(Bloomberg) — Constellation Energy Corp. has signed a pair of deals with the US government to provide more than $1 billion of electricity and services, enough to fund upgrade projects that will boost capacity at the country’s biggest nuclear fleet. The shares surged.
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The company announced a 10-year, $840 million contract with the General Services Administration to deliver more than a million megawatt-hours of electricity annually, starting this year, according to a statement Thursday. Constellation will also receive $172 million for energy savings and conservation measures at five GSA facilities.
The deals demonstrate the growing demand for clean energy from nuclear plants, and will provide Constellation with the funds to pursue upgrades to its fleet that will add about 135 megawatts of capacity. The company has said it’s planning to add at least 1,000 megawatts to its nuclear plants through these projects, roughly comparable to adding an entire new reactor.
They come less than three months after the company announced plans to restart a shuttered reactor at the Three Mile Island facility in Pennsylvania, supported by a long-term deal to sell the output to Microsoft Corp.
“This agreement is another powerful example of how things have changed,” Constellation Chief Executive Officer Joe Dominguez said in the statement. “Under this agreement, the United States government joins Microsoft and other entities to support continued investment in reliable nuclear energy.”
Constellation shares climbed as much as 7.6% Thursday.
(Updates with comment from CEO in fifth paragraph.)
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