Constellation Energy signs 20‑year, $3 billion nuclear power deal with Amazon
Constellation Energy Corp announced a 20‑year power purchase agreement with Amazon that will deliver 690 MW from the Calvert Cliffs nuclear plant, representing more than $3 billion of investment and an uprate of roughly 190 MW. The deal was announced on September 30, 2026 and was described by CEO Joe Dominguez as a foundational contract for future growth. Shares rose sharply in pre‑market and intraday trading following the announcement.
Why it matters
The company says the Amazon contract provides a long‑duration revenue stream that underpins the $3 billion capital expansion at Calvert Cliffs, improving cash‑flow visibility for investors. Analysts note that the deal offsets some regulatory risk from FERC’s hold on a PJM capacity procurement plan, but the timing of that plan remains a near‑term uncertainty.
Key facts
- 1The Amazon pact, announced on September 30, 2026, commits 690 MW of output from Calvert Cliffs under a 20‑year contract worth over $3 billion. investing.com
- 2The agreement includes roughly 190 MW of uprated capacity expected to come online between 2030 and 2032. investing.com
- 3Shares rose 3.0% in pre‑market trading after the announcement. investing.com
- 4Shares later jumped 11.64% to a close near $298.92 on October 6, 2026. stockstotrade.com
- 5FERC accepted but suspended PJM’s Reliability Backstop Procurement plan until 2027, creating regulatory uncertainty. timothysykes.com
- 6BMO cut its price target to $350 and Scotiabank to $355 while maintaining bullish ratings. timothysykes.com
Summary written by AlphAI from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.