Japan PPI inflation slips to 11-mth low in July
Investing.com -- Constellation Energy Group, Inc. (NASDAQ:CEG) stock rose 1% on Wednesday after the Wall Street Journal reported that New York state plans to build one of the first new U.S. nuclear power plants in more than a generation.
New York Governor Kathy Hochul has directed the state’s public electric utility to add at least 1 gigawatt of new nuclear power generation, enough to power approximately one million homes. The New York Power Authority will identify a site in upstate New York and determine the reactor design, potentially partnering with private entities on the project.
The announcement could benefit Constellation Energy, which owns or holds majority stakes in New York’s three currently operating nuclear plants. These existing facilities are among the potential sites being considered for the new plant, which could consist of either one large reactor or multiple smaller ones.
Constellation and New York are already collaborating on a federal grant that could support preliminary work toward adding one or more reactors at the Nine Mile Point Clean Energy Center in Oswego.
The initiative represents a significant shift in U.S. nuclear development, as only five new commercial reactors have come online since 1991, insufficient to offset plant retirements. Nuclear capacity in the U.S. has declined more than 4% from its 2012 peak, though it still produces about 19% of the country’s electricity.
Governor Hochul emphasized that the project could advance more quickly under President Trump’s recent executive orders aimed at accelerating nuclear power development by overhauling regulations and streamlining permitting processes.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.