Constellation Energy Jumps After Signing 3,590-MW Power Supply Deal With Google
Summary
- Constellation Energy said it signed a 3,590-megawatt power supply agreement with Google.
- Constellation said it will invest $4.3 billion in nuclear plant upgrades and signed a five-year technology partnership with Google.
- Constellation shares surged 12.25% to close at $300.40.
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Constellation Energy, the largest nuclear power plant operator in the U.S., said on October 6 that it signed an agreement to supply 3,590 megawatts of electricity to Google.
The company will provide power from 11 nuclear reactors in Illinois, Pennsylvania and New Jersey for 20 years starting in 2028 to meet demand from Google’s artificial intelligence data centers. Constellation plans to invest $4.3 billion to upgrade the facilities.
Constellation also signed 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 partnership is estimated to be worth about $1 billion.
Separately, Google agreed to buy an additional 2,700 megawatts of power for 15 years from Constellation’s existing plants. The companies said the agreement will create 7,200 new jobs.
Constellation shares jumped 12.25% to close at $300.40.
Lee Mi-a, Hankyung.com reporter mia@hankyung.com
Korea Economic Daily
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