All articles tagged with #nuclearenergy
The UK and US are set to sign a nuclear energy agreement during President Trump's visit, aiming to accelerate nuclear power development, streamline regulations, and foster UK-US partnerships, including plans for modular reactors and collaboration on fusion energy, to boost energy security, create jobs, and combat climate change.
Meta Platforms Inc. is seeking proposals from nuclear energy developers to support its AI and sustainability goals, aiming for 1-4 gigawatts of nuclear capacity in the U.S. by the early 2030s. This move aligns with other tech giants like Amazon, Google, and Microsoft, who are also investing in nuclear power to meet the energy demands of their AI initiatives. Meta's stock has risen significantly this year, driven by its AI investments and projected growth despite increased capital expenditures.
Constellation Energy reported a 28% increase in Q3 earnings, surpassing expectations, and adjusted its 2024 profit guidance. Despite this, nuclear stocks, including Constellation, fell after regulators blocked a nuclear deal between Amazon and Talen Energy, citing potential grid and cost issues. The nuclear sector has seen increased interest due to AI-driven energy demand, with major tech companies investing in nuclear power. Constellation's recent deal with Microsoft highlights the growing role of nuclear energy in powering data centers.
Energy regulators rejected an amended interconnection agreement between Amazon's data center and Talen Energy's Susquehanna nuclear power plant, causing a sell-off in nuclear stocks like Talen, Constellation Energy, and Vistra. The Federal Energy Regulatory Commission cited concerns over grid reliability and consumer costs. This decision highlights regulatory caution towards energy-intensive data centers and their impact on the power grid. Constellation Energy plans to reopen a unit of Three Mile Island for Microsoft without diverting existing power supplies.
NuScale Power, a Portland-based nuclear energy company specializing in small modular reactors, is reportedly laying off up to 40% of its workforce, potentially affecting over 200 employees. Despite receiving government approvals and federal funding, NuScale has faced challenges in securing practical utility contracts for its reactors, leading to a significant drop in its stock price. The company's financial reserves have also decreased, and the layoffs come at a time when Oregon's unemployment rate is notably low. NuScale went public through a SPAC merger, which allowed it to bypass some traditional investor scrutiny.