Constellation Energy is America's largest producer of clean, carbon-free energy and the largest operator of nuclear power plants in the United States, and the question for the next twelve months is whether the company can convert the Crane Clean Energy Center restart milestones, the 920 megawatts of new long-term power purchase agreements, and the Calpine integration into the kind of combined-company earnings power the company just telegraphed. The Q2 2026 print was the cleanest test yet of that thesis, and the cleanest signal is that the FERC granted a waiver allowing the transfer of existing Capacity Interconnection Rights from the dual fuel Eddystone Units 3 and 4 in Pennsylvania to the Crane Clean Energy Center, and the NRC approved the Crane Clean Energy Center's fuel license amendment request. The combination of the Q2 2026 GAAP Net Income of $1.42 per share, the Q2 2026 Adjusted (non-GAAP) Operating Earnings of $2.55 per share up from $1.91 per share in Q2 2025, the raised full-year 2026 Adjusted (non-GAAP) Operating Earnings guidance range to $11.50 to $12.50 per share, the FERC waiver granting the transfer of existing Capacity Interconnection Rights to the Crane Clean Energy Center, the NRC fuel license amendment request approval for the Crane Clean Energy Center, the Crane Clean Energy Center restart expected in 2027, the 920 megawatts of additional long-term power purchase agreements with a diverse set of investment grade customers, the 15-20 year duration of the new long-term power purchase agreements, the 2029 through 2032 start period for the new long-term power purchase agreements, the 176 megawatt agreement with Walmart for a 30 megawatt capacity expansion at the Dresden Clean Energy Center in Illinois, the August 2026 agreement with LS Power to divest the Brazos Valley Energy Center for $860 million before closing adjustments, the Brazos Valley Energy Center as a 606 megawatt natural gas-fired plant in ERCOT, the Brazos Valley Energy Center as the last asset sale required by the Calpine acquisition regulatory commitments, the Brazos Valley Energy Center expected to close by the end of 2026, the license renewal applications with the NRC for the Ginna Clean Energy Center and the Nine Mile Point Unit 1 reactor, the potential operations of the Ginna Clean Energy Center and the Nine Mile Point Unit 1 reactor extended to 2049, the recertification as a Great Place to Work for the fourth straight year, the naming to The Civic 50 by Points of Light for the second consecutive year, the receipt of DisabilityIN World's Top Disability Inclusive Business recognition, the Calpine integration, the expanded platform, the strong operational and commercial performance, the disciplined execution of the capital allocation strategy, the strong balance sheet, the differentiated customer facing business, and the generation portfolio well positioned to serve increasing demand for reliable energy is the cleanest single read on what the Crane-restart pivot is producing. The strategic tension is the Calpine integration against the Crane restart and the long-term power purchase agreement expansion, and the forward question is whether the company can convert the Crane Clean Energy Center restart in 2027 and the 920 megawatts of new long-term power purchase agreements into the raised full-year 2026 Adjusted (non-GAAP) Operating Earnings guidance of $11.50 to $12.50 per share.