# Constellation Energy's nuclear bet on data centers

> Strong Q2 earnings and new power deals with tech giants fuel growth, but the real prize is restarting Three Mile Island.
- Title: Constellation Energy's nuclear bet on data centers | Shortify
- Summary: Strong Q2 earnings and new power deals with tech giants fuel growth, but the real prize is restarting Three Mile Island. Constellation is signing long-term…
- Keywords: constellation energy, ceg, nuclear power, data centers, microsoft, walmart, three mile island, crane clean energy center, calpine acquisition, power purchase agreements, hyperscalers, carbon-free electricity
- Source: Alphastreet - Earnings Decoded. Market Intelligence Delivered — https://news.alphastreet.com/constellation-energy-ceg-nuclear-restart-economics-and-the-data-center-ppa-opportunity
- Author: Newsdesk
- Published: 2026-09-18T17:56:50+00:00
- Read time: 1 min
- Topics: constellation energy, ceg, nuclear power, data centers, microsoft, walmart, three mile island, crane clean energy center, calpine acquisition, power purchase agreements, hyperscalers, carbon-free electricity
## Earnings jump 34% in Q2
Constellation reported adjusted earnings of $2.55 per share, up from $1.91 a year earlier and beating estimates by 8%.
## Calpine deal reshapes the business
The Calpine acquisition closed early 2026, changing the generation mix and pushing operating margins down from 15.6% to 7.7%.
## 920 megawatts of new contracts
Constellation signed long-term nuclear power deals in Q2, including a 176-megawatt contract with Walmart tied to the Dresden facility.
## Three Mile Island restart advances
The Crane Clean Energy Center secured key approvals in Q2. Operating license decision expected May 2027, with power generation targeted late 2027.

> The Crane Clean Energy Center restart (formerly Three Mile Island Unit 1) is the single most important long-term earnings catalyst.
## Hyperscaler pipeline could expand
Pending FERC rulings on data center co-location tariffs have paused some negotiations. A favorable decision could unlock more deals beyond the 920 megawatts.
## Guidance raised on integration gains
Full-year 2026 earnings guidance increased to $11.50-$12.50 per share, driven by Calpine accretion, higher capacity revenue, and new PPAs.
## Watch debt levels and buybacks
Investors should track quarterly debt reduction. If debt stays elevated through Q4 2026, share repurchases may slow to preserve credit quality.
## Key takeaway

Constellation is signing long-term nuclear power contracts with hyperscalers like Microsoft and Walmart, betting that data center demand will drive premium pricing for carbon-free electricity through 2027 and beyond.