May 9 (Reuters) - U.S. utility Constellation Energy beat first-quarter profit estimates on Thursday, helped by higher nuclear power generation and benefits from tax credits related to the Inflation Reduction Act.

"Higher output from our generation fleet, supportive energy policies and the strong performance of our commercial business contributed to our strong adjusted (non-GAAP) first-quarter earnings of $1.82 per share," CFO Dan Eggers said.

Constellation, which also generates electricity via other renewable sources - hydro, wind and solar - beat analysts' estimates of $1.38 per share, according to LSEG data.

The IRA provides billions of dollars in tax credits to clean energy facilities, such as nuclear plants, in a push to decarbonize the U.S. power sector.

Nuclear production tax credits (PTCs) under the IRA provide a benefit of 1.5 cents per kilowatt-hour of energy produced for qualifying nuclear plants.

This benefits companies like Constellation, which is the largest nuclear power provider in the U.S with 21 nuclear plants in operation.

The Baltimore, Maryland-based firm's nuclear fleet produced 45,391 gigawatt-hours (GWhs) and operated at 93.3% capacity during the quarter, an uptick from the 42,463 GWhs produced at 92.8% capacity last year in the same period.

It also saw fewer outage days during the quarter, which helped lower refueling costs.

Power consumption in the U.S. is expected to reach record highs this year and the next, according to the U.S. Energy Information Administration.

Total operating expenses were $5.3 billion, 29% lower than the prior-year quarter, primarily due to 40% lower fuel costs.

Revenue for the quarter, however, fell 18.5% to $6.16 billion, lower than analysts' estimate of $7.85 billion as per LSEG data. (Reporting by Kabir Dweit in Bengaluru; Editing by Saumyadeb Chakrabarty)