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Constellation Energy runs the largest fleet of nuclear power plants in America and sells that electricity to homes, businesses, and data centers.
Constellation Energy is basically a big company that makes electricity and sells it. Its crown jewels are nuclear power plants — about 20 of them across the country — which pump out steady, carbon-free power around the clock. It sells that electricity to three main groups: regular homes and small businesses (retail), big industrial and commercial customers (wholesale), and, increasingly, giant data centers run by tech companies that need enormous amounts of reliable power. The company is headquartered in Baltimore. Nuclear plants are expensive to build but cheap to run once they exist, so Constellation's profits mostly come from selling power at prices higher than its low operating costs. Think of it as owning a bunch of very reliable, very long-lasting lemonade stands that cost almost nothing to keep squeezing.
The hot new thing is data centers and artificial intelligence. AI needs massive computing power, and those computers need electricity 24/7 — exactly what nuclear provides. In 2024, Constellation signed a landmark deal with Microsoft to restart Three Mile Island's Unit 1 reactor (renamed Crane Clean Energy Center) to power Microsoft's data centers. That was a big deal because it showed that old nuclear plants, once shut down, can be revived profitably when someone is willing to pay for reliable clean power. The company also benefits from government policies that reward carbon-free energy, and it's exploring new nuclear technologies like small modular reactors. A large chunk of revenue — roughly 80% — comes from its competitive generation and retail supply business, with the rest from various energy services. Constellation was spun off from Exelon in early 2022, so it's a relatively young public company even though its power plants are decades old. It uses its cash to pay a growing dividend, buy back stock, and invest in upgrades that let its reactors run longer and produce more. The big risks are simple: electricity prices bounce around, regulations can change, and nuclear plants need careful, expensive maintenance. But the AI boom has turned this once-sleepy utility spinoff into one of the most watched energy companies in America — because when everyone wants more computing power, someone has to keep the lights on.
Saved answer · last researched 15 Oct 2026
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