WASHINGTON (dpa-AFX) - Google, part of Alphabet Inc. (GOOG), and Constellation Energy Corp. (CEG), a utilities company, on Tuesday announced power agreements to supply around 3,600 megawatts or MW onto the PJM Interconnection grid, aiming to meet growing demand.
Constellation shares were trading higher in pre-market activity following the announcement.
The deals are part of a broader long-term agreement to support Google's growing electricity needs mainly to power data centers.
The companies signed a 20-year power purchase agreement for 890 MW of new nuclear capacity to the grid, under which Constellation would invest more than $4.3 billion in multiple nuclear plants.
Constellation will add new equipment and technology at 11 of its existing nuclear units across Illinois, Pennsylvania and New Jersey. The agreement helps sustain around 4,400 existing jobs, and create around 7,200 new construction jobs during the building period.
The first uprate is expected to be completed by 2028.
In addition, Google and Constellation entered into a 15-year energy supply agreement covering an additional 2,700 MW from Constellation's existing PJM nuclear fleet.
The companies also announced a five-year technology alliance, under which Constellation will use Google Cloud and Gemini Enterprise to support AI applications across its energy operations.
In addition, the companies established a framework to explore further opportunities involving clean power generation, energy storage and demand response as Google expands its electricity demand.
In the pre-market activity on the Nasdaq, Constellation shares were gaining $21.75 or 8.13 percent at $289.37, and Alphabet shares were trading $1.25 or 0.36 percent higher at $345.08.
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