Amazon Locks in 20-Year Nuclear Power Deal with Constellation Energy

Constellation Energy Corp (NASDAQ: CEG) has secured a landmark agreement with Amazon.com Inc (NASDAQ: AMZN) to purchase power from its Calvert Cliffs nuclear facility. The deal, announced Wednesday, sent Constellation shares up as much as 5% in after-hours trading.

Under the 20-year power purchase agreement, Amazon will receive 690 megawatts of electricity from the 1,790-megawatt Calvert Cliffs Clean Energy Center in Lusby, Maryland. The arrangement includes roughly 190 megawatts of new emissions-free generating capacity slated to come online between 2030 and 2032.

The revenue certainty provided by Amazon's long-term offtake is expected to support Constellation's effort to renew the plant's operating license for an additional 20 years. The agreement could also pave the way for advanced nuclear and other clean-energy projects at the same site.