Meta buys a nuclear power plant (more or less)

In a significant move announced on Tuesday, Meta has committed billions to ensure the continued operation of the Clinton Clean Energy Center, a 1.1 gigawatt nuclear power facility in Illinois, through 2047. The tech giant will acquire all "clean energy attributes" from Constellation Energy’s plant, starting in June 2027. While this deal will not directly supply power to Meta's data centers, including one located in DeKalb, about two hours away, it serves as a strategic effort to mitigate the company's overall carbon footprint. This arrangement does not reduce emissions on the grid but prevents potential increases. Although the exact financial terms remain undisclosed, the multi-billion-dollar agreement will aid Constellation in re-licensing the plant and securing a long-term customer. Recently, major tech companies like Meta have shown strong support for nuclear energy, a sector that had previously struggled against the rise of cheaper renewable energy sources. The demand for power driven by the boom in AI and cloud computing has led to increased investment in nuclear startups. Meta and Constellation portrayed this deal as a lifeline for the plant, although neither indicated that it was on the verge of closure. The Clinton reactor was initially slated for shutdown in June 2017 due to competition from inexpensive natural gas, but legislative subsidies allowed Constellation to continue operations. Those subsidies are set to expire in 2027, and the agreement with Meta aims to ensure the plant's longevity without relying on ratepayer support. Since 2017, Constellation has not indicated intentions to close the facility; instead, it announced in 2022 plans to extend the reactor's operational license through 2047. TechCrunch has reached out to Constellation for further comments regarding the plant’s future prior to the Meta agreement and will provide updates if a response is received. Meta’s enthusiasm for nuclear energy is clear, as the company recently solicited proposals for new nuclear projects capable of generating between 1 and 4 gigawatts of power, receiving over 50 qualified submissions from various states. With this latest deal, Constellation secures another prominent tech ally in its nuclear operations, following Microsoft's recent agreement to restart a reactor at Three Mile Island, also committing to purchase the generated power.