The merger is a headwind, as was the dividend cut. Similarly, utilities have faced pressure due to rising interest rates. These issues may overhang for a bit, but constellation will eventually hit the bottom line, and the dividend will eventually start to increase. If you have a 5-10 year or longer horizon, this is at a good price and likely to be accumulated upon further weakness.
A lot has to do with the disastrous Merger with Constellation . EXC was already slave to NG prices, before the Merger. Now the Merger makes the issue more severe and it's costs are huge. You need to export boat loads of NG before it has any impact on EXC. Good luck with that!
My guess is the continued talk that Nuclear power is getting price hacked by WInd-solar (subsidized) and then the natural gas supply increase. Means nuclear cannot get the price it once got for its electricity. This makes revenue less on the same costs. So eventually margins cannot be sustained.
Wait till Spring and Summer, when it's hotter than it's ever been and the air conditioners are running 24/7. Power will be at a premium and EXC will be in the 40's. There's money in Global Warming, cha-ching$$$$$$$.