With over 6 gigawatts of nuclear power potentially secured, Meta Platforms Inc. is set to emerge as a major corporate buyer of nuclear energy worldwide. The company's agreements are expected to provide enough electricity for a city with approximately 5 million homes, and include purchasing power from three plants operated by Vistra Corp. and supporting advanced reactors developed by Oklo Inc. and TerraPower LLC.
The announcement of these contracts has already influenced stock prices significantly, with shares of Vistra rising by 16% and Oklo increasing by 19% on the New York market. Meta's stock also saw a modest uptick of 0.9%. This trend reflects the fierce competition among technology firms to secure energy resources, driven by the soaring demand for artificial intelligence.
Meta previously engaged in an energy agreement with Constellation Energy Corp. in June, and the current contracts are part of its strategy to address the impending closure of existing nuclear facilities. Urvi Parekh, Meta’s energy head, emphasized the need for diverse solutions in nuclear energy investment, indicating the company's strong commitment to low-carbon energy sources amid a projected 30% rise in U.S. power consumption by 2030.