Constellation Energy and Microsoft made big news on Friday when they announced plans to reopen the shuttered Three Mile Island nuclear power plant, the first restart of the kind. The plant closed completely in 2019.
The deal comes as technology companies are scrambling to secure power to support growing demand for power hungry data centers that are fueling things like generative AI.
Data center supply under construction in North America's top markets jumped 70% this year versus a year ago to a record 3.9 gigawatts, according to CBRE Group.
Constellation will only bring back online Unit 1, which closed five years ago. Unit 2, which suffered a partial meltdown in 1979, will remain closed.
Laila Kearney first reported on a potential restart of the nuclear power plant in July. The announcement sent shares of Constellation up by as much as 20% on Friday.
Still, challenges loom. Shortly after the news broke, Reuters journalists reported that Constellation had not yet filed the necessary permits with federal regulators to restart the plant.
Constellation said it expected the regulatory review to be complete by 2027. The project is set to be done by 2028.
Nuclear is viewed as an attractive energy source for these power-hungry data centers, given its carbon-free and more reliable than wind and solar. The Biden administration sees nuclear power as critical to meeting greenhouse gas reduction goals and decarbonizing the economy by 2050.
Reviving old plants could be a path forward, Energy Secretary Jennifer Granholm said in June during an interview, as new construction can come at a high cost. Roughly a dozen U.S. reactors have closed since 2013 due to competition from natural gas-fired power and higher safety costs.
Shares of Constellation were on the rise again on Monday morning, trading around $264.42 each, up about 3.7%.
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