Constellation Energy to Restart Three Mile Island Nuclear Plant in 2028 for Microsoft Partnership – $1.6 Billion Investment
Constellation Energy announces a $1.6 billion plan to revive the Three Mile Island Unit 1 nuclear plant, supplying clean energy to power Microsoft's data centers under a 20-year agreement starting in 2028.
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Highlights
- Constellation Energy is set to restart the Three Mile Island Unit 1 nuclear facility to deliver clean electricity to Microsoft’s data centers.
- This 20-year partnership supports Microsoft’s commitment to reducing its carbon footprint and advancing sustainable energy solutions.
- The announcement propelled Constellation Energy’s stock to an unprecedented peak.
Constellation Energy (CEG) revealed plans to reactivate the Three Mile Island Unit 1 nuclear plant in Pennsylvania, marking a significant move to provide carbon-free power to Microsoft (MSFT). This strategic initiative has driven Constellation’s shares to record highs.
The $1.6 billion investment will fund the reopening of Unit 1, which has been offline for five years, as part of the newly established Crane Clean Energy Center. Meanwhile, the adjacent Unit 2 remains decommissioned after its 1979 shutdown due to a partial core meltdown, a historic event that reshaped nuclear safety protocols.
Under the 20-year agreement, Microsoft will purchase electricity generated from Unit 1 to power its Pennsylvania-New Jersey-Maryland data centers, aligning with its goal to achieve carbon-negative operations. Financial specifics of the deal remain confidential.
Following the announcement, Constellation Energy’s stock surged approximately 15%, more than doubling its value this year. Microsoft’s shares experienced a minor decline amid a broader tech sector pullback.
CEO Joe Dominguez emphasized the critical role of nuclear energy, stating, "Reliable, carbon-free power is essential for data centers operating around the clock, and nuclear plants uniquely fulfill this need."
The plant’s reopening is targeted for 2028, with Constellation handling all associated costs, including nuclear fuel.
Bobby Hollis, Microsoft’s vice president of energy, hailed the agreement as "a pivotal step in our mission to decarbonize the grid and uphold our carbon-negative commitment."
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