Constellation hits all-time high on power supply deal with Microsoft, set to restart nuclear plant

Cerro Grande Mining

20/09/2024 15:03

(Updates)
    ** Shares of electric utility Constellation Energy  CEG.O 
jump ~16% to an all-time high of $241.61
    ** 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
    ** Co says Three Mile Island plant would provide MSFT with
835 megawatts of energy
    ** 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, it would mark the first ever
restart of a nuclear power plant in the U.S. after being shut
down     
    ** 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
    ** Including session moves, stock is up 104% YTD

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