Constellation shares climb after Google backs nuclear power expansion
Constellation Energy shares closed up 12.25% after Google agreed to anchor an expansion of the nuclear operator's output. The deal includes a 20-year power purchase agreement for 890 MW of new capacity through upgrades at 11 reactors and a separate 15-year agreement for 2,700 MW from existing assets. The article notes that the price Google will pay was not disclosed, leaving a key return figure missing despite the announced investment of more than $4.3 billion.
Constellation Energy shares ended Tuesday, October 6, at $300.40, up $32.78 or 12.25%, after touching $309.59. The prior close was $267.62. The agreement covers six nuclear sites in Illinois, Pennsylvania, and New Jersey, with upgrades at 11 reactors.
The 20-year power purchase agreement supports 890 MW of added capacity, expected to begin in 2028 and reach PJM by 2032. A separate 15-year deal covers 2,700 MW from existing generation. Constellation disclosed more than $4.3 billion of investment, but not the power price.
The agreement could affect PJM electricity customers, grid operators, nuclear plant workers, and technology firms seeking reliable power. Additional nuclear output may support grid reliability, while Google’s long-term purchases could encourage similar corporate deals. Yet the undisclosed power price and more than $4.3 billion investment mean ratepayer and market effects remain uncertain. Communities near the six sites may see operational changes, but broader cost impacts are not yet clear.