Constellation Energy (CEG.US) rises more than 12% in pre-market trading! Reaches a 20-year power purchase agreement with Microsoft Corporation (MSFT.US)

Constellation Energy (CEG.US) announced on Friday that the company has signed a 20-year power purchase agreement with Microsoft Corporation (MSFT.US), who will use the purchased power to help power its data center in PJM with carbon-free energy. This agreement will pave the way for Constellation Energy's unit at the Three Mile Island nuclear power plant in Pennsylvania to resume service and keep it online for decades. Boosted by this news, Constellation Energy's stock surged over 12% in pre-market trading on Friday. Constellation Energy stated that this is the largest power purchase agreement in the company's history. The financial terms of the agreement were not disclosed. Constellation Energy plans to finance the project itself, rather than seeking support from state or federal governments. The company expects the Three Mile Island nuclear power plant to resume operations by 2028 and will seek license renewals to extend the plant's operation until at least 2054. President and CEO of Constellation Energy, Joe Dominguez, said: "Before it was prematurely shut down for economic reasons, this nuclear plant was one of the safest and most reliable plants on the grid. We look forward to bringing it back under a new name."