Constellation Energy Shares Rise on Power Deal Microsoft, Restart of Three Mile Island Reactor

By Adriano Marchese

Constellation Energy shares rose in premarket trading Friday after signing a deal to restart Pennsylvania's Three Mile Island nuclear plant to help power the Microsoft's growing artificial intelligence ambitions.

Constellation Energy shares rose 7% ahead of the morning bell, trading at $222.90.

The two companies signed a 20-year power purchase agreement. The deal sets in motion the launch of the Crane Clean Energy Center and the restart of the Three Mile Island Unit 1.

The undamaged Unit 1 reactor sits next to Unit 2, which was shut down after a partial core meltdown in 1979. The incident led to a heightened awareness of nuclear plants' potential safety problems and contributed to a loss of enthusiasm for the industry that lasted decades.

Unit 1 wasn't affected by the accident.

Under the terms of the agreement, Constellation will revive the plant's undamaged reactor--which closed in 2019 due to its high running costs--and then sell the power to Microsoft.

The plant will be renamed the Crane Clean Energy Center and is expected to come online in 2028.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

September 20, 2024 08:12 ET (12:12 GMT)

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