NEW YORK, June 10, 2026, 13:03 (EDT)
- Constellation Energy shares slipped roughly 3.3% recently, trailing the broader market.
- That pullback comes despite new regulatory progress for the Crane Clean Energy Center, which is the old Three Mile Island Unit 1.
- The NRC’s public-comment window is the next key step and stays open through July 8. A final environmental decision is expected in September.
Shares of Constellation Energy dropped Wednesday, with the stock hit by selling across names tied to the AI-power theme. The nuclear power operator became a focus for traders betting on electricity demand. CEG last changed hands at $243.32, down $8.33 from the day before. The SPDR S&P 500 ETF eased about 1.0%, with CEG underperforming the main benchmark.
This didn’t seem like fallout from any single company headline. It looked more like traders were cutting names tied to AI’s surging power needs. Vistra dropped 4.9%, with GE Vernova shedding 6.0%. Both stocks are exposed to that same story.
Constellation’s story for bulls isn’t just about being a utility with nukes anymore. Investors are buying scarcity, paying up for steady, always-on power that can feed data centers. Earlier, Reuters reported that Constellation is working on bringing the old Three Mile Island Unit 1—now called Crane Clean Energy Center—back online to supply electricity for Microsoft data centers. CEO Joseph Dominguez said on an investor update call: “We continue to expect to start this unit in 2027.” Reuters
Regulatory prospects have picked up. On June 8, World Nuclear News said FERC gave the nod to Constellation’s request to move 760 megawatts of capacity interconnection rights from a different Pennsylvania plant over to Crane. In effect, that decides how much power Crane could send to the grid. Even if the reactor is ready, it can’t run at full tilt without enough deliverability.
Constellation got the green light from FERC to shift rights from its Eddystone facility near Philadelphia to Crane, which will let the nuclear unit send more power to the grid, Utility Dive wrote. That same story noted the $1.6 billion restart plan ran into trouble after PJM Interconnection said new transmission upgrades are needed for the plant to operate at full output safely.
The Nuclear Regulatory Commission’s review is still in progress. Staff put out a draft environmental assessment and draft finding of no significant impact on June 3, according to the NRC’s Crane Clean Energy Center page. That means staff thinks, at least for now, that a full environmental impact statement might not be needed. The public can comment until July 8. The NRC projects a final environmental assessment and FONSI in September 2026.
Constellation kept talking about growth in its latest quarter. The company posted adjusted operating earnings of $2.74 a share, stuck with its 2026 outlook for $11 to $12 a share, and said nuclear output hit 44,666 gigawatt-hours. Adjusted operating earnings leaves out some accounting and one-time charges, letting investors compare results over time.
Operating updates turned positive but the stock kept falling. Constellation said June 9 it finished a spring refueling and maintenance outage at its Limerick Clean Energy Center, spending $90 million. The two-reactor site can deliver 2,317 megawatts of emissions-free power, serving 1.7 million homes.
Calpine, now part of Constellation, said a day earlier it will expand The Geysers geothermal complex in California by 25 megawatts. That extra capacity is enough for over 25,000 homes each year, according to the company. Of the total, 18 megawatts are set for Clean Power Alliance and 7 megawatts go to MCE customers in the Bay Area.
Capital markets remain a hurdle. Last week Constellation came out with an 11 million-share secondary offering at $281 a share, with selling shareholders offloading stock. The company said it wasn’t selling its own shares and wouldn’t get any proceeds. Constellation also agreed to buy back 2 million shares under its current repurchase plan.
Regulatory gains don’t guarantee earnings come in on time. Crane is waiting on the NRC for final steps, restart checks, plus transmission issues and actually pulling off a nuclear restart not done before in the U.S. Delays, slower data-center demand, softer power prices, or more shareholder selling could keep the AI-power story weighed down for Constellation, even as the core business builds out more capacity.
NRC decision, not earnings, in focus as next big mover. Public comments on the NRC proposal end July 8. The agency’s final environmental call, expected in September, will be key. Investors will see if they want to look past the current selloff and focus on a possible Crane restart in 2027.
