In the quiet bend of the Susquehanna River, an old nuclear site is stirring back to life. The Three Mile Island reactor — long idled — now stands poised for a comeback. Thanks to a $1 billion loan from the U.S. Department of Energy, Constellation Energy is moving full speed ahead with restarting the facility.
That funding isn’t just symbolic. Constellation says it cuts the cost of financing sharply for the $1.6 billion refurbishment plan. The reactor in question has a capacity of 835 megawatts — enough to power roughly 800,000 homes, according to DOE figures. The project, rechristened “Crane Clean Energy Center,” is scheduled to be back online by 2027.
Key to this revival is a 20-year power-purchase deal Constellation struck with Microsoft. The tech giant is set to buy the plant’s electricity to fuel its data centers. In an era where energy demand is accelerating — especially from AI and cloud computing — dependable, carbon-free power is more valuable than ever.
The DOE loan comes from a large capital pool (more than $250 billion) set aside for energy infrastructure. Greg Beard, head of the Loan Programs Office, emphasized that this kind of base-load power is strategically important for the grid. Constellation, moreover, is guaranteeing the loan personally, providing a layer of protection for taxpayers.
While the deal reflects a strong push for nuclear energy, it also draws scrutiny. Three Mile Island is infamous for its partial core meltdown in 1979. Critics warn that taxpayer money backing this restart is risky, particularly for high-cost, legacy nuclear infrastructure. Constellation, however, argues that the plant’s existing structure—and Microsoft’s long-term commitment—mitigates those risks.
On Wall Street, investors responded quickly. Constellation’s stock jumped after the announcement, driven by the long-term revenue prospects of this nuclear revival. For Constellation—already a key player in the S&P 500’s nuclear exposure — this deal may mark a turning point: transforming a mothballed legacy reactor into a critical asset for the AI-powered, energy-hungry future.
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Sources Reuters AP / ABC News Bloomberg The Washington Post TechCrunch
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