Constellation and Google sign 20-year PPA for $4.3 billion of nuclear uprates

Constellation Energy and Google have signed a 20-year power purchase agreement enabling more than $4.3 billion of investment and adding 890 megawatts of nuclear capacity by the end of 2032. The capacity comes from physical and digital uprates at six operating plants across Illinois, Pennsylvania and New Jersey, with Google as anchor customer rather than a new plant. Constellation's shares rose more than 14% in Tuesday morning trading after the announcement, and the two-decade term, signed by a counterparty of that size, is the instrument that makes the investment financeable.

Beyond the uprate agreement, a 15-year energy supply agreement covers an additional 2,700 megawatts in PJM's fleet, while a five-year technology alliance puts Google Cloud and Gemini Enterprise across Constellation's core operations to accelerate uprate planning, streamline construction and optimize plant output. A separate strategic framework will evaluate new clean generation, storage and demand response, with near-term efforts prioritized in PJM.

Google's load growth is what makes a two-decade offtake commitment the scarce input, and its environmental report recorded the largest ever annual increase in electricity demand with consumption up 37% in 2025. A contract of that duration, signed by a counterparty of that balance sheet, performs the function a greenium once did. Transition finance has been heading toward project-level milestones and unlabeled project finance instead of labels. Constellation chief executive Joe Dominguez described the collaboration as one that "can serve as a model for how technology companies and the energy industry can work together," and pointed out the investment is "funded by private entities."

The announcement comes a week after a 20-year agreement with Amazon at Calvert Cliffs, where a 690 MW purchase supports a 190 MW addition due online between 2030 and 2032. Both contracts are aimed at capacity that already sits inside an operating fleet, a design that shortens the path from signature to output. $4.3 billion against 890 megawatts works out to roughly $4.8 million per megawatt, though the announcement does not break the capital down between the six plants and the rest of the package. The 2,700 MW supply agreement carries no investment figure, and the framework projects have no names yet.