Mentioned:
Google is coming after more nuclear power capacity in America. And they’ve just cut a new deal with Constellation Energy to do it.
What’s happening:
- Google (NASDAQ: GOOG) and Constellation Energy (NASDAQ: CEG) have entered into a new deal to fund 890 megawatts of new nuclear power capacity
Why it matters:
- Google’s new power purchase agreement will fund equipment and technology at 11 different nuclear power plants owned by Constellation Energy across Pennsylvania, New Jersey and Illinois
Going deeper:
- Google and Constellation Energy’s new power purchase agreement represents a total of 3,590 megawatts of power from Constellation Energy, which includes a 15 year agreement for 2,700 megawatts from Constellation Energy’s existing PJM Interconnection fleet
- Constellation Energy has publicly stated they plan to invest more than $4B USD in upgrading their nuclear reactor units at six different sites across Pennsylvania, New Jersey and Illinois
The intrigue:
- Google has been aggressively securing access to nuclear power lately, including just recently making major waves when they entered into a binding agreement with Finland’s majority state-owned power utility Fortum to purchase up to 50% of the output from their Loviisa nuclear power plant
