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Constellation Energy Corporation (NASDAQ:CEG) shares are trading higher today. The company is reportedly in talks with Pennsylvania officials to fund a potential restart of part of its Three Mile Island power facility, the site of a 1970s nuclear meltdown.
The talks suggest Constellation’s plans to restart part of the Three Mile Island site, operational from 1974 to 2019, excluding the unit that experienced the meltdown, reported Reuters.
The report noted that a decommissioned nuclear plant in Michigan recently granted a $1.5 billion conditional loan by the Biden administration for restart could serve as a model for the public-private sector approach at Three Mile Island.
In an email to Reuters, Constellation spokesperson Dave Snyder stated, “Though we have determined it would be technically feasible to restart the unit, we have not made any decision on a restart as there are many economic, commercial, operational and regulatory considerations remaining.”
Last month, Constellation told Reuters that it had completed an engineering study of Three Mile Island. However, it remains unclear whether the Baltimore, Maryland-based energy company will proceed with reopening the site.
Constellation also noted that, with the current emphasis on nuclear energy, acquiring additional sites was generally not under consideration. Instead, the company plans to focus on expanding its current fleet.
As per the report, no U.S. nuclear power plant has ever been reopened after closure due to the anticipated high costs, logistical challenges, and expected opposition from the public and politicians regarding safety and environmental concerns.
In May, Constellation Energy reported that the first-quarter adjusted EPS of $1.82 topped the consensus, and sales of $6.161 billion missed the street view.
Investors can gain exposure to the stock via EA Series Trust Strive FAANG 2.0 ETF (NYSE:FTWO) and Virtus Reaves Utilities ETF (NYSE:UTES).
Price Action: CEG shares are up 2.49% at $211.28 at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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