March 31 (Reuters) – Nuclear power producer Constellation Energy (CEG.O) on Tuesday said it plans $3.9 billion in capital spending and raised its share buyback authorization to $5 billion, as it prepares to meet growing demand for clean electricity.
U.S. power demand is expected to grow further after hitting a record high in 2025, driven by the rapid build-out of data centers for artificial intelligence and cryptocurrency, and by electrification of homes, businesses and transport.
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Companies are responding by investing more in cleaner generation, including nuclear and low-emissions gas.
Constellation closed the $16.4 billion acquisition of Calpine in January, combining its nuclear generation with Calpine’s natural gas and geothermal plants.
In March, the company said it would sell a portfolio of PJM power grid assets to LS Power for $5 billion to meet regulatory requirements tied to the acquisition.
Constellation, which operates the largest nuclear fleet in the country, has secured more than 5,650 megawatts of long-term clean energy agreements, including nuclear, geothermal and battery storage.
The utility has agreements with Meta (META.O) to keep one of its reactors in Illinois operating for 20 years, and with Microsoft (MSFT.O) to restart a nuclear reactor at a Pennsylvania plant, formerly known as Three Mile Island.
The company expects a base earnings per share growth of 20% and more from 2026 to 2029.
The Baltimore, Maryland-based company also forecast adjusted profit between $11 per share and $12 per share in 2026, the midpoint of which is slightly below analysts’ estimate of $11.6 per share, according to data compiled by LSEG.
Shares of the company fell 2.2% in premarket trade.
Reporting by Katha Kalia in Bengaluru; Editing by Sahal Muhammed
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