Constellation Energy received a federal waiver to restart the Three Mile Island nuclear plant years earlier than expected, and closed a $16.4 billion acquisition of Calpine. The combined moves give the company a larger fleet spanning nuclear, natural gas, and clean energy resources. This positions Constellation to meet rising demand from data centers and large corporate buyers seeking reliable, low-carbon power. The faster nuclear restart and bigger gas fleet could help Constellation secure long-term contracts for carbon-free electricity, especially with customers like Microsoft. However, the company faces scrutiny over leverage and capital needs after the Calpine deal. Investors should watch how quickly Three Mile Island comes online and how well management integrates the enlarged portfolio while managing debt and regulatory approvals.
