Constellation to Restart Three Mile Island Plant with $1.6B Investment, Supply Power to Microsoft by 2028

Sep 20, 2024, 11:31 AM

Constellation Energy has announced a significant investment of $1.6 billion to restart the shuttered Three Mile Island nuclear plant in Pennsylvania. The power generated from the plant will be sold exclusively to Microsoft under a 20-year power purchase agreement. This initiative is part of Microsoft's strategy to secure carbon-free electricity for its data centers, which are essential for supporting the company's growing artificial intelligence operations. The plant, which will produce 837 megawatts of power, is expected to come back online by 2028, potentially as early as 2027 if grid interconnection processes are expedited. This marks the first time a decommissioned U.S. nuclear plant will be brought back into service, and the entire output will be dedicated to a single customer. The agreement also includes plans to launch the Crane Clean Energy Center in Londonderry, PA, aimed at restoring jobs and providing clean power to the area. Constellation's stock is rising following the announcement, and the restart is expected to cut 3 million tons of CO2.