Constellation Energy Reactor Restart Faces 4-Year Grid Delay
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A Constellation Energy executive disclosed that the restart of a reactor at the former Three Mile Island plant, now the Crane Clean Energy Center, faces a significant grid bottleneck. Although the reactor is set to be ready for electricity generation by 2027, grid operator PJM Interconnection has indicated that connection to the power grid may be delayed until 2031, representing a four-year setback. This delay is material as it impacts a 20-year power-purchase agreement with Microsoft and could significantly push back expected revenue generation and alter project economics. Constellation is engaging with PJM, FERC, and the transmission utility to expedite the connection timeline.
At the time of this announcement, CEG was trading at $296.01 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $106.9B. The 52-week trading range was $161.35 to $412.70. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.