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Amazon announced a 20-year nuclear power deal with Constellation Energy, investing $3 billion to expand an existing nuclear facility. This demonstrates that major AI companies are willing to work through traditional utility operators to scale regional power production, which is positive news for NuScale Power, a small modular reactor company targeting utility companies.
Google struck a deal with Georgia Power to fund nuclear plant upgrades at Vogtle and Hatch facilities, adding 96 MW of capacity to support new data centers. GE Vernova and Brookfield Renewable are positioned to benefit from the upgrades through their nuclear technology and services divisions, though regulatory approval and multi-year timelines remain.
The article argues that Constellation Energy (CEG) may be a better long-term investment than NextEra Energy (NEE) for growth-oriented investors. Constellation operates the most nuclear facilities in the U.S. and is well-positioned to serve data centers' power needs. Despite strong Q2 financials (23% revenue growth) and expansion plans, CEG stock has fallen 25% year-to-date, creating an attractive entry point with Wall Street's consensus price target of $347 suggesting significant upside potential.