Constellation and Amazon Announce 20-Year Power Purchase Agreement Adding 190 Megawatts of Nuclear Capacity at Calvert Cliffs

The agreement is expected to enable more than $3 billion in Maryland infrastructure investment and support longer-term plant operations.

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LUSBY, Md.--(BUSINESS WIRE)-- Constellation (Nasdaq: CEG) and Amazon (Nasdaq: AMZN) today announced a long-term agreement that will support the continued investment in and expansion of the Calvert Cliffs Clean Energy Center, Maryland’s only nuclear plant and largest source of clean energy. The agreement will enable more than $3 billion in Maryland infrastructure investment, including state-of-the-art improvements across the entire 1,790-megawatt plant and approximately 190 megawatts in total of new, emissions-free generating capacity coming online between 2030 and 2032.

The expansion of Calvert Cliffs’ generating capacity will be supported by a 20-year agreement, which includes 690 megawatts of power, including the 190 megawatt uprate. The parties have also entered into a related retail supply agreement to support Amazon operations in the 13-state PJM market. In addition to making the uprate possible, Amazon’s long-term commitment will help provide Constellation with the revenue certainty to relicense the plant for another 20 years and make progress toward the development of new clean energy power plants at the site, adding to Maryland’s supply of clean and reliable energy.

The agreement will also help Amazon manage its energy costs for facilities throughout the region. All the electricity generated by Calvert Cliffs will continue flowing to the PJM regional grid just as it does now, demonstrating how large energy users can support investments in new, reliable generation while strengthening the broader electric system.

“This agreement demonstrates how private investment can strengthen critical energy infrastructure,” said Joe Dominguez, chairman, president and chief executive officer, Constellation. “Amazon’s commitment supports the long-term operation of Calvert Cliffs for generations to come and creates a strong foundation for future investment in both the facility and in advanced nuclear technologies.”

“Amazon is committed to investing in carbon-free energy to strengthen the grid and benefit the communities where we operate," said Kerry Person, vice president of AWS Global Operations and Data Center Delivery. "This long-term agreement with Constellation sustains the continued operation and expansion of Maryland's largest source of carbon-free energy, supports hundreds of jobs, and brings significant new generation to the regional grid.”

Located in Lusby on the western shore of the Chesapeake Bay, Calvert Cliffs produces approximately 80% of Maryland’s clean energy and enough electricity to power the equivalent of more than 1.3 million homes. The facility employs more than 800 people and contributes about $21 million annually in taxes supporting schools, roads and other public services.

About Constellation

Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation's largest producer of clean and reliable energy. With 55 gigawatts of capacity from nuclear, natural gas, oil, geothermal, hydro, wind and solar facilities, our fleet has the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation's clean energy and delivering the around-the-clock reliability needed to power America's growing economy. We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including 80% of the Fortune 100. We are committed to investing in innovation and new technologies to drive the transition to a reliable, sustainable and secure energy future. Follow Constellation on LinkedIn and X.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260930235521/en/

Paul Adams
Constellation Communications
667-218-7700
paul.adams@constellation.com

Source: Constellation Energy Corporation

Key Terms

power purchase agreement financial

A power purchase agreement (PPA) is a long-term contract in which a buyer agrees to purchase electricity from a generator at an agreed price and schedule, similar to a multi-year subscription for power or a long-term lease of an energy source. Investors care because PPAs provide predictable revenue and cash flow for the generator, reduce market-price exposure, and shift credit and performance risk to the buyer, all of which affect valuation, financing and perceived investment stability.