After Amazon and Microsoft last year, Meta has become the third hyperscaler to secure a long-term nuclear power supply agreement to support its AI infrastructure. Starting in June 2027, Meta will purchase the full output of Constellation Energy’s Clinton nuclear plant in Illinois—a facility that had previously been slated for closure—under a 20-year deal.
This agreement underscores the growing importance of nuclear energy in powering AI workloads and highlights the trend of hyperscalers driving the reopening or life extension of nuclear assets. Notably, tech companies are now willing to pay a significant premium for long-term access to reliable, carbon-free electricity—underscoring the urgency to lock in stable energy supply amid rising power prices.
Indeed, recent nuclear power agreements—such as Amazon’s with Talen and Microsoft’s with Constellation—have reportedly been priced around $80–100 per MWh, well above the current market price of ~$50/MWh. This suggests that nuclear plant operators could enjoy significantly higher margins going forward, particularly those with large fleets like Constellation, Vistra, or Talen.
In addition to higher profitability, utilities may also seize the opportunity to expand their nuclear footprint. Constellation, for example, has announced it is evaluating the development of a Small Modular Reactor (SMR) at the Clinton site. Assuming that any development would only take place with additional Meta backing, such a project would be largely derisked.
Finally, considering that high prices for power supply agreement with hyperscalers and tax credits from the US administration could incentivize electric utilities to accelerate the reopening of idle nuclear plants and/or the construction of new ones, engineering companies are likely to benefit from a massive wave of nuclear infrastructure investment with a mix of strong volumes and pricing.
