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Constellation EnergyLargest competitive nuclear operator in the US with ~21 reactors and ~21 GW of nuclear capacity. Signed the 20-year Microsoft PPA to restart Three Mile Island Unit 1.
Q1 2023-Q3 2025
| Milestone | Original Target | Current Status | Notes | |
|---|---|---|---|---|
| Microsoft 20-year PPA signed | 2024-Q3 | Complete (Sept 20, 2024) | ~835 MW; behind-the-meter optionality not exercised | |
| NRC license reinstatement docket opened | 2024-Q4 | Complete (Oct 2024) | Section 103 path; not a Section 104 like Palisades | |
| DOE LPO conditional commitment | 2025-Q1 | In progress (DOE LPO review ongoing) | Loan guarantee terms not finalized | |
| Steam generator + RPV inspections complete | 2025-Q4 | In progress (refurbishment program ongoing) | Mothballed 2019; refurbishment includes major inspections + replacements | |
| Initial cumulative capex spent | ~$300M by FY2025 | On track per CEG 10-Q (FY2024 + 9M FY2025: ~$280M) | Total project budget: ~$1.6B | |
| NRC license reinstated | 2026-Q4 | Target on plan | Independent risk: NRC review could extend 6-12 months | |
| Fuel load | 2027-Q3 | Target on plan | Fuel manufactured by Westinghouse + on-site by 2027 | |
| Criticality | 2027-Q4 | Target on plan | First criticality post-restart | |
| Commercial Operations Date (COD) | 2028-Q1 (CEG stated) | Consensus analyst estimate: 2028-Q3 to 2029-Q2 | 12-18 month slip risk per Street consensus | |
| Full 20-year PPA delivery start | 2028 | On track per current target | Microsoft data center demand profile assumes 2028 delivery | |
| Editorial. Why this matters | Strategic context | Crane is the single most-watched US nuclear restart project + the marquee proof point for the AI-power-demand-meets-existing-nuclear thesis. Holtec Palisades is structurally similar but at different scale (~800 MW vs Crane's 835 MW) + different status (Palisades 2025-2026 target vs Crane 2028). If CEG slips beyond mid-2029, the Microsoft PPA economics + the broader AI-nuclear narrative both come under pressure. |
2021-Q2-2026-Q1
2021-Q2-2026-Q1
2021-2025
$CEG
Largest competitive nuclear operator in the US with ~21 reactors and ~21 GW of nuclear capacity. Signed the September 2024 20-year PPA with Microsoft to restart Three Mile Island Unit 1 (Crane Clean Energy Center, 835 MW, 2027-2028 target). Also signed a 1.1 GW PPA with Meta at Clinton in June 2025.