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Calvert Cliffs Clean Energy Center nuclear plant in Maryland
Photo: Constellation Energy

Constellation Energy Stock Rises 2.3% After Amazon Nuclear Deal

Constellation Energy2 min read5 sources

Why is Constellation Energy stock up today?

Constellation Energy (CEG) stock rose 2.3% to $259.82 on Thursday after Amazon signed a 20-year deal for 690 MW of Calvert Cliffs nuclear power, backing over $3B of investment for AI data-center power.

Key numbers

Contract size690 MW20-year agreement
Investment backed$3B+Maryland infrastructure
New capacity~190 MWonline 2030–2032
CEG share price$259.82+2.3% vs $254.02 prior close (per [5])
Early-session high$269.11+5.9% at 09:40 ET

What happened

Constellation Energy (CEG) stock rose 2.3% to $259.82 on Thursday after Amazon signed a 20-year deal for 690 MW of Calvert Cliffs nuclear power, backing over $3B of investment for AI data-center power. The Maryland plant can generate 1,790 megawatts, and the deal also funds about 190 megawatts of new capacity due between 2030 and 2032. Shares hit $269.11, up 5.9%, in early trading before easing, after falling 4% the day before when federal regulators delayed a PJM power-grid backup plan.

Why it matters

Constellation Energy now has a big customer locked in for 20 years, which gives its Maryland plant steadier income. Amazon's commitment is meant to help pay for renewing the plant's operating license for another 20 years and to add new carbon-free power. It also shows that big tech companies will sign long contracts for reliable electricity as AI data centers use more power.

Who this affects

Marketbullish
Medium impact
Power-producer stocks drew buyers; Talen gained 3.6%.
Companybullish
High impact
Constellation gains 20-year revenue visibility and license-renewal support.
Competitorsbullish
Low impact
Vistra and NRG edged up; no direct loss yet.
Industrybullish
Medium impact
Tech buyers are signing long contracts for reliable nuclear power.

Constellation Energy vs Vistra, Talen Energy, NRG Energy

Constellation EnergyCEG$92.1B+2.3%+26.1%20.7x
VistraVST$46.9B+1.1%+12.9%13.3x
Talen EnergyTLN$15.3B+3.6%-13.7%9.9x
NRG EnergyNRG$20.2B+0.4%+39.1%9.0x

As of 2026-10-01

How we got here

  1. FERC puts five-month hold on PJM backstop plan; CEG closes down 3.99% at $254.02.

  2. Constellation and Amazon announce 20-year, 690 MW Calvert Cliffs power purchase agreement.

  3. CEG hits $269.11, up 5.9%, at 09:40 ET before easing to about $259.82.

  4. Approximately 190 MW of new capacity expected online, through 2032.

What to watch

  • Whether Constellation files to renew Calvert Cliffs' operating license for another 20 years.Not yet scheduled
  • Outcome of the five-month FERC hold on the PJM backstop procurement filing.Q1 2027
  • First of roughly 190 MW of new Calvert Cliffs capacity coming online.2030

Educational content only. Not investment advice.

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