Nuclear Power ⁤Company Constellation​ Signs 20-Year Power Supply Contract with Microsoft

Constellation’s Stock⁤ Price Soars 22% to‌ All-Time High

Constellation Energy, the largest nuclear ⁢power generation company in the US, has seen its stock price surge more than 22% in a single day, reaching an all-time high. ⁣This significant increase is​ attributed to the ​company’s recent signing of a 20-year power supply contract with Microsoft.

Restarting the​ Three Mile Island Nuclear Power Plant

Ahead of the market opening, Constellation announced plans to restart the ​Three ⁣Mile Island nuclear power plant, located south of Middletown, Pennsylvania, starting ​in 2028. The electricity generated from the plant will supply 100% of Microsoft’s data​ centers. The Three Mile Island Nuclear​ Generating Station is infamous for being the‍ site of the worst nuclear accident in US history, which occurred in March 1979.

Supplying Low-Carbon ‌Energy to Microsoft

The deal will provide Microsoft with a stable supply of low-carbon energy for⁣ 20 ​years​ beyond 2028, addressing the⁤ company’s increasing electricity⁤ demand to⁣ power its cloud ‍computing and artificial intelligence (AI) systems. ⁢Although the specific terms of the deal were not disclosed,⁢ local media outlets⁤ reported that⁢ Constellation is expected to receive a‍ premium over local electricity ⁢rates.

Restarting Unit ⁤1 of‌ the Plant

Constellation plans to restart Unit 1 of the plant after receiving approval from the US Nuclear Regulatory Commission (NRC). The company also intends to ‌seek separate approval to extend the plant’s operation through 2052. The Three ⁣Mile Island reactor is expected to have a generating capacity of 800 megawatts, sufficient to power hundreds‍ of thousands of homes and run massive AI data centers.

Constellation’s Stock Performance

Constellation was ‌spun off from Exelon, the largest utility holding⁣ company in the US, in 2022 and became a ⁢separate public company. Since ​then, Constellation’s stock price has soared more than 450% over the past two years ⁤and seven months. The company’s stock price has more than doubled since its ‌first trading day this ​year.

Microsoft’s Stock Performance

Meanwhile, Microsoft’s stock price closed at $435.27,⁤ down 0.78%.