Microsoft: nuclear power purchased from Constellation

(CercleFinance.com) - U.
S. electric utility Constellation soared on the New York Stock Exchange on Friday morning, after announcing that it had signed a 20-year power purchase agreement (PPA) with Microsoft.

In a press release, the group states that the project will lead to the reopening of the Three Mile Island nuclear power plant, which it had shut down in 2019 for economic reasons.

Built in central Pennsylvania, some 300 km west of New York, the plant was the scene of the worst nuclear accident in US history in 1979.

Constellation reports that the project to restart the plant, named the Crane Clean Energy Center (CCEC) in honor of Chris Crane, one of the site's former managers, will result in the creation of 3,400 jobs.

Above all, it will enable Microsoft to supply its data centers with low-carbon energy, at a time when demand for AI applications is soaring.

Nuclear energy, which has been neglected for many years, is regaining interest worldwide in the context of the electrification of economies, the digital boom and the climate crisis.

According to a recent study, restarting the Three Mile Island plant could add some $16 billion in wealth to Pennsylvania's state GDP and generate more than $3 billion in taxes.

Just over an hour after opening, Constellation shares were up over 13%, while Microsoft shares were down around 0.7%.

Copyright (c) 2024 CercleFinance.com. All rights reserved.