UBS Global Wealth Management portfolio manager Angie Newman discusses the market reaction amid trade tensions and gives advice to clients and investors.
Meta Platforms has entered a deal to purchase nuclear power from Constellation Energy Corporation’s Clinton Clean Energy Center in Illinois.
Constellation announced the deal with the tech giant on Tuesday, saying it “supports the relicensing and continued operations” of the nuclear power plant and Meta’s clean energy goals.
The power purchase agreement starts in 2027 and will span 20 years. (Photographer: David Paul Morris/Bloomberg via Getty Images / Getty Images)
The power purchase agreement starts in 2027 and will span 20 years.
NUCLEAR ENERGY UNDERGOING REVIVAL IN UNITED STATES
Constellation said the deal will allow its Clinton Clean Energy Center to “continue to flow power onto the local grid” with Meta “purchasing the plant’s clean energy attributes as part of its commitment to match 100% of its electricity use with clean and renewable energy.”
The nuclear power plant will add 30 megawatts of increased output from nuclear uprates through the deal with Meta, according to the company.
GOOGLE SIGNS DEAL WITH NUCLEAR DEVELOPER FOR TRIO OF ADVANCED ENERGY PROJECTS
“We are excited to partner with Constellation and the Clinton community to ensure the long-term operations of the nuclear plant, add new capacity, and help preserve over 1,000 jobs,” Meta Head of Global Energy Urvi Parekh said in a statement. “Securing clean, reliable energy is necessary to continue advancing our AI ambitions.”
The nuclear power plant will add 30 megawatts of increased output from nuclear uprates through the deal with Meta. (REUTERS/Dado Ruvic/Illustration / Reuters Photos)
The deal comes as tech companies have been looking to nuclear energy for electricity as they continue to ramp up their AI efforts, including Meta, Microsoft and Google.
GET FOX BUSINESS ON THE GO BY CLICKING HERE