Constellation Energy rises on power supply deal with Microsoft, plans to restart nuclear plant

Cerro Grande Mining

20/09/2024 12:46

** Shares of electric utility Constellation Energy  CEG.O 
rise 6.5% to $221.98 premarket
    ** Co signs 20-year power supply deal with Microsoft
 MSFT.O , under which the tech giant will purchase energy from
CEG's nuclear plant to power its data centers
    ** Deal will help pave the way to restart one of the units
at CEG's Three Mile Island nuclear power plant that was shut
down in 2019 due to operational issues    
    ** CEG says in addition to relevant approvals to restart the
plant, it will seek to extend plant operations to at least 2054
    ** If the restart is approved, Three Mile Island would
provide MSFT with 835 megawatts of energy
    ** A separate unit of Three Mile Island plant was shut in
1979, after experiencing a partial meltdown in one of the
biggest commercial nuclear accidents in U.S. history
    ** MSFT shares marginally down at $437.48 premarket
    ** As of last close, CEG shares are up as much as 78% YTD

 (Reporting by Vallari Srivastava in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com;))