Constellation Energy rises as it argues for power plant restart
** Shares in Constellation Energy CEG.O up 0.4% on Friday, outperforming the broader utilities index, as it makes its case to restore license to operate Three Mile Island nuclear power plant in the first public meeting before the U.S. Nuclear Regulatory Commission
** CEG last month announced a 20-year power purchase agreement with Microsoft MFST.O, which is looking to fuel power-hungry services such as AI
** CEG wants to reopen the Unit 1 reactor at Three Mile Island, which is widely known for a 1979 partial meltdown of its Unit 2 reactor which was permanently shut after largest nuclear accident in U.S. history
** Investors have showed renewed interest in nuclear power recently as tech companies seek new sources of electricity power
** CEG's gain on Friday compared with a 0.8% drop in the S&P 500 Utilities index .SPLRCU with CEG being one of just three stocks in the index gaining ground
** CEG last traded at $265.59 vs median PT of $279, as per LSEG; stock up ~126% YTD compared with utilities sector gain of ~29%
(Reporting By Sinéad Carew)
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