

8. Property, Plant, and Equipment

The following table presents a summary of property, plant, and equipment by asset category as of December 31, 2024 and 2023:

(a)Includes nuclear fuel that is in the fabrication and installation phase of $1,485 million and $1,265 million as of December 31, 2024 and 2023, respectively.

(b)Includes accumulated amortization of nuclear fuel in the reactor core of $2,447 million and $2,484 million as of December 31, 2024 and 2023, respectively.

The estimated useful lives of our generating facilities are based on a combination of depreciation studies, historical retirements, site licenses and management estimates of operating costs and expected future energy market conditions. The estimated useful lives of our nuclear stations generally include expectations for an additional 20-year term beyond current license expiration, except for Calvert Cliffs, FitzPatrick, Limerick, NMP Unit 2, Salem, and STP where depreciation provisions correspond with the expiration of the current NRC operating license. Generally, our oil and gas plants have estimated useful lives of 40-45 year with wind and solar generating facilities having estimated useful lives of 25 and 35 years, respectively. The estimated useful lives of our hydroelectric facilities also generally align with their FERC operating licenses. 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.

Annual depreciation rates for electric generation were 3.43%,3.26%, and 3.46% for the years ended December 31, 2024, 2023, and 2022, respectively. Nuclear fuel amortization is charged to fuel expense using the unit-of-production method and not included in the annual depreciation rates. See Note 22 — Supplemental Financial Information for additional information on nuclear fuel amortization.