Constellation Energy Jumps After Signing 3,590-MW Power Supply Deal With Google
Summary
- Constellation Energy announced that it had signed a 3,590-megawatt power supply agreement with Google.
- Constellation said it will invest $4.3 billion in nuclear facility upgrades and entered into a five-year technology partnership with Google.
- Constellation shares surged 12.25% to close at $300.40 on the day.
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Constellation Energy, the largest U.S. nuclear power plant company, announced on Oct. 6 that it had signed an agreement with Google to supply 3,590 megawatts of electricity.
To meet power demand from Google’s artificial intelligence data centers, Constellation will supply electricity for 20 years starting in 2028 from 11 nuclear plants in Illinois, Pennsylvania and New Jersey. The company plans to invest $4.3 billion to upgrade those facilities.
Constellation also entered into a five-year technology partnership with Google. Google will provide its Gemini Enterprise AI model and Google Cloud to support Constellation’s nuclear plant operations. Bloomberg News reported the deal is estimated to be worth $1 billion.
Separately, Google agreed to receive an additional 2,700 megawatts of power for 15 years from Constellation’s existing plants. The companies said the agreement is expected to create 7,200 new jobs.
Constellation shares closed up 12.25% at $300.40 on the day.
Lee Mi-a, Hankyung.com reporter mia@hankyung.com
Korea Economic Daily
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