Constellation Energy jumps on 20-year nuclear power deal with Google
+12.25% to $300.40 from $267.62
What moved CEG
- Google and Constellation Energy announced a long-term agreement to add 890 megawatts of new nuclear generating capacity to the PJM grid across Illinois, Pennsylvania and New Jersey.
- Including a separate 15-year supply agreement for another 2,700 megawatts, Google’s total contracted capacity from Constellation on the PJM grid reaches 3,590 megawatts, with new nuclear power making up roughly a quarter of the supply.
- Constellation said it would invest more than $4.3 billion in the project, which is expected to create about 7,200 construction jobs, with power from the upgraded plants flowing starting in 2028.
- The companies also expanded a technology alliance under which Constellation will use Google Cloud and Gemini Enterprise to help optimize power-plant dispatch and protect infrastructure.
Sources: Yahoo Finance · BNN Bloomberg · Constellation Energy