Constellation Energy will restart the 3 Mile Island Nuclear Plant on a deal to sell power to Microsoft for its data centers to support artificial intelligence. As a result, the constellation energy stock showed a massive upward jump.
The Company Constellation Energy said on Friday it expects the 3 Mile Island Unit 1 Reactor, to return online in 2028, subject to approval by the Nuclear Regulatory Commission. Constellation will pursue license renewal that will extend plant operations to at least 2054.
Microsoft signed a 20-year power purchase agreement to help match the power of its data centers in PJM use with carbon-free energy. Constellation elaborated that it is the largest power purchase agreement that the nuclear plant operator has ever signed with Microsoft.
Joe Dominguez, president, and CEO of Constellation said “Powering industries critical to our nation’s global economic and technological competitiveness, including data centers, requires an abundance of energy that is carbon-free and reliable every hour of every day, and nuclear plants are the only energy sources that can consistently deliver on that promise,”.
“This agreement is a major milestone in Microsoft’s efforts to help decarbonize the grid in support of our commitment to become carbon-negative. Microsoft continues to collaborate with energy providers to develop carbon-free energy sources to help meet the grids’ capacity and reliability needs,” said Bobby Hollis, VP of Energy, at Microsoft.
Unit 1 closed operations in 2019 due to natural gas and renewables, the Nuclear Power struggled. In 1979 one reactor melted down which was the worst nuclear accident in U.S. history.
Constellation is honored to name this new plant after the former CEO Chris Crane and its new name will be “Crane Clean Energy Center”. Joe Dominguez said Chris Crane was “the fierce advocate for our business, devoting his entire career to the safe, reliable operation of our nation’s nuclear fleet, and we will continue that legacy at the Crane Clean Energy Center.”
CFO Dan Eggers told investors during the call that Constellation will invest $1.6 billion in restarting the plant through 2028, including on nuclear fuel.
“The CCEC will support thousands of family-sustaining jobs for decades to come,” said Rob Bair, President, of the Pennsylvania State Building and Construction Trades Council. “It will help make Pennsylvania a leader in attracting and retaining the types of reliable, clean energy jobs that will define the future.”
Check other Collabs and gold and silver prices today.
Read More
- Olive Garden Collab with Uber Direct to Offer Delivery
- Facebook Parent Meta Beats Lawsuit Over Apple Privacy
