Latest news with #ZeroEmissionCredit
Yahoo
7 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.
Miami Herald
7 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
03-06-2025
- Business
- Yahoo
Constellation Energy (CEG) Stock Jumps After Meta Power Deal
June 3 Constellation Energy (NASDAQ:CEG) shares jumped about 6% at Tuesday's open, after yesterday's roughly 2% gain. Warning! GuruFocus has detected 6 Warning Sign with CEG. The surge follows Constellation's deal with Meta Platforms (NASDAQ:META), which kicks in June 2027. Under the agreement, Meta will purchase power from Constellation's Clinton nuclear plant for two more decades, bolstering Meta's clean energy targets. Clinton was set to retire in mid-2027 when its Zero Emission Credit, a state subsidy that kept the plant operating since nearly shutting down in 2017, expires. Meta's commitment prevents early closure and preserves about 1,000 jobs, Illinois Rep. Mary Miller said, adding that extending the plant's license will provide long-term economic security and growth for the region. Constellation expects the partnership to strengthen its nuclear portfolio and ensure a steady low-carbon power supply. Investors will watch how this alliance influences both companies' sustainability goals and financial outlook. Analysts will be monitoring how the deal shapes Constellation's earnings trajectory and future stock performance. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
03-06-2025
- Business
- Business Wire
Constellation, Meta Sign 20-Year Deal for Clean, Reliable Nuclear Energy in Illinois
CLINTON, Ill.--(BUSINESS WIRE)--Constellation (Nasdaq: CEG) and Meta have signed a 20-year power purchase agreement (PPA) 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. Beginning in June of 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. 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. '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? We all know that the closure cost our community jobs, tax revenue, more pollution and higher prices,' 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. Sometimes the most important part of our journey forward is to stop taking steps backwards.' '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.' The Clinton Clean Energy Center was slated for premature closure in 2017 after years of financial losses, despite being one of the best performing nuclear plants in Illinois. Clinton's retirement was prevented by enactment of the Future Energy Jobs Act, which established a Zero Emission Credit program that provides financial support to the plant through mid-2027. Constellation's agreement with Meta is a market-based solution that essentially replaces the ZEC program and ensures long-term operations of the plant without ratepayer support. The PPA will enable the Clinton Clean Energy Center to continue to flow power onto the local grid, providing grid reliability and low-cost power to the region for decades to come. Meta is purchasing the plant's clean energy attributes as part of its commitment to match 100% of its electricity use with clean and renewable energy. The Clinton Clean Energy Center's economic and environmental impacts are significant. The Center directly employs over 530 people, contributes approximately $13.5 million in annual taxes, and generates enough carbon-free electricity to power over 800,000 homes. An analysis by The Brattle Group found that shuttering Clinton would raise emissions by more than 34 million metric tons of carbon over 20 years, the equivalent to putting approximately 7.4 million gasoline-powered cars on the road for a year. The same report found that Illinois' GDP would drop by $765 million annually, impacting businesses and jobs across multiple industries. Constellation's deal with Meta prevents these impacts. The agreement with Meta will allow Constellation to add more new, clean, reliable energy to the grid in the Midcontinent Independent System Operator's (MISO) zone four territory, covering central and southern Illinois. Under the deal, Clinton will add 30 megawatts of increased output from nuclear uprates. With the guarantee that Clinton will continue to run for another two decades, 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 pursue development of an advanced nuclear reactor or small modular reactor (SMR) at the Clinton Clean Energy Center site. Constellation also is deepening its long-standing commitment to the Clinton community with increased charitable giving. The company will invest $1 million over five years starting in 2026 to support workforce development, social services, education, and local nonprofits in Clinton and surrounding communities. The announcement comes as public support for nuclear power continues to rise. A recent Gallup poll found that support for nuclear energy jumped to 61% of U.S. adults, up from 55% in 2023. The announcement was welcomed by Illinois policymakers and key stakeholders: '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. 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.' – Clinton Mayor Helen Michelassi 'Clinton has been a cornerstone of clean energy and good-paying jobs in central Illinois for decades. This partnership ensures that legacy continues – without burdening taxpayers. It's the kind of forward-thinking investment we need more of in Illinois: one that supports families, boosts local economies and keeps reliable power on the grid.' – Rep. Regan Deering (R-IL), who represents Illinois's 88th District in the state legislature 'This partnership keeps Clinton at the forefront of clean energy while securing jobs and driving local growth. It's the kind of smart, private investment that strengthens communities without adding taxpayer burden.' – Rep. Sally Turner (R-IL), who represents Illinois's 44th District in the state legislature "The Clinton Clean Energy Center has been a vital source of affordable, reliable energy for central Illinois since 1987. Extending the plant's operating license will preserve over 1,000 high-paying jobs for the next 20 years, providing long-term economic security and growth. This agreement is a major win for Clinton and for our entire region." – Rep. Mary Miller (R-IL), U.S. Representative for Illinois's 15th Congressional District "This agreement is great news. The highly skilled members of IBEW Local 51 deserve a stable work environment and this agreement delivers that." – Bobby Wendell, business manager and financial secretary of IBEW Local 51 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.
UPI
03-06-2025
- Business
- UPI
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%.
