Successful Large Orders Fuel Constellation Energy

Constellation Energy shares soared on Thursday after the company announced the completion of two lucrative contracts with the federal government, totaling more than one billion USD. One contract with the General Services Administration (GSA) amounts to 840 million USD and involves supplying nuclear power to over a dozen government agencies in five states. This power is to come from Constellation's existing facilities as well as planned investments aimed at further increasing production capacity. Additionally, the company was awarded another contract worth 172 million USD, which includes energy-saving measures in five buildings in Washington, D.C. and Maryland, featuring innovative projects for upgrading lighting and HVAC systems (heating, ventilation, air conditioning). These developments indicate that the U.S. government is now following the same trend as the technology sector, which has recently increased investments in nuclear energy. Constellation has committed to bringing one of the reactors at Three Mile Island in Pennsylvania back online to supply Microsoft with energy. Both Amazon and Google's parent company Alphabet have also recently concluded similar agreements. As Constellation CEO Joe Dominguez noted, this agreement is another strong example of the current changes. The U.S. government is joining forces with Microsoft and others to continue investing in reliable nuclear energy, enabling Constellation to extend the lifetimes of these significant energy sources and renew their operating licenses.