Constellation Energy Corp

Constellation Energy operates the largest fleet of nuclear power plants in the US, with 21 reactors across 12 sites generating about 22 gigawatts of carbon-free electricity, enough to power roughly 16 million homes. As the dominant nuclear operator, it anchors the nuclear renaissance by supplying reliable baseload power critical for surging data center demand from AI and tech giants, while capitalizing on federal incentives like the Inflation Reduction Act to extend plant lifespans and co-locate generation with high-load users.

In the past year, Constellation signed a landmark 20-year deal with Microsoft in September 2024 to restart the shuttered Three Mile Island Unit 1, delivering 835 megawatts starting in 2028, and a power purchase agreement with Meta in July 2024 for output from its Clinton plant. It also reported record Q2 2024 generation and raised its outlook amid strong demand. Key risks include regulatory hurdles for restarts, potential uranium supply shortages, high decommissioning costs exceeding $20 billion long-term, and vulnerability to policy shifts under new administrations.

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