CEG · 10-Q · 2026Q3 · Full report

Long-Term Nuclear PPAs

Constellation Energy Corp · 2026-11-09 · Importance 52 · Surprise 42 · In source text

In the second quarter of 2026, Constellation signed 15-to-20-year PPAs covering 920 MW of nuclear generation, with expected commencement dates from 2029 to 2032; the total includes a 176 MW Walmart PPA supporting a 30 MW expansion at Dresden in Illinois. In September, a 20-year, 690 MW Amazon PPA and related retail supply agreement were announced, enabling more than $3 billion of investment at Calvert Cliffs, including a 190 MW expansion expected in 2030–2032. In October, a 20-year Google PPA was announced to support more than $4.3 billion of investment across 11 nuclear units in Illinois, Pennsylvania, and New Jersey and approximately 890 MW of incremental PJM capacity, with the first uprate expected in 2028. Constellation also entered a 15-year financial energy load-following agreement with Google for 2,700 MW in PJM; planned investments and expansions remain subject to approvals and other conditions.

Key facts

• In October 2026, Constellation announced a 20-year PPA with Google supporting more than $4.3 billion of investment across 11 nuclear units in Illinois, Pennsylvania, and New Jersey to add approximately 890 MW to PJM; the first uprate was expected in 2028.
• Constellation Energy Corp's 20-year power purchase agreement with Microsoft supports the planned restart of Three Mile Island Unit 1, renamed the Crane Clean Energy Center.
• In September 2026, Constellation announced a 20-year, 690 MW PPA with Amazon and a related retail supply agreement supporting Amazon's PJM operations.
• In Q2 2026, Constellation signed long-term PPAs covering 920 MW of nuclear generation, with 15-to-20-year terms and expected commencement between 2029 and 2032.
• A 176 MW PPA with Walmart supports a 30 MW capacity expansion at Dresden Clean Energy Center in Illinois.
• Constellation entered a 15-year financial energy load following agreement with Google for 2,700 MW in PJM.
• The anticipated nuclear PPA investments and capacity expansions remain subject to regulatory approvals, successful planned uprates, continued facility operation and relicensing, and other conditions.

Impact estimates