Constellation Soars on Amazon Nuclear Power Deal

Constellation Energy Corp., which operates the Calvert Cliffs Clean Energy Center in Maryland, saw its stock rise by as much as 5% after-hours on Wednesday following a major deal with Amazon.com Inc. The agreement will support the expansion of the nuclear plant, enabling over $3 billion in infrastructure investment, including upgrades to the 1,790-megawatt facility and approximately 190 megawatts of new emissions-free generating capacity expected online between 2030 and 2032.

Under the 20-year agreement, Amazon will receive 690 megawatts of power, including the 190 megawatt expansion. The companies also entered into a retail supply agreement to support Amazon's operations in the 13-state PJM market. This deal provides Constellation with revenue certainty to relicense the plant for another 20 years and supports the development of new clean energy power plants at the site.

According to Joe Dominguez, chairman, president, and CEO of Constellation, 'This agreement demonstrates how private investment can strengthen critical energy infrastructure.' He added that Amazon's commitment will support the long-term operation of Calvert Cliffs for generations to come and create a strong foundation for future investment in both the facility and advanced nuclear technologies.