Nuclear Energy Stocks Surge After Amazon Extends Recent Frenzy -- WSJ

Dow Jones10-17 01:39

By Amrith Ramkumar

Shares of nuclear power companies surged Wednesday after Amazon said it would work with utilities to explore deploying futuristic small modular reactors (SMRs) in Virginia and Washington state.

The e-commerce giant also invested in SMR company X-energy, one of the firms working on the Washington reactors, as part of a $500 million funding round that also included Citadel CEO Ken Griffin and private-equity firm Ares Management.

Shares of SMR companies Oklo, which is backed by OpenAI CEO Sam Altman, and NuScale Power added more than 30%. Both companies have a long way to go to producing large amounts of power.

Constellation Power, which says it operates the largest fleet of nuclear plants in the U.S., was up more than 3%.

On Monday, Google said it would back the construction of seven SMRs from startup Kairos Power in a first-of-a-kind deal. The reactors wouldn't be delivered until between 2030 and 2035.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

October 16, 2024 13:39 ET (17:39 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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