Constellation Energy stock skyrocketed by roughly 11% to 345.84 per share at the time of publication, following the signing of a 20-year nuclear power purchase agreement (PPA) with Meta. Beginning in June 2027, Meta agreed to purchase around 1,121 megawatts of emissions-free nuclear energy and the Clinton Clean Energy Center to support Meta’s clean energy goals.
The companies said the agreement will support the continuing operation of Constellation’s high-performing Clinton nuclear facility for another two decades. The deal will also support the plant’s relicensing after its funded zero emission credit (ZEC) program, which it has relied on since 2017, expires.
Meta and Constellation plan to revive and expand Clinton power plant
We’ve signed an agreement with @Meta for the emissions-free output of Clinton Clean Energy Center. Deal supports Meta’s clean energy goals and operations in the region while enabling us to relicense and continue operating Clinton for another 20 years. 1/3 https://t.co/VQnTVnl1jp
The energy firm said the agreement would expand Clinto’s clean energy output by 30 megawatts through plant uprates and preserve 1,100 high-paying jobs. The deal will also deliver $13.5 million in annual tax revenue and add $1 million in charitable giving to local nonprofits over five years.
The energy center will not power Meta directly but will continue to provide emissions-free power onto the local grid, providing power to the region for decades to come. Constellation CEO Joe Dominguez acknowledged that the firm also announced plans to restart the Crane Clean Energy Center last year. She noted that its closure cost the community jobs, tax revenue, more pollution, and higher prices.
“We are proud to partner with Meta because they asked that important question, and even better, they figured out that supporting the relicensing and expansion of existing plants is just as impactful as finding new sources of energy. Sometimes the most important part of our journey forward is to stop taking steps backwards.”
–Joe Dominguez, CEO and President of Constellation.
Urvi Parekh, Head of Global Energy at Meta, said the firm was excited to partner with Constellation and the Clinton Community to ensure the long-term operations of the nuclear plant, add new capacity, and help preserve over 1,000 jobs. He also noted that securing clean and reliable energy is necessary to advance Meta’s AI ambitions.
Parekh highlighted that the tech company will keep the Clinton plant operating for years to demonstrate that it’s important to strengthen American energy leadership. The energy firm also announced in September 2024 that it would restart Three Mile Island – the site of the worst nuclear meltdown in U.S. history – and less the power to Microsoft under a 20-year agreement.
Constellation said it expects the Unit 1 reactor at Three Mile Island near Middletown, Pennsylvania, to come back online in 2028, subject to approval by the Nuclear Regulatory Commission. The company also plans to apply to extend the plant’s operations to at least 2054.
Tech companies aim to expand nuclear power
Meta had put out a request for proposals in December to find nuclear energy developers to partner with, revealing that they wanted to add between one and four gigawatts of new nuclear generation in the U.S. Amazon, Alphabet, Google, and Meta also signed a pledge in March to support efforts to at least triple nuclear energy globally by 2050.
Amazon, Google, and Meta are pushing the energy demand in the U.S. as they build out artificial intelligence centers. After collaborating with small modular reactor developer Kairos Power last year, Google recently pledged to fund the establishment of three new nuclear sites. Amazon also invested over $500 million to develop SMRs in October and purchased a data center campus powered by the Susquehanna nuclear plant in March 2024.
On May 23, U.S. President Donald Trump signed four executive orders to advance nuclear development, setting a target of quadrupling U.S. nuclear energy by 2050. Trump also ordered the overhaul of the Nuclear Regulatory Commission, with the new commission being required to decide on nuclear reactor licenses within 18 months.
The White House has also called for speeding approval for small modular reactors. Constellation revealed Tuesday that it is considering seeking a new permit from the Nuclear Regulatory Commission to build a small modular reactor at the Clinton site.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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