{"slug":"constellation-energy","name":"Constellation Energy","name_en":"Constellation Energy","ticker":"CEG","updated_at":"2026-06-21T16:13:50.095715+00:00","canonical":"https://valuechain.wiki/constellation-energy","kicker":"AI 데이터센터 전력(원전)","kicker_en":"AI datacenter power (nuclear)","lead":"미국 최대 무탄소(원전) 발전사. AI 데이터센터 전력난의 핵심 공급원. 마이크로소프트와 스리마일섬 1호기 재가동·20년 PPA(837MW, 약 $16억 투자, 2027~28 재가동), 메타와도 20년 원전 PPA를 체결했다. 가치사슬의 가장 밑단(전력)에서 AI 인프라를 떠받친다.","lead_en":"The largest carbon-free (nuclear) power generator in the US and a key source for AI-datacenter power. It signed a 20-year PPA with Microsoft to restart Three Mile Island Unit 1 (837MW, ~$1.6B investment, restart 2027-28) and a 20-year nuclear PPA with Meta. It sits at the very bottom of the chain (power), holding up AI infrastructure.","segments":{"parts":[{"name":"원전 발전"},{"name":"데이터센터 PPA"}],"total":"미국 최대 원전 발전사","concentration":"MS·메타 장기 PPA로 AI 데이터센터 전력 공급."},"segments_en":{"parts":[{"name":"Nuclear generation"},{"name":"Datacenter PPAs"}],"total":"Largest US nuclear generator","concentration":"Long-term PPAs with Microsoft and Meta for AI-datacenter power."},"returns_yearly":{"2023":37.2,"2024":92.7,"2025":58.8,"2026":-22.2},"return_asof":"2026-06-18","value_chain":{"leading":[{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":2,"returns_yearly":null},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":1,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":65.9,"2025":13.1,"2026":-12.3}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":1,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-21.2}}],"benefiting":[],"analysis":"컨스텔레이션 에너지는 가치사슬에서 가장 밑단인 전력을 담당한다. AI 데이터센터가 늘수록 칩·서버·냉각만으로는 부족하고, 결국 전력이 병목이 된다. MS의 스리마일섬 재가동(837MW·20년)과 메타와의 원전 PPA가 그 신호다. 수요(OpenAI·Anthropic)에서 시작한 사슬이 전력 발전까지 닿는다는 점에서, 사이클의 외연이 반도체를 넘어 에너지로 확장되고 있음을 보여준다.","analysis_en":"Constellation Energy occupies the bottom of the chain: power. As AI datacenters multiply, chips, servers and cooling are not enough, and power becomes the bottleneck. Microsoft's Three Mile Island restart (837MW, 20 years) and Meta's nuclear PPA are the signal. That the chain starting at demand (OpenAI, Anthropic) reaches all the way to power generation shows the cycle widening beyond semiconductors into energy.","analysis_asof":null},"edges":[{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"high","metric":null,"note":"스리마일섬 1호기 재가동 전력을 MS 데이터센터에 20년 PPA로 공급(837MW).","note_en":"Supplies restarted Three Mile Island Unit 1 power to Microsoft datacenters under a 20-year PPA (837MW).","sources":[{"stance":"confirms","publisher":"이데일리","publisher_en":"Edaily","kind":"news","lang":"ko","published_at":"2024-09-21","url":"https://edaily.co.kr/News/Read?mediaCodeNo=257&newsId=01528486639022416","title":"美최대원전사 스리마일섬 재가동…MS에 전력 공급","title_en":"Largest US nuclear operator restarts Three Mile Island for Microsoft","excerpt":"MS가 스리마일섬 재가동 전력 100%를 20년 구매(837MW, ~$16억).","excerpt_en":"Microsoft buys 100% of restarted TMI power for 20 years (837MW, ~$1.6B)."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-09-20","url":"https://www.sec.gov/Archives/edgar/data/0001868275/000186827524000058/ceg-202409208kexh991.htm","title":"Constellation·MS 스리마일섬 PPA 공시(8-K)","title_en":"Constellation–MS Three Mile Island PPA (8-K)","excerpt":"MS가 스리마일섬 재가동 전력 100%를 20년 구매(837MW, ~$16억).","excerpt_en":"Microsoft buys 100% of restarted TMI power for 20 years (837MW, ~$1.6B)."}]},{"direction":"revenue","counterparty":"전력시장·기업 PPA (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"도매 전력시장·기업 PPA 매출.","note_en":"Wholesale power market and corporate PPA revenue.","sources":[{"stance":"confirms","publisher":"이데일리","publisher_en":"Edaily","kind":"news","lang":"ko","published_at":"2024-09-21","url":"https://edaily.co.kr/News/Read?mediaCodeNo=257&newsId=01528486639022416","title":"美최대원전사 스리마일섬 재가동…MS에 전력 공급","title_en":"Largest US nuclear operator restarts Three Mile Island for Microsoft","excerpt":"미국 최대 원전 발전사로 도매·기업 전력 공급.","excerpt_en":"Largest US nuclear generator selling wholesale/corporate power."}]},{"direction":"revenue","counterparty":"메타 플랫폼스","counterparty_slug":"meta","confidence":"mid","metric":null,"note":"메타와 20년 원전 PPA로 AI 데이터센터 전력 공급.","note_en":"Supplies AI-datacenter power to Meta under a 20-year nuclear PPA.","sources":[{"stance":"confirms","publisher":"전기신문","publisher_en":"Electimes","kind":"news","lang":"ko","published_at":"2025-06-01","url":"https://www.electimes.com/news/articleView.html?idxno=355996","title":"메타, 컨스텔레이션과 20년 원전 계약…AI 전력 대응","title_en":"Meta signs 20-year nuclear deal with Constellation for AI power","excerpt":"메타가 컨스텔레이션과 20년 원전 PPA 체결.","excerpt_en":"Meta signed a 20-year nuclear PPA with Constellation."}]},{"direction":"cost","counterparty":"원전 연료·운영·정비 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"우라늄 연료·원전 운영·정비(비공개).","note_en":"Uranium fuel, nuclear operations and maintenance.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-09-20","url":"https://www.sec.gov/Archives/edgar/data/0001868275/000186827524000058/ceg-202409208kexh991.htm","title":"Constellation·MS 스리마일섬 PPA 공시(8-K)","title_en":"Constellation–MS Three Mile Island PPA (8-K)","excerpt":"원전 운영·연료·재가동 정비 비용.","excerpt_en":"Nuclear operations, fuel and restart-maintenance costs."}]},{"direction":"cost","counterparty":"재가동 설비투자 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"스리마일섬 재가동 설비투자(~$16억).","note_en":"TMI restart capex (~$1.6B).","sources":[{"stance":"confirms","publisher":"이데일리","publisher_en":"Edaily","kind":"news","lang":"ko","published_at":"2024-09-21","url":"https://edaily.co.kr/News/Read?mediaCodeNo=257&newsId=01528486639022416","title":"美최대원전사 스리마일섬 재가동…MS에 전력 공급","title_en":"Largest US nuclear operator restarts Three Mile Island for Microsoft","excerpt":"터빈·발전기·냉각계통 등 재가동 투자.","excerpt_en":"Restart capex on turbines, generators and cooling."}]}]}