Following the news of a historic agreement, Constellation Energy Corporation (NASDAQ: CEG) stock price has increased significantly. As of the latest check, CEG shares are now trading at $254.667, up 22.15%. Constellation Energy and Microsoft have inked a long-term power purchase deal that will facilitate the opening of the Crane Clean Energy Center (CCEC) and the reopening of Three Mile Island Unit 1.
Microsoft and Constellation Energy Joined Forces for Clean Energy
Microsoft and Constellation Energy’s 20-year partnership is a significant step toward Microsoft’s environmental objectives. As part of this agreement, Microsoft is committing to match its data center power use with carbon-free energy, and will be sourcing electricity from the reopened Three Mile Island Unit 1.
The facility, previously a leading example of safety and reliability, was closed five years ago due to economic pressures. Now, with a renewed focus, the CCEC is set to become a major source of carbon-free energy for Microsoft’s operations in the PJM region.
CEG is Reviving Nuclear Energy for a Carbon-Free Future
Nuclear energy is recognized for its unmatched reliability in providing constant, carbon-free power. The CCEC, once one of the most reliable plants on the grid, will play a crucial role in this energy transition.
Constellation Energy is bolstering Pennsylvania’s economy and furthering its goal of provide clean, dependable power by starting up again. It is anticipated that this restored facility would produce more than 800 megawatts of power, helping to both fulfill the world’s growing energy needs and decarbonize the energy sector.
Impact on the Economy and Community
The CCEC resurgence has a significant economic impact. According to a research commissioned by the Pennsylvania Building & Construction Trades Council, Pennsylvania’s GDP would increase by $16 billion and 3,400 new employment would be created.
In addition, Constellation Energy has committed to donate $1 million to local charities, demonstrating its support for community involvement and public safety while it revitalizes the facility with an eye toward long-term, sustainable growth.
