Three Mile Island will reopen in 2028 and will sell its power exclusively to help run Microsoft’s AI program.
Transcript:
Conway Gittens: Here’s what we’re watching on TheStreet today.
There were small moves on Wall Street Friday after big gains earlier in the week. Eyes were on Apple on the first sales day for the new iPhone 16. Jitters abound after online pre-sales failed to live up to expectations.
Next week, investors will get quarterly updates from Costco and Micron Technologies, and digest data on home prices, home sales, and consumer inflation.
In other news: The site of the worst nuclear accident on American soil is being reopened in order to provide exclusive nuclear power for Microsoft’s artificial intelligence business.
Pennsylvania’s Three Mile Island was totally shut down in 1999 but one of its nuclear reactors is coming back online in 2028, according to plans that first must be approved by the Nuclear Regulatory Commission. There are no plans to bring back the other reactor, which suffered a partial meltdown in 1979.
Joe Dominiguez, CEO of Constellation Energy, which owns the nuclear facility said in a statement, “Powering industries critical to our nation’s global economic and technological competitiveness, including data centers, requires an abundance of energy that is carbon-free and reliable every hour of every day, and nuclear plants are the only energy sources that can consistently deliver on that promise.”
While nuclear power is capable of pumping out lots of energy without carbon emissions, and is not limited like wind or solar power, it does have several negatives. The biggest, of course, is the long life of the toxic waste it produces, which must be securely stored to prevent leakage and contamination.
Tech giants like Microsoft are hungry for new power sources in order to keep data centers and AI operations running non-stop and see nuclear energy as a viable source.
The financial terms of this 20-year contract were not made public, but Constellation says it will add 3400 jobs and boost Pennsylvania’s economy by $16 billion.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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