Constellation Energy Stock Soars on 20-Year Google Power Deal
Shares of Constellation Energy (CEG) surged by 9% in pre-market trading after the company announced a 20-year power agreement with Google. The deal will introduce new nuclear capacity to the PJM Interconnection grid, which operates across 13 U.S. states and the District of Columbia, to address increasing energy demands.
Under the agreement, Constellation Energy will utilize Google Cloud and Gemini Enterprise to create an “AI for Energy” blueprint. The goal is to leverage artificial intelligence to cut infrastructure costs, enhance grid performance, and ensure reliable power supply amid rising demand.
Despite the positive market reaction, Constellation Energy’s shares have declined by 24% year-to-date, entering Tuesday on a downward trend. Meanwhile, Alphabet (Google’s parent company) saw a modest pre-market gain of less than 1%, with its shares up approximately 11% for the year.