Constellation Energy shares jump on deals worth $1 Billion with Federal Government

What you need to know

• Constellation Energy’s shares surged Thursday, after it and the U.S. General Services Administration signed two contracts totaling over $1 billion.
• Constellation is set to supply nuclear energy for over a dozen agencies over the course of a ten-year contract, worth $840 million.
• It also received a contract worth $172,000,000 to upgrade several government-owned buildings with energy saving upgrades.

Constellation Energy shares (CEG) surged on Thursday, after the company revealed two government contracts totaling over $1 billion.

Constellation has signed a contract with the General Services Administration for a 10 year, $840m deal to provide nuclear energy across more than a dozen departments in five states. The power will come from Constellation's existing facilities, along with investments the company plans to make to increase its production capacity.

Additionally, Constellation was has been awarded a $172 million deal to perform "energy savings and conservation measures" at five buildings in Washington, D.C. and Maryland. Energy conservation measures like HVAC systems, new lighting and other projects will be included.

Federal Government Joins Big Tech's Nuclear Push

In signing the deals, the Federal Government joins the trend of investing in nuclear power that has been sweeping the tech industry over the past few months. Constellation agreed to restart a Three Mile Island nuclear reactor in Pennsylvania for Microsoft (MSFT). Amazon (AMZN), Alphabet, the parent company of Google (GOOGL), and Google itself (GOOGL), have recently also reached agreements to purchase nuclear energy.

"This agreement is another powerful example of how things have changed," Constellation CEO Joe Dominguez said. "Under this agreement, the United States government joins Microsoft and other entities to support continued investment in reliable nuclear energy that will allow Constellation to relicense and extend the lives of these critical assets."

The shares of Constellation were trading at a higher level than usual in the late hours of Thursday’s trade, nearly doubling their value from a year earlier.

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