Constellation Energy announced its plan to restart Unit 1 of the Three Mile Island nuclear plant, which will be rechristened the Crane Clean Energy Center. This strategic move is underpinned by a 20-year power purchase agreement (PPA) with Microsoft, which will acquire the entire electricity output from the plant.
The restart of the 835-megawatt nuclear reactor is expected to occur in 2028, providing 24/7 carbon-free power to meet the growing energy demands of the data economy. Microsoft's commitment is a key factor in making the restart economically viable, with analysts estimating a premium payment for the power.
Constellation plans to finance the $1.6 billion restart using its own funds. The company will pursue necessary regulatory approvals, including filing an exemption request in November to remove operational restrictions and submitting various technical and environmental plans to the Nuclear Regulatory Commission in 2025.
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