Amazon Secures 20 Years of Nuclear Power From Constellation

Amazon and Constellation Energy have agreed a 20-year power purchase agreement under which Constellation will supply 690 MW of nuclear capacity from the Calvert Cliffs Clean Energy Center in Maryland to support Amazon’s operations in the PJM Interconnection regional market. The contracted capacity includes 190 MW of planned uprates that are expected to be added between 2030 and 2032. Calvert Cliffs currently houses two reactors with a combined output near 1,790 MW.

Constellation said the PPA unlocks funds for more than $3 billion in infrastructure upgrades across the Calvert Cliffs site and gives the utility longer-term revenue visibility. Company leadership indicated the arrangement supports efforts to pursue a 20-year license extension for the facility and explore further on-site clean-energy development. All electricity from Calvert Cliffs will continue to flow into PJM; the parties have also executed a related retail supply agreement to deliver power to Amazon data centers across the 13-state PJM footprint.

Goldman Sachs analyst Carly Davenport characterized the deal as broadly positive for Constellation and the wider power sector, noting the transaction ties into broader themes of Big Tech seeking stable, low-carbon power for data-center buildouts. Constellation’s public disclosures include a sensitivity showing that a 1 GW nuclear PPA at a $20–$50/MWh premium to a PTC floor would boost free cash flow before growth (FCFbG) by $125 million–$325 million; applying that sensitivity pro rata to the 690 MW contract implies an FCFbG uplift in the roughly $86 million–$224 million range.

The announcement was followed by a market reaction: Constellation shares rose by nearly 4% in pre-market trading. Goldman’s Davenport kept a Neutral rating on Constellation, with a 12-month price target of $305. Constellation CEO Joseph Dominguez said the deal shows how private capital can help strengthen critical energy infrastructure.