Amazon Signs 20-Year Nuclear Deal With Constellation for 690 MW

The U.S. Department of Energy has approved a roughly US$4.00 billion federal loan package for Vistra to upgrade three nuclear plants serving the PJM grid, as power demand climbs from data centers and other intensive users. The federal backing supports nuclear capacity upgrades and underscores Vistra's role as a reliability provider in a tightening U.S. power system. The loan sharpens the company's investment narrative around long-term contracted power, though Vistra has separately challenged PJM's Interim Resource Adequacy Service at FERC, arguing the measure could chill investment and misprice capacity for large loads. Vistra's narrative projects $26.0 billion in revenue and $4.1 billion in earnings by 2029, requiring 10.7% yearly revenue growth and a $2.1 billion earnings increase from $2.0 billion today, while some analysts assume revenues near US$33.4 billion and earnings around US$4.9 billion by 2029.

Oracle and We Energies announced a nuclear power subscription deal on October 2, 2026, under which Oracle will take 10-20% of the output from the Point Beach Nuclear Plant, or 125-250 megawatts, for the $15 billion Lighthouse Campus AI data center in Port Washington, Wisconsin. The campus, co-developed by Oracle, OpenAI, and Vantage Data Centers as part of the broader Stargate initiative, is designed to house close to 1 gigawatt of AI capacity within a 1.3 gigawatt total electrical footprint, with completion targeted for 2028. Oracle has committed to fully funding the energy costs for its portion, and the deal is the primary driver of a proposed $176 million electric rate hike for We Energies customers in 2027, accounting for roughly 20% of that increase, while the utility projects the arrangement will save customers approximately $300 million in fuel costs between 2027 and 2033. The subscription, a first-of-its-kind model in Wisconsin, requires approval from the Wisconsin Public Service Commission, which is weighing whether to require tech companies to cover 100% of new power plant costs. The deal is part of an industry-wide pivot in which Big Tech has contracted over 10 gigawatts of new nuclear capacity in the United States over the past year, including Microsoft's 20-year power purchase agreement for the 835-megawatt restart of Three Mile Island, Amazon's acquisition of a nuclear-adjacent Pennsylvania campus for over $650 million and its $500 million investment in X-energy small modular reactors, and Google's order of 500 megawatts from Kairos Power. Data center power demand reached 29.6 gigawatts by late 2025, equivalent to the peak demand of New York state, and the International Energy Agency projects it will rise by 130% by 2030, even as U.S. nuclear output stayed largely flat between 2020 and 2025 and no small modular reactors are under construction in the country.