Oklo shares jump 6% as nuclear sector rallies on Meta deal
Investing.com -- Shares of companies in the nuclear sector, including Oklo Inc. (NASDAQ:OKLO), NuScale Power (NYSE:SMR), NANO Nuclear (NYSE:NNE), Vistra (NYSE:VST), Energy Fuels (NYSE:UUUU), Cameco (NYSE:CCJ), Uranium Energy (NYSE:UEC), Centrus Energy (NYSE:LEU), and Constellation (NASDAQ:CEG), saw significant gains in today's trading session. Oklo Inc. rose 6%, NuScale Power increased by 7%, NANO Nuclear also climbed 7%, Vistra grew 6.5%, Energy Fuels surged 9.5%, Cameco was up 4.4%, Uranium Energy soared 9%, Centrus Energy advanced 6.5%, and Constellation skyrocketed 14%.
The upward movement in these stocks follows the announcement of a landmark 20-year power purchase agreement (PPA) between Constellation Energy Group, Inc. and Meta (NASDAQ:META), formerly known as Facebook, to provide the tech giant with clean, reliable nuclear energy from the Clinton Clean Energy Center in Illinois. This deal is anticipated to support the relicensing and continued operation of Constellation's Clinton nuclear facility beyond the expiration of the state's ratepayer-funded zero emission credit (ZEC) program in mid-2027.
The agreement, which will commence in June of 2027, is set to expand Clinton's clean energy output by 30 megawatts through plant upgrades. It is expected to preserve 1,100 high-paying local jobs, contribute $13.5 million in annual tax revenue, and add $1 million in charitable giving to local nonprofits over five years.
Constellation's CEO, Joe Dominguez, highlighted the importance of the partnership with Meta, emphasizing the impact of maintaining and expanding existing plants rather than solely focusing on new energy sources. Urvi Parekh, Head of Global Energy at Meta, expressed enthusiasm for the partnership, which aligns with Meta's commitment to match 100% of its electricity use with clean and renewable energy.
The agreement not only solidifies the operations of the Clinton plant but also paves the way for potential development of advanced nuclear reactors or small modular reactors at the site. Increased charitable contributions to the Clinton community are also part of Constellation's commitment, with investments starting in 2026.
The announcement has been met with positive reactions from Illinois policymakers and stakeholders, who recognize the benefits of the partnership for local economic development and job preservation without increasing taxpayer burden.
Today's stock movement in the nuclear sector reflects investor optimism following the announcement of the Constellation-Meta deal, underscoring the growing interest in nuclear energy as a clean and reliable power source.
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