New York, Feb 13, 2026, 18:54 (EST) — After-hours
- Constellation Energy shares were up about 4.5% at $288.43 in after-hours trade
- A late SEC filing showed Capital International Investors held a 5.5% passive stake
- Power generator peers also climbed as traders focused on data-center demand and grid rules
Constellation Energy shares rose about 4.5% on Friday and were still higher after the bell, outpacing the broader market as power stocks rallied.
The move matters now because the market is again treating grid bottlenecks and data-center demand as something that can reshape contracts — and margins — for large generators. Investors have been quick to reprice that theme, especially when it comes with rule changes that could push tech and data-center owners into longer-term power deals.
PJM Interconnection’s latest proposal is part of that backdrop. Analysts told Reuters it could speed up bilateral agreements between data-center operators and independent power producers, with one forecasting a “flurry of major data center-slash-power deals” in coming months. (Reuters)
PJM, the biggest U.S. grid operator, last month laid out options for new large loads to either bring new generation or operate under a “connect and manage” framework that could force earlier curtailments when the system is tight. (PJM Inside Lines)
The buying was not just in Constellation. Vistra climbed about 5.2%, NRG Energy gained about 6.5% and Talen Energy added roughly 2.5% on the session.
Constellation closed at $288.43, up 4.46%, with volume of about 5.4 million shares, above its 50-day average, according to MarketWatch data. The stock remains about 30% below its 52-week high of $412.70. (MarketWatch)
After the close, a Schedule 13G filing showed Capital International Investors reported beneficial ownership of 17,170,795 Constellation shares, or 5.5% of the company’s common stock, as of Dec. 31, 2025. The filing is typically used by investors that are not seeking control of the company. (SEC)
But the grid and data-center trade has its own traps. PJM’s plan still has regulatory and practical hurdles, and deals can stall on permitting, interconnection queues and state approvals. If the policy momentum fades, the sector can give back gains fast.
Traders also face a choppy calendar. U.S. markets are closed on Monday, Feb. 16, for Presidents Day and reopen on Tuesday, Feb. 17, when investors will be watching for follow-through in the power group — and any fresh data-center contracting headlines. (Nasdaq)
