Constellation Energy Corp's stock surged 8.36% intraday on Wednesday, marking a significant rebound for the electric utility.
The sharp rise follows news that power producers, including Constellation, are closer to finalizing lucrative data-center agreements. The regional grid operator PJM announced it would accelerate an auction to this September, allowing companies to sell power from new plants to data centers, a timeline moved up significantly from September 2027. An analyst described this development as "materially constructive," clearing regulatory uncertainty that had stalled such deals in recent months.
The stocks of several power producers connected to the PJM grid had been under pressure this year due to the lack of clear rules governing power sales to tech companies for their data centers. The new clarity is expected to pave the way for future revenue streams from this high-demand sector.