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Investing.com -- Constellation Energy Corp (NASDAQ:CEG) stock rose 2.5% in after-hours trading Tuesday after the company announced it secured a $1 billion loan from the U.S. Department of Energy to support its Crane Clean Energy Center.
The loan, funded by the Energy Dominance Financing Program, represents the first time the DOE Loan Programs Office has simultaneously finalized a conditional loan commitment and financial close. According to Constellation, the interest-bearing loan will reduce financing costs and help restore nuclear energy to the grid.
"DOE’s quick action and leadership is another huge step towards bringing hundreds of megawatts of reliable nuclear power onto the grid at this critical moment," said Joe Dominguez, president and CEO of Constellation.
The Crane facility is already more than 80% staffed with over 500 employees, including engineers, mechanics, technicians and licensed operator trainees. The company stated that inspections of key plant components and regulatory reviews are proceeding on schedule.
An economic impact study commissioned by the Pennsylvania Building & Construction Trades Council found that restarting the reactor will add approximately 3,400 direct and indirect jobs, generate over $16 billion for Pennsylvania’s GDP and deliver more than $3 billion in state and federal tax revenue.
The restart comes amid growing electricity demand from electrification and data centers supporting the digital economy. Constellation has also committed more than $1 million in charitable giving over five years to support workforce development and local organizations in the region.
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