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Constellation Energy Corporation (NASDAQ: CEG) shares surged 12.2% on October 6, following the announcement of a 20-year power purchase agreement with Google.
The deal secures 890 megawatts of new nuclear generation, a capacity increase Constellation plans to achieve by upgrading eleven existing reactors rather than constructing new facilities.
The company will invest $4.3 billion in these upgrades, a strategy that allows for power expansion without the capital intensity of new builds.
A separate 15-year contract covers 2,700 megawatts from the company's current fleet.
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