Constellation Energy shares jumped 9% in pre-market trading to $292.25 on Tuesday after the company announced a 20-year nuclear power agreement with Google. Alphabet’s stock was barely moved, rising less than 1%.
Under the deal, Constellation will invest about $4.3 billion to add 890 megawatts of new nuclear capacity to the PJM Interconnection grid by upgrading turbines, steam generators and digital control systems at 11 existing nuclear units across Illinois, Pennsylvania and New Jersey. The approach, known as an uprate, avoids building new reactors. The project is expected to support roughly 4,400 existing jobs and create about 7,200 construction jobs.
The companies also disclosed a separate 15-year agreement covering another 2,700 MW from Constellation’s existing PJM fleet, aimed at keeping those plants economically viable. Google and Constellation framed the agreements as a way to support rising AI data center electricity demand while adding clean, reliable power to the US grid.
The partnership includes a five-year technology alliance in which Constellation will deploy Google Cloud and Gemini Enterprise across operations for site selection, cybersecurity and power-flow modeling. Constellation said the deal aligns with PJM’s “Bring Your Own Power” proposal and the White House Ratepayer Protection Pledge, with the goal of adding new supply without shifting costs onto households.
The Google agreement is Constellation’s fourth major Big Tech power deal in about two years, following agreements with Microsoft, Meta and Amazon. Just days earlier, Constellation announced an Amazon deal tied to 690 MW and more than $3 billion in investment at the Calvert Cliffs plant in Maryland. Google also has nuclear agreements with NextEra Energy and Southern Co., while Microsoft previously agreed to buy power from the Three Mile Island plant that Constellation plans to bring back online in 2027.
