Citi finds positive for Constellation in cell phone visitor activity

Citi says that using daily cell phone visitor activity at Crane, or Three Mile Island, in comparison with visitors at Palisades in Michigan over the last few years, the firm assessed progress for these power plant restarts. The analysis left Citi encouraged that Crane’s nuclear power plant restart is trending ahead of schedule as activity levels are only 11 months beyond Palisades, the analyst tells investors in a research note. The firm believes this is a positive data point for Constellation Energy (CEG) and Pennsylvania-New Jersey-Maryland power reliability, although a “marginally bearish” data point for PJM power prices in 2028 and late 2027. Citi has a Neutral rating on Constellation with a $318 price target