Constellation Energy to spend $800M to upgrade two Illinois nuclear plants
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Constellation Energy (NASDAQ:CEG) said Tuesday it will spend $800M to replace the main turbines with new equipment to increase production at its Braidwood and Byron nuclear generating stations in Illinois by 135 MW, enough to power the equivalent of 100K average homes every year.
Braidwood and Byron were among the Illinois nuclear plants saved from premature retirement by passage of the state's Climate and Equitable Jobs Act in 2021; since then, The passage of the Inflation Reduction Act provides a base level of support for nuclear energy nationwide.
Constellation (CEG) said it expects to see increased production at the stations as early as 2026, with the full uprated output available by 2029.
Constellation Energy (CEG) shares are "still expensive but worth it," Gary Gambino writes in an analysis published recently on Seeking Alpha.