Latest news with #ZEC
Yahoo
2 days ago
- Business
- Yahoo
Powering AI: Here's what to know about Meta's new nuclear deal with Constellation Energy
Meta has signed a 20-year deal with Constellation Energy to keep open its Clinton Clean Energy Center nuclear facility in Illinois, a move that will help feed the tech giant's enormous power needs in the artificial intelligence era. The household auto fleet is a money pit Where are the wildfires in Canada? Maps pinpoint the location of fires and air-quality threats from smoke This company asked most corporate employees to relocate to Chicago. The majority declined The deal takes effect June 2027, right as Illinois's zero-emission credit (ZEC) program expires and the energy center loses its ratepayer-funded financial assistance for being a carbon-free facility. By keeping the plant in operation until at least 2047, the center will directly provide power to the local grid and support Meta's clean energy goals of matching its energy use with solely renewable energy. '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, and add $1 million in charitable giving to local nonprofits over five years,' Joseph Dominguez, president and CEO of Constellation, said in a statement. Meta's deal comes as a number of Big Tech companies, including Microsoft, Amazon, and Google, are seeking out nuclear energy alternatives to power AI's growing demand. Although the center will be using the power to support the regional grid in central and southern Illinois, the tech giant will purchase 1,121 megawatts of nuclear energy from the facility, nearly all the energy the center will have the capacity to produce. Urvi Parekh, head of global energy at Meta, said the partnership will secure the clean reliable energy that is necessary to advance Meta's AI ambitions. '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,' Parekh said. Following the announcement on Tuesday, Constellation's stock price (Nasdaq: CEG) increased around 1%. However, the stock was largely flat by midafternoon. Shares in Meta Platforms (Nasdaq: META), parent company of Facebook, Instagram, and WhatsApp, were also flat on Tuesday. This post originally appeared at to get the Fast Company newsletter:
Yahoo
3 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.
Yahoo
3 days ago
- Business
- Yahoo
Meta buys a nuclear power plant (more or less)
Meta announced Tuesday morning that it was paying billions of dollars to keep an Illinois nuclear power plant running through 2047. The social media company will buy all the 'clean energy attributes' of Constellation Energy's Clinton Clean Energy Center, a 1.1 gigawatt nuclear power plant in central Illinois, starting in June 2027. Electricity will still flow to the local grid, so Meta's purchase won't directly power one of its data centers, though the company does have one about two hours north of Clinton in DeKalb. Rather, the deal is a bit of carbon accounting to lower the company's overall climate impact. It doesn't reduce emissions on the grid, but prevents them from potentially increasing. Neither company disclosed exact financial terms, but the multibillion-dollar deal will help Constellation relicense the plant and guarantee a customer for the duration of that license extension. Big Tech companies — Meta included — have recently become vocal backers of the fission industry. Before the recent boom in data center construction, nuclear reactors had faced a grim future as cheap wind, solar, and natural gas undercut their power-generating costs. But the surge in AI and cloud computing has sent tech companies searching for power, which in turn has led to a string of investments in nuclear startups. Meta and Constellation have alluded to the deal as a way to save the nuclear power plant from shutdown, though neither said it was at imminent risk of closure. The power provider initially planned to shut down the Clinton reactor in June 2017 as it faced stiff competition from cheap natural gas, but Illinois legislators stepped in with subsidies that encouraged Constellation to keep the lights on. Those subsidies are set to expire in 2027, and Constellation says the Meta deal will help prevent the closure. But since 2017, Constellation has not threatened to shut down the Clinton power plant. Instead, in 2022, the company said it would apply to extend the reactor's operating license through 2047. TechCrunch has asked Constellation about its plans for the Clinton power plant before the Meta deal materialized, and we'll update this article if we receive a reply. It's likely that the company would have turned to ratepayers, something Constellation hints at in today's press release: The deal with Meta 'essentially replaces the ZEC [zero-emission credit] program and ensures long-term operations of the plant without ratepayer support.' Meta and its Big Tech peers have fallen head over heels for nuclear power lately. Meta announced earlier this year that it was soliciting proposals for new nuclear power plants that would generate between 1 and 4 gigawatts of power. Today, the company said it has received over 50 qualified submissions for sites in more than 20 states. With the Meta deal, Constellation has landed another Big Tech patron for its nuclear fleet. In September, the power provider said that it would restart a reactor at Three Mile Island after Microsoft agreed to buy all the resulting power. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
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
Yahoo
3 days ago
- Business
- Yahoo
Constellation Energy, Nuclear Stocks Jump on 20-Year Meta Deal to Power AI
Constellation Energy shares are surging in early trading Tuesday after the company said it had struck a 20-year deal to sell nuclear power to Meta Platforms, in the latest tech firm-to-nuclear tie-up aimed at powering data centers. Meta will buy the power generation of a Constellation nuclear plant in Clinton, Ill., to power its artificial intelligence ambitions. Nuclear power stocks NuScale Power, NuScale, and Oklo are jumping on the back of the Meta deal announced Energy (CEG) shares are surging in early trading Tuesday after the company said it had struck a 20-year deal to sell nuclear power to Meta Platforms (META), in the latest tech firm-to-nuclear collaboration aimed at powering data centers. Meta will buy the power generation of a Constellation nuclear plant in Clinton, Ill., to power its artificial intelligence (AI) ambitions. The financial terms of the deal weren't disclosed. Starting in June 2027, "the agreement supports the relicensing and continued operations of Constellation's high-performing Clinton nuclear facility for another two decades after the state's ratepayer funded zero emission credit (ZEC) program expires," Constellation said. "Securing clean, reliable energy is necessary to continue advancing our AI ambitions," Urvi Parekh, head of global energy at Meta, said of the deal. Tuesday's deal between Constellation and Meta is giving nuclear stocks a fresh lift as the Instagram and Facebook owner joins tech rivals from Alphabet's (GOOGL) Google to Microsoft (MSFT) and Amazon's (AMZN) Amazon Web Services in pouring millions of dollars to boost their nuclear power access for AI. This deal builds on earlier efforts by Constellation, which said last year it would be restarting Pennsylvania's Three Mile Island Unit 1 nuclear plant to provide electricity for Microsoft's data centers in a 20-year supply deal. More recently, executive orders signed by President Donald Trump last month to accelerate the approval of new reactors and strengthen fuel supply chains have also buoyed nuclear power stocks. Shares in Constellation, which are jumping 10% in early trading, have gained 40% so far this year entering Tuesday. NuScale Power (SMR), Oklo (OKLO), Vistra (VST) and Centrus Energy (LEU) are all up at least 3% in early trading Tuesday. Read the original article on Investopedia
