Constellation and Amazon sign 20-year nuclear power deal supporting $3B+ expansion of Calvert Cliffs plant
What happened
Constellation Energy and Amazon announced Wednesday (Sep 30) a 20-year power purchase agreement covering 690 MW from Constellation's 1,790 MW Calvert Cliffs nuclear plant in Maryland, plus a retail supply agreement covering Amazon's operations in the 13-state PJM power market. The deal unlocks more than $3 billion in Maryland infrastructure investment, including ~190 MW of new emissions-free generating capacity (an uprate of the existing plant, no new reactor) coming online between 2030 and 2032. Amazon's commitment gives Constellation the revenue certainty to pursue a 20-year license renewal for the plant — Maryland's only nuclear facility, producing about 80% of the state's clean energy. Constellation shares jumped ~5% in after-hours trading on the news, reversing an intraday slide caused by a FERC regulatory delay.
Why it matters & what’s next are part of Pro, along with the audio summary.
Start your free 14-day trialWho’s affected
- Constellation Energy (CEG) — +5% after hours; long-term contracted revenue, relicensing support for Calvert Cliffs, foundation for further nuclear investment
- Amazon (AMZN, watchlist) — long-term power cost visibility across its 13-state PJM footprint, supporting data-center expansion; signals continued aggressive AI-infra procurement
- Utility/independent power producers exposed to hyperscaler PPA demand — validates the premium for reliable baseload capacity