KEY POINTS
- Meta signed 20-year power agreements with three Vistra nuclear plants.
- The company will back small modular reactor projects with Oklo and TerraPower.
- The deals could supply up to 6.6 gigawatts by 2035.
Meta Platforms is moving to lock in long-term electricity supply as demand from artificial intelligence and data centers tightens power markets across the United States. The company said it has signed 20-year agreements to buy nuclear power from three plants owned by Vistra Corp. and will also support the development of new reactor projects with Oklo and TerraPower.
The deals position Meta among a growing list of technology companies seeking reliable, carbon-free energy sources as power consumption rises for the first time in more than two decades. Shares of Oklo jumped nearly 20 percent after the announcement, while Vistra rose about 8 percent in premarket trading.
Nuclear supply anchors data growth
Under the agreements, Meta will purchase electricity from Vistra’s Perry and Davis-Besse nuclear plants in Ohio and the Beaver Valley plant in Pennsylvania. The company said the contracts will help finance expansion work at the Ohio facilities and extend the operating life of the plants, which hold licenses through at least 2036. One of Beaver Valley’s two reactors is licensed to operate through 2047.
Meta said the arrangements build on a deal reached last year with Constellation Energy to keep an Illinois nuclear reactor running for another two decades. Joel Kaplan, Meta’s chief global affairs officer, said the combined agreements will make the company one of the largest corporate buyers of nuclear energy in the country.
Small reactors move closer
Beyond existing plants, Meta plans to help advance small modular reactor projects that developers hope will provide flexible and scalable power in the next decade. The company said it will support Oklo and TerraPower as they work to bring new reactors online, though none of the projects have reached commercial operation and all will require regulatory approvals.
TerraPower, which is backed by Bill Gates, plans to develop two reactors capable of generating up to 690 megawatts as early as 2032. The agreement also gives Meta rights to power from as many as six additional TerraPower reactors by 2035. TerraPower Chief Executive Officer Chris Levesque said the backing would help accelerate deployment.
According to Reuters, Meta’s partnership with Oklo aims to develop up to 1.2 gigawatts of nuclear capacity in Ohio by around 2030. Oklo co-founder and Chief Executive Officer Jacob DeWitte said Meta’s support will help fund early procurement and development.
Meta said the full slate of agreements could provide up to 6.6 gigawatts of nuclear power by 2035. A typical nuclear power plant produces about 1 gigawatt, underscoring the scale of the company’s push to secure long-term energy supply.
