Constellation Energy Stock Jumps on $1 Billion in Deals With Federal Government | Global News Avenue

Constellation Energy’s stock (CEGOn Thursday, the company announced it had signed two contracts with the federal government worth more than $1 billion, sending its shares soaring.

One of Constellation’s contracts with the U.S. General Services Administration (GSA) is a 10-year, $840 million agreement that will see Constellation provide nuclear power to more than a dozen government agencies in five states. Power will come from Constellation’s existing facilities as well as investments the company plans to make to increase its production capacity.

In addition, Constellation secured a $172 million agreement to implement “energy efficiency and conservation measures” in five buildings in Washington, D.C., and Maryland. These measures will include energy-saving projects such as new lighting, HVAC systems and more.

Federal government joins big tech companies’ nuclear plans

The deals mean the federal government is joining a push for nuclear energy investment, which has also made its way into the tech sector in recent months. Constellation has Agree to restart One of the reactors at Three Mile Island, Pennsylvania Powering Microsoft (Microsoft Corporation), And Amazon (Amazon) and Google parent company Alphabet (Google) have Recently it has also been achieved Deals to buy nuclear power.

“This agreement is another powerful example of how things are changing,” said Constellation CEO Joe Dominguez. “With this agreement, the U.S. government will join Microsoft and other entities in supporting the need for reliable nuclear energy. “Continued investment will enable Constellation to regain licenses and extend the life of these critical assets.”

Constellation shares rose more than 6% in late trading on Thursday. just over twice Where they were a year ago.