Amazon Locks in Nuclear Power Deal with Constellation Energy

Constellation Energy Corp. (CEG) shares rose 2.7% in overnight trading after announcing a 20-year power purchase agreement with Amazon Inc. (AMZN).

The deal will add 190 megawatts of nuclear capacity at Calvert Cliffs, Maryland, and provide revenue certainty to support relicensing the plant for another 20 years.

The agreement covers 690 MW of power, including the new capacity, and includes a related retail supply agreement to support Amazon's operations in the PJM market.

Amazon will buy the power at Calvert Cliffs Clean Energy Center, Maryland's only nuclear plant and its largest source of clean energy. The deal is expected to bring over $3 billion in infrastructure investment in Maryland.