Latest news with #JoeDominguez
Business Wire
19 hours ago
- Business
- Business Wire
Constellation‘s Calpine Deal Clears Texas Regulatory Review
BALTIMORE--(BUSINESS WIRE)--Constellation (Nasdaq: CEG) today announced it has received regulatory approval from the Public Utility Commission of Texas (PUCT) for its previously announced acquisition of Calpine Corporation. The approval is progress in Constellation's plans to combine the nation's largest zero-emissions nuclear fleet with Calpine's premier portfolio of low-emission natural gas and geothermal assets, resulting in a coast-to-coast energy company capable of supporting growing demand for around-the-clock, sustainable power. 'With this approval from the Texas PUC, we're one step closer to creating the nation's premier platform for reliable, clean energy, powering families and businesses across America,' said Joe Dominguez, president and CEO of Constellation. 'This combination strengthens our ability to serve the growing needs of our customers and communities – especially in high-demand markets like Texas – while continuing to lead the nation's transition toward a more reliable, secure and clean energy future. Most important, we're combining two strong teams with a shared commitment to operational excellence, sustainability and supporting healthy, clean and growing communities.' With approval from the PUCT secured, the transaction now awaits clearance from the New York State Public Service Commission, the Federal Energy Regulatory Commission and the Department of Justice, along with other customary closing conditions. The transaction is expected to close in the fourth quarter of 2025. About Constellation Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the nation's largest producer of reliable, emissions-free energy and a leading energy supplier to businesses, homes and public sector customers nationwide, including three-fourths of Fortune 100 companies. With annual output that is nearly 90% carbon-free, our hydro, wind and solar facilities paired with the nation's largest nuclear fleet have the generating capacity to power the equivalent of 16 million homes, providing about 10% of the nation's clean energy. We are committed to investing in innovative technologies to drive the transition to a reliable, sustainable and secure energy future. Follow Constellation on LinkedIn and X.
Yahoo
2 days ago
- Business
- Yahoo
Meta, Constellation ink 20-year deal based around Clinton nuclear plant
CLINTON, Ill. (WCIA) — Meta and Constellation, an electricity and gas supplier, signed a 20-year deal for nuclear energy in Illinois. The deal is specifically centered around a nuclear plant based in Clinton. The 20-year power purchase agreement (PPA) is for the output of the Clinton Clean Energy Center to support Meta's clean energy goals and operations in the region with 1,121 megawatts of emissions-free nuclear energy, officials said in a news release. Starting in June 2027, the agreement supports the relicensing and continued operations the nuclear facility in Clinton after the state's ratepayer funded zero emission credit (ZEC) program expires. Decatur approves multi-million micro transit agreement Additionally, this deal will expand Clinton's clean energy output by 30 megawatts through plant uprates: Preserve 1,100 high-paying local jobs Deliver $13.5 million in annual tax revenue Add $1 million in charitable giving to local nonprofits over five years 'Last year, Constellation's announced plan to restart the Crane Clean Energy Center became national news, but despite all of the interest and overwhelming support, a key question was missed: why did we let such a valuable plant close in the first place?' said Joe Dominguez, president and CEO, Constellation. 'We are proud to partner with Meta because they asked that important question, and even better, they figured out that supporting the relicensing and expansion of existing plants is just as impactful as finding new sources of energy.' The Clinton Clean Energy Center was slated for premature closure in 2017 after years of financial losses, despite being a top performing nuclear plant in Illinois. This closure was stopped by the enactment of the Future Energy Jobs Act, which established a Zero Emission Credit program that provides financial support for the plant through mid-2027. Constellation's (Nasdaq: CEG) agreement with Meta is a market-based solution aiming to replace the ZEC program and ensures long-term operations of the plant without ratepayer support. The PPA will enable the Clinton nuclear plant to continue to flow power onto the local grid. On top of this, Meta is buying the plant's clean energy attributes as part of its commitment to match 100% of its electricity use with clean and renewable energy. 'We are excited to partner with Constellation and the Clinton community to ensure the long-term operations of the nuclear plant, add new capacity, and help preserve over 1,000 jobs. Securing clean, reliable energy is necessary to continue advancing our AI ambitions,' said Urvi Parekh, Head of Global Energy at Meta. 'We are proud to help keep the Clinton plant operating for years to come and demonstrate that this plant is an important piece to strengthening American leadership in energy.' Juvenile airlifted, 'injured with knife' after Rantoul domestic incident The Clinton nuclear plant employs more than 530 people, contributes approximately $13.5 million in annual taxes and generates enough carbon-free electricity to power over 800,000 homes. An analysis done by The Brattle Group found that shuttering Clinton would raise emissions by over 34 million metric tons of carbon over 20 years. This would be equal to putting approximately 7.4 million gasoline-powered cars on the road for a year. This same report found that Illinois' GDP would drop by $765 million annually, impacting businesses and jobs across numerous industries. This agreement with Meta allows Constellation to add more clean and reliable energy to the grid in the Midcontinent Independent System Operator's (MISO) zone four territory, covering Central and Southern Illinois. Under this deal, Clinton will add 30 megawatts of increased output from nuclear uprates. Constellation is also evaluating strategies to extend the plant's existing early site permit or seek a new construction permit from the Nuclear Regulatory Commission to purse development of 'an advanced nuclear reactor or small modular reactor (SMR)' at the nuclear plant site in Clinton. The electricity and gas supplier company is also investing $1 million over five years beginning in 2026 to support workforce development, social services, education and local nonprofits in and around the Clinton area. This specific announcement comes as public support for nuclear power continues to increase. A recent Gallup poll found that support for nuclear energy jumped to 61% of U.S. adults, up from 55% in 2023. 'Constellation's Clinton nuclear plant has long been an important part of our local economy, supporting a vibrant community with great jobs, excellent schools and well-resourced fire and police departments,' said Clinton Mayor Helen Michelassi. 'While many other communities are losing jobs and tax revenues, Meta is investing in our future, preserving good-paying jobs, and driving economic development for decades to come.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Mint
3 days ago
- Business
- Mint
Meta enters 'nuclear' arena? Here's what you should know about the power agreement with Constellation Energy
Meta Platforms on Tuesday said it has struck an agreement with Constellation Energy to keep one of the utility's reactors in Illinois operating for 20 years, in the Big Tech company's first such deal with a nuclear power plant. Big Tech companies are looking to secure electricity as U.S. power demand rises for the first time in two decades on demand from artificial intelligence and data centers. The deal will help keep open Constellation's Clinton Clean Energy Centre which may have been forced to shut after the expiry in 2027 of an Illinois ratepayer-funded zero emissions credit program that awards benefits for generation of power virtually free of carbon emissions. It depends on the U.S. Nuclear Regulatory Commission renewing the plant's license, after Constellation last year applied to renew it through 2047. Meta's power purchase will replace the Illinois support and help with re-licensing and operations. The deal could serve as a model for Big Tech companies to support existing nuclear plants while they also plan to power data centers with new nuclear and other energy sources. Constellation Energy shares rose 5.7% to $330.93 in morning trading. Financial details of the deal were not revealed, but such lengthy power purchase agreements tend to run to multi-billion dollars. The deal also allows Constellation to expand Clinton, which has a capacity of 1,121 megawatts, by 30 MW. The plant powers the equivalent of about 800,000 U.S. homes. Urvi Parekh, head of global energy at Meta, said: "One of the things that we hear very acutely from utilities is they want to have certainty that power plants operating today will continue to operate." Joe Dominguez, CEO of Constellation, said, "We're definitely having conversations with other clients, not just in Illinois, but really across the country, to step in and do what Meta has done, which is essentially give us a backstop so that we could make the investments needed to re-license these assets and keep them operating." Bobby Wendell, an official at a unit of the International Brotherhood of Electrical Workers, said the agreement will deliver a "stable work environment" for workers at the plant. Evercore ISI analyst Nicholas Amicucci viewed the deal as "first of many" following President Donald Trump's recent executive orders aimed to boost U.S. nuclear capacity. Independent power producers like Constellation have announced some of the biggest power deals in U.S. history in the last year, as AI data centers are expected to drive U.S. electricity consumption to record highs in 2025 and 2026. Last year, Constellation announced it had struck an agreement to restart a reactor at the Three Mile Island nuclear plant to serve Microsoft data centers. The reactor, which is being prepped for a restart, requires various approvals. Vistra Corp and NRG Energy have also announced major planned acquisitions in recent months. (Reporting by Timothy Gardner, additional reporting by Laila Kearney and Pooja Menon; Editing by Leslie Adler, Vijay Kishore, Alexandra Hudson)
Miami Herald
3 days ago
- Business
- Miami Herald
Constellation, Meta agree on 20-year nuclear energy deal
June 3 (UPI) -- Constellation Energy Corporation announced Tuesday it has made a deal to provide the Meta technology company with clean energy for a couple of decades. Constellation said it signed a 20-year power purchase agreement with Meta for the output of the Clinton Clean Energy Center, located in Clinton, Ill., to help Meta meet its clean energy goals and operations in central and southern Illinois with more than 1,100 megawatts of emissions-free nuclear energy. 'We are excited to partner with Constellation and the Clinton community to ensure the long-term operations of the nuclear plant, add new capacity, and help preserve over 1,000 jobs,' Meta's Head of Global Energy Urvi Parekh said. The agreement will launch in June of 2027, and supports the relicensing and continued operations of Constellation's high-performing nuclear facility in Clinton once the state's ratepayer-funded zero-emission credit program has expired. The deal will allow the facility to expand its energy output by 30 megawatts and preserve 1,100 local jobs. The pact is also expected to bring in $13.5 million in annual tax revenue, and to provide $1 million to area nonprofits over a period of five years. Constellation CEO and president Joe Dominguez said the company was proud to partner with Meta as it 'figured out that supporting the relicensing and expansion of existing plants is just as impactful as finding new sources of energy.' 'Sometimes the most important part of our journey forward is to stop taking steps backwards,' Dominguez said. The Clinton Clean Energy Center, which employs more than 530 people, contributes around $13.5 million in annual taxes and generates enough electricity to power over 800,000 homes, was scheduled to close in 2017 due to several years of financial losses. However, it was saved by the Future Energy Jobs Act, which created a Zero Emission Credit program that provided the plant enough financial support to support it into 2027. The deal with Meta will replace that program and keep the plant operational without ratepayer support. Meta's deal with the plant also fits its pledge signed in March to join other major corporate energy users to support the tripling of nuclear energy capacity by 2050. Both companies have apparently already benefited financially following the agreement, as Constellation shares were up 2.38% by 7:45 a.m. in pre-market trading, while Meta jumped 3.62%. Copyright 2025 UPI News Corporation. All Rights Reserved.
Yahoo
3 days ago
- Business
- Yahoo
Oklo shares jump 6% as nuclear sector rallies on Meta deal
-- 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. Related articles Oklo shares jump 6% as nuclear sector rallies on Meta deal Warren Buffett's Berkshire target cut at UBS on lower investment income German auto industry risks production halts over Chinese rare earth export restric
