Constellation and Xpansiv Announce Launch of Clean Energy Certificate Trading to Accelerate Decarbonization and Market Transparency
Constellation (Nasdaq: CEG), the largest producer of emissions-free, reliable energy in the United States, and Xpansiv, a leading infrastructure provider for global energy transition markets, have announced a strategic collaboration to launch a new class of clean energy-based trading instruments. The initiative will introduce annual Emission-Free Energy Certificates (EFECs) on Xpansiv’s CBL spot exchange beginning December 2, 2025, with plans to add hourly EFECs in the near future.
This partnership represents a major step in connecting clean energy generation with transparent, traceable market instruments that help organizations achieve carbon-free energy goals. By leveraging Constellation’s extensive clean generation portfolio and Xpansiv’s established digital exchange and registry infrastructure, the two companies aim to make trading in verifiable, emissions-free energy certificates as seamless as existing renewable energy certificate (REC) markets.
A New Market Mechanism for Clean, Reliable Power
Constellation will supply EFECs derived from its clean energy centers located within the PJM region—the largest competitive power market in the United States. Each EFEC will represent one megawatt-hour (MWh) of electricity generated from verified emissions-free sources, including nuclear, hydro, solar, and wind.
Unlike traditional RECs that focus primarily on renewable generation, EFECs encompass the broader scope of clean, carbon-free energy resources, including nuclear generation, which provides more than half of America’s emissions-free electricity. The EFEC market is designed to enable both corporate and institutional buyers to verify and trade their clean energy usage, offering a higher degree of transparency and reliability than voluntary offsets or unverified certificates.
Expanding Clean Energy Traceability
As part of the collaboration, Xpansiv will leverage its North American Renewables Registry (NAR) to issue nuclear-energy-based Zero-Emission Certificates (ZECs). These ZECs will be fully traceable from issuance to retirement, ensuring data integrity and lifecycle transparency. NAR currently supports more than 89 gigawatts (GW) of renewable energy capacity across the U.S., Canada, and Mexico, making it one of the most comprehensive environmental certificate registries in North America.
According to Xpansiv, this effort represents the next evolution in market-based mechanisms to promote decarbonization. By integrating verified emissions-free generation data directly into the CBL exchange, buyers will be able to access a standardized and transparent marketplace for purchasing clean energy attributes.
Industry Leaders Highlight Growing Demand for Clean Energy Solutions
Jim McHugh, Chief Commercial Officer of Constellation, emphasized the significance of the partnership:
“As demand for a range of clean, reliable, and affordable energy solutions grows, our continued focus is on providing a comprehensive suite of commercial products that help customers meet their environmental goals,” said McHugh. “We believe the most important energy commodity is a reliable and clean megawatt, and our clean energy resources offer more emissions-free power than any other provider in the U.S.”
John Melby, CEO of Xpansiv, echoed this sentiment, noting that the need for carbon-free electricity is surging amid the expansion of energy-intensive industries such as artificial intelligence, electric vehicles, and cloud computing:
“Additional carbon-free power sources are in critical need, and clean energy centers will play a key role in meeting the growing demand for years to come,” Melby said. “Our pioneering launch of clean energy certificate solutions across our registry and exchange demonstrates the strength of our environmental commodity infrastructure. We are proud to work with Constellation, the leading reliable, emissions-free energy generator, to deliver this significant initiative for our market.”
Addressing a Growing Energy Challenge
The collaboration between Constellation and Xpansiv comes at a time of unprecedented growth in electricity demand. Global data center power consumption alone is projected to increase by 160% by 2030, according to Goldman Sachs Research. Much of this demand is being driven by the rapid adoption of AI technologies, electrified transportation, and the reshoring of energy-intensive manufacturing.
Meeting this demand sustainably requires scaling up emissions-free generation—especially nuclear and hydroelectric power—which can deliver consistent, around-the-clock capacity without producing greenhouse gas emissions. EFECs will help quantify and verify these clean energy attributes, giving buyers the assurance that their purchases directly correspond to emission-free generation.
The EFEC platform will complement existing renewable and carbon markets, bridging the gap between traditional RECs and broader carbon accounting systems. By creating a trusted mechanism for tracking clean energy output, the system supports corporate sustainability reporting, compliance with emerging disclosure requirements, and progress toward net-zero targets.
Building Transparency and Market Confidence
The launch of EFECs represents a natural extension of Xpansiv’s mission to provide digital infrastructure that underpins transparent, verifiable environmental markets. Through its exchange and registry network, Xpansiv manages the issuance, transfer, and retirement of millions of environmental commodities annually—including RECs, carbon credits, and energy attribute certificates.
Constellation’s participation ensures that the underlying certificates are backed by real, measurable clean energy generation. As the largest producer of zero-emissions electricity in the U.S., Constellation’s clean generation fleet—which includes nuclear, hydro, wind, and solar facilities—provides approximately 90% emissions-free electricity.
Together, the companies aim to accelerate the shift toward market-based mechanisms that reward verified, emission-free production and empower energy consumers to make measurable contributions to decarbonization.
Upcoming Emission-Free Energy Certificates Webinar
To educate market participants and stakeholders, Constellation and Xpansiv will host a webinar on Wednesday, November 12, at 10 a.m. (ET). The session will explore how verified, registry-issued EFECs can support decarbonization programs and meet disclosure and reporting requirements.
Featured speakers will include:
- Whitney Boles, Managing Director, Customer Products, Constellation
- Katie Doyle, Senior Vice President, Registry Solutions, Xpansiv
- Russell Karas, Senior Vice President, Strategic Market Solutions, Xpansiv
The webinar will provide insights into how EFECs can enhance corporate sustainability programs and facilitate compliance with new carbon accounting frameworks.
Toward a Clean Energy Future
By integrating Constellation’s clean generation portfolio with Xpansiv’s market infrastructure, this initiative lays the foundation for a new, standardized emissions-free energy market. As global organizations pursue aggressive net-zero targets and electricity demand continues to rise, transparent trading mechanisms like EFECs will become essential tools for balancing reliability, affordability, and sustainability.
Constellation and Xpansiv’s partnership underscores a shared commitment to driving innovation in clean energy markets—turning verified data and reliable generation into actionable, tradable assets that advance the global transition to a carbon-free energy future.
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