Constellation Energy (NASDAQ:CEG) has landed two 20-year contracts with tech giants in about a week. Days after Amazon signed a deal tied to a 190 MW expansion at Calvert Cliffs, Google committed to 890 MW of new nuclear capacity on PJM, the grid that serves 67 million people. Constellation is the largest nuclear operator in the US. Since buying Calpine earlier this year, it runs 55 gigawatts of capacity across nuclear, gas, geothermal, hydro, wind and solar plants, and it sells power to about 2.5 million customer accounts, including 80% of the Fortune 100. Whether a long contract book deserves a richer multiple depends on how fast signed deals turn into reported earnings. That timing is the catch.
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