Constellation Energy (CEG) and Walmart (WMT) announced a long-term nuclear power purchase agreement on Tuesday, marking the first deal of its kind between a major U.S. retailer and a nuclear energy provider.
CEG stock was trading up 0.54% at $275.53 at time of writing.
Constellation Energy Corporation, CEG
Under the agreement, Constellation will supply around 176 megawatts of electricity from its Dresden Clean Energy Center in Morris, Illinois. That includes 30 megawatts of additional output from planned efficiency upgrades at the plant.
The power will serve Walmart’s new high-tech perishable distribution center currently under development in Belvidere, Illinois. It’s Walmart’s first nuclear power deal.
The agreement runs across two 15-year contracts, with supply starting in 2029 and 2030. Walmart will purchase energy, environmental attributes, and capacity under both terms.
The deal also helps justify investment in “uprates” at the Dresden facility — efficiency improvements that boost output from existing nuclear units without building new generation capacity. That’s a relatively cost-effective way to add clean electricity to the grid.
Dresden is one of Constellation’s largest nuclear plants. It’s licensed to operate through 2049 and 2051 and supports more than 1,100 jobs in the region. Constellation renewed Dresden’s license in December 2025.
Constellation operates 55 gigawatts of total capacity across nuclear, natural gas, geothermal, hydro, wind, and solar facilities.
Jim McHugh, Constellation’s Senior Executive Vice President and Chief Commercial Officer, said the deal “reflects long-term stewardship of critical infrastructure, the communities it serves, and the energy system that powers American growth.”
Walmart operates around 175 stores and clubs in Illinois with more than 55,000 associates in the state.
Nuclear power is attractive to large corporations because it provides baseload clean electricity — meaning it runs around the clock, unlike solar or wind which depend on weather conditions.
This deal fits a broader pattern of big companies locking in long-term nuclear supply contracts to meet both energy needs and sustainability commitments.
Constellation has been active on multiple fronts lately. Bernstein SocGen Group recently initiated coverage with an outperform rating, pointing to the company’s 22 gigawatts of nuclear capacity and its acquisition of Calpine as key positives.
Constellation also recently completed a 25-megawatt geothermal expansion at The Geysers complex in California through its Calpine unit, adding power for over 25,000 homes annually.
The company also announced a secondary offering of 11 million shares at $281 each, though Constellation itself will not receive proceeds from that sale.
Dresden’s two units are licensed to run through 2049 and 2051, giving both companies a long runway under the new agreement.
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