Constellation Energy and Vistra compete for nuclear power deals

Constellation Energy and Vistra are increasingly competing for long-term contracts to supply nuclear power to major technology companies seeking reliable electricity for data centers.

Constellation Energy maintains the largest U.S. nuclear portfolio with over 22 gigawatts of capacity. The company has secured 20-year agreements with Microsoft for power from the Crane Clean Energy Center and with Meta Platforms for supply from the Clinton Clean Energy Center. Management anticipates base earnings per share could compound at 20% or more annually between 2026 and 2029.

Vistra holds a smaller nuclear portfolio of 6,448 megawatts but has secured substantial contracted opportunities. These include 20-year agreements with Meta Platforms covering 2,609 megawatts and a 20-year deal with Amazon’s AWS for up to 1,200 megawatts from the Comanche Peak nuclear plant. While Constellation trades at a higher forward earnings multiple of approximately 22.4, Vistra trades at roughly 14.4.