Constellation Energy (NASDAQ: CEG) shares jumped on Tuesday, Oct. 6, after Alphabet's (NASDAQ: GOOGL) Google signed two long-term power deals with the nuclear operator. The first is a 20-year agreement for 890 megawatts of new nuclear capacity. The second is a separate 15-year deal for 2,700 megawatts from Constellation's existing plants. Combined, the deals total about 3,590 megawatts in PJM Interconnection, the largest U.S. power grid.
Most of the coverage will focus on Google. A hyperscaler with another nuclear deal and more proof that AI's power appetite is real. That's true, but for investors who have been paying attention to where capital is flowing, there's a more interesting part of the story.
