Constellation Energy Corporation CEG is expanding its portfolio of long-term power purchase agreements (PPAs) as large customers seek reliable, emissions-free electricity. These contracts provide greater revenue visibility and support investments in existing nuclear facilities and new generating capacity.
On Sept. 30, 2026, CEG announced a 20-year power purchase agreement with Amazon covering 690 megawatts (MW) of power, including approximately 190 MW of new nuclear capacity at the Calvert Cliffs Clean Energy Center. The agreement is expected to enable more than $3 billion in Maryland infrastructure investments, including improvements across the plant’s entire 1,790-MW generating capacity. The capacity expansion is expected to be completed between 2030 and 2032. The agreement will provide CEG with revenue certainty to support the relicensing of Calvert Cliffs’ for another 20 years.
In the second quarter of 2026, CEG signed approximately 920 MW of long-term PPAs with diverse, investment-grade customers. The contracts have an average duration of 18.5 years and are expected to be fully ramped by 2032. The company also signed a 176-MW agreement with Walmart, including 30 MW of expanded capacity at the Dresden Clean Energy Center.
CEG’s financial position provides a funding base for these investments. In the first six months of 2026, CEG invested $2.52 billion and expects capital expenditures of approximately $5.7 billion in 2026 and $4.7 billion in 2027.
Thus, long-term contracts can provide revenue visibility and support investments in nuclear capacity and infrastructure.
Long-Term PPAs Support Utility Growth
Long-term power purchase agreements provide utilities with greater revenue visibility while supporting investments in generation capacity and reliability. They can also fund plant upgrades and capacity additions to meet rising electricity demand.
NextEra Energy NEE benefits from a 25-year agreement with Google that supports the planned 615-MW Duane Arnold nuclear restart, providing long-term revenue visibility while addressing rising electricity demand.
Vistra Corp. VST benefits from long-term PPAs with Meta, which enhance revenue visibility for its PJM nuclear assets and are expected to begin contributing to adjusted EBITDA from 2027.
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