Constellation hits all-time high on power supply deal with Microsoft, set to restart nuclear plant
Updates
** Shares of electric utility Constellation Energy CEG.O jump ~16% to an all-time high of $241.61
** Co signs 20-year power supply deal with Microsoft MSFT.O, under which the tech giant will purchase energy from CEG's nuclear plant to power its data centers
** Deal will help pave the way to restart one of the units at CEG's Three Mile Island nuclear power plant that was shut down in 2019 due to operational issues
** Co saysThree Mile Island plant would provide MSFT with 835 megawatts of energy
** CEG says in addition to relevant approvals to restart the plant, it will seek to extend plant operations to at least 2054
** If the restart is approved, it would mark the first ever restart of a nuclear power plant in the U.S. after being shut down
** A separate unit of Three Mile Island plant was shut in 1979, after experiencing a partial meltdown in one of the biggest commercial nuclear accidents in U.S. history
** Including session moves, stock is up 104% YTD
Reporting by Vallari Srivastava in Bengaluru
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