By Charles Kennedy – Sep 20, 2024, 9:30 AM CDT
Constellation Energy has signed its largest-ever power purchase agreement with Microsoft, which paves the way for the restart of the Three Mile Island Unit 1 nuclear plant, the biggest owner of U.S. nuclear power plants said on Friday.
Microsoft and other major technology firms have been looking to purchase zero-carbon electricity to power up their data centers, which are consuming growing amounts of electricity.
For their part, power-generating companies and utilities are raising power supply and planning for a surge in U.S. electricity demand, driven by data centers, AI, and chip manufacturing.
The 20-year agreement announced today paves the way for the launch of the Crane Clean Energy Center (CCEC) with the restart of Three Mile Island Unit 1, Constellation said.
Three Mile Island Unit 1 operated for decades before being shut down for economic reasons five years ago today.
Under the deal, Microsoft will purchase energy from the renewed plant as part of its goal to help match the power its data centers in PJM use with carbon-free energy. The clean energy center is expected to be online in 2028.
Restarting a nuclear reactor requires U.S. Nuclear Regulatory Commission approval following a comprehensive safety and environmental review, as well as permits from relevant state and local agencies. In a separate request with the commission, Constellation will pursue a license renewal that will extend plant operations to at least 2054.
“Before it was prematurely shuttered due to poor economics, this plant was among the safest and most reliable nuclear plants on the grid, and we look forward to bringing it back with a new name and a renewed mission to serve as an economic engine for Pennsylvania,” Constellation’s president and CEO Joe Dominguez said.
Bobby Hollis, VP of Energy at Microsoft, commented, “Microsoft continues to collaborate with energy providers to develop carbon-free energy sources to help meet the grids’ capacity and reliability needs.”
By Charles Kennedy for Oilprice.com
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