Google Signs Nuclear Deal With Constellation Energy
The utility company will supply 3.59 gigawatts of power to the tech giant under long-term agreements.
Overview
In a massive power generation deal agreed between two titans in their industries, Constellation Energy (NASDAQ:CEG) and Alphabet (NASDAQ:GOOG)(NASDAQ:GOOGL) have signed a pair of related long-term power purchase agreements (PPAs).
Alphabet, the parent company of eternal online search king Google, will buy 3.59 gigawatts of electricity from Constellation, the largest clean energy producer in the U.S. Of this, at least 890 megawatts will come from Constellation's nuclear assets.
Details
This pact is already a huge boon to Constellation -- whose stock justifiably zoomed 12% higher on Tuesday following the announcement; however, we probably can't say the same for the wider nuclear industry. Let's dig into the deal to see why.
Source
Originally published at www.fool.com.