Meta signs first deal with nuclear plant to power data centers
June 3 (Reuters) — Meta (META.O) has signed an agreement with Constellation Energy (CEG.O) to support the operation of a nuclear reactor in Illinois for the next 20 years. This marks the first deal of its kind between a major tech company and a nuclear power plant.
Why it matters
Electricity demand in the U.S. is rising for the first time in 20 years — largely due to the growth of artificial intelligence and data centers. The deal allows Meta to secure reliable power for its data centers while supporting nuclear energy as a zero-carbon source.
The Clinton nuclear plant, which will receive support from Meta, is currently also funded through Illinois’ state subsidy program promoting clean energy. That program ends in 2027, after which private backing from Meta will help keep the plant operational.
Market reaction
Constellation Energy shares rose 5.7% to $330.93.
Uranium producers including Energy Fuels (UUUU.A), Uranium Energy Corp (UEC.A), and Centrus Energy (LEU.A) gained 7–11%.
GE Vernova (GEV.N) and NuScale Power (SMR.N) added around 2%.
Key comments
- Urvi Parekh, head of energy at Meta:
"We hear from utilities that they need certainty around the continued operation of existing plants." - Joe Dominguez, CEO of Constellation:
"We're having similar discussions with other customers nationwide — Meta’s deal will serve as a model for the industry." - Nicholas Amicucci, analyst at Evercore ISI:
"This is the first of many deals. It underscores hyperscalers’ drive for reliable and clean power."
Details
The Clinton plant has a capacity of 1,121 MW and powers approximately 800,000 homes. Under the agreement, its output will be increased by 30 MW. The plant has been operating since 1987, and a license extension request was filed in 2023 to run until 2047.