Constellation Signed 920 Megawatts of New Power Deals, Including a Walmart PPA. Here's What It Means for CEG Stock.

Constellation Energy (CEG) locked in 920 megawatts of new long-term power purchase agreements during Q2, headlined by a 176-megawatt contract with Walmart structured as two 15-year terms. The deals add incremental baseload demand to Constellation's nuclear generation portfolio as corporate buyers race to secure carbon-free power.

The company also won Nuclear Regulatory Commission approval for the Crane Clean Energy Center, advancing its Microsoft data-center power deal announced earlier this year. Management is guiding to 20% annualized earnings growth through 2029, with upside potential from contracts still in the pipeline.

The Walmart agreement marks one of the largest single corporate renewable PPAs disclosed this quarter and underscores sustained appetite for nuclear-backed power as AI and cloud infrastructure drive electricity demand. Constellation operates the largest U.S. nuclear fleet, positioning it as a primary beneficiary of the data-center buildout.