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Research note · AI & power · 16 Oct 2026

Big Tech just signed 20-year deals with nuclear plants.

Microsoft, Meta, Amazon and Google are locking in power that runs day and night, like their AI data centers. Here are the deals, in plain English, with every source.

Illustration: two nuclear cooling towers in fog with a large orange sun
Cover: illustration made for YosQuant.
20 yearslength of most of these deals
2027–2034when most of this power starts or reaches full size
0deals that published a price

1. The deals

BuyerPlantMegawattsStarts
MicrosoftCrane (once Three Mile Island Unit 1), restart~835target 2027
MetaClinton1,121Jun 2027
MetaPerry, Davis-Besse (+ uprates incl. Beaver Valley)2,609late 2026, full 2034
AmazonCalvert Cliffs (incl. 190 MW new)690uprates 2030–2032
AmazonComanche Peakup to 1,200Q4 2027, full 2032
Googlenew capacity at 11 reactors890not detailed

All 20-year deals. Google also signed a separate 15-year supply deal for 2,700 MW from existing plants. Deals can overlap, so we do not add them up. [1]–[6]

2. Old plants are coming back

Microsoft’s deal restarts a shut-down reactor. Other deals pay for “uprates”: getting more power out of plants that already run. [1] [4] [6]

3. Where the power goes

In Meta’s Clinton deal, the power still flows into the shared grid; Meta pays for the plant’s clean-energy credits, which helps keep it running. [2]

4. The test

None of these deals published a price per megawatt-hour. A 20-year contract can still have exit clauses that are not public. Signed is not the same as paid.

Sources

  1. Microsoft–Crane restart announcement, Sep 2024. constellationenergy.com
  2. Meta–Clinton 20-year deal, Jun 2025. constellationenergy.com
  3. Meta–Perry/Davis-Besse agreements, Jan 2026. investor.vistracorp.com
  4. Amazon–Calvert Cliffs 20-year agreement, Sep 2026. constellationenergy.com
  5. Amazon–Comanche Peak, annual report (10-K), Feb 2026. filecache.investorroom.com
  6. Google 890 MW new nuclear capacity, Oct 2026. constellationenergy.com

Image credits

  1. Cover and carousel slide 1: illustration made for YosQuant.
  2. “Three Mile Island nuclear power plant”, Unknown author, Public domain. Wikimedia Commons
  3. “Routine inspection at the Calvert Cliffs Nuclear Power Plant - May 2012 (14492443057)”, Nuclear Regulatory Commission from US, Public domain. Wikimedia Commons
  4. “The view out of a nuclear cooling tower (Unsplash)”, Jakob Madsen jmadsen, CC0. Wikimedia Commons
  5. “Three Mile Island (color)”, United States Department of Energy, Public domain. Wikimedia Commons