It is becoming increasingly clear that the relentless march of innovation – this artificial intelligence everyone speaks of – demands a prodigious appetite for power. The International Energy Agency projects a doubling of energy consumption from data centers before the decade is out. A rather alarming figure, isn’t it? One begins to wonder if we are building castles on sand, powered by a fleeting current.
The Americans, it seems, are particularly susceptible. Some calculations suggest data centers will consume between seven and twelve percent of all energy produced by 2028. A statistic that feels less like progress and more like a subtle, insistent drain. And then there’s the matter of household consumption – enough, they say, to power twenty-two percent of all American homes. One imagines the quiet desperation of flickering lights, the unspoken anxieties of an overloaded grid.
The solution, naturally, is more electricity. A simple statement, easily uttered, yet fraught with complications. The Americans, along with the large technological concerns, appear to have settled on nuclear energy. A pragmatic choice, perhaps, though one cannot help but feel a certain weariness at the cyclical nature of solutions. We return, inevitably, to the atom, hoping for a different outcome this time.
The Department of Energy speaks of tripling nuclear production. Microsoft and Alphabet are investing in dormant plants, breathing life back into relics of a bygone era. A curious spectacle, really. It’s as if they are attempting to resurrect the past to fuel the future. One can’t help but wonder if this isn’t merely postponing the inevitable, trading one set of anxieties for another.
These partnerships, of course, are where the practicalities reside. Two companies stand out, each offering a glimpse into this peculiar landscape.
Constellation Energy
Microsoft’s chosen partner, Constellation Energy, based in Baltimore, is a substantial player in the generation of clean energy. They account for ten percent of America’s emission-free power, a considerable sum. It’s a natural alignment, this collaboration. A twenty-year power purchase agreement has been established, promising to bring one of the reactors at Three Mile Island back online – rebranded, naturally, as the Crane Clean Energy Center. A new name for an old story.
The financial details are, as always, revealing. Roughly $110 to $115 per megawatt hour, paid over two decades. A billion-dollar loan from the government to facilitate the revival. Facebook’s parent company, Meta, has followed suit, securing power from Constellation’s Clinton Clean Energy Center in Illinois. A predictable pattern emerges. The powerful seek to secure their needs, and others accommodate.
Constellation is not a company destined for explosive growth. It’s a steady, reliable entity, a quiet presence in the market. Adjusted operating earnings increased to $9.39 per share in 2025, up from $8.67 the previous year. They anticipate a growth rate of thirteen percent or better through 2030. A respectable trajectory, if lacking in drama.
The dividend yield is modest, currently at 0.5%. But the company has consistently increased its payout over the past three years. A payout ratio of seventeen percent suggests ample room for further growth. It seems they are well-positioned to benefit from this insatiable demand for power. A comfortable, if unremarkable, prospect.
Constellation offers a slow and steady return, a counterpoint to the more volatile, high-growth investments in the AI sector. A safe harbor, perhaps, for those seeking a measure of stability.
NextEra Energy
Florida’s NextEra Energy is another significant player in the American nuclear landscape. They’ve been tapped by Alphabet, Google’s parent company, to revive the Duane Arnold Energy Center in Iowa. A twenty-five-year agreement will see Google purchasing power for its growing cloud infrastructure. Three of the largest technology companies, investing in nuclear energy. A convergence of interests, predictable and yet…somewhat melancholy.
NextEra recorded a thirteen percent increase in adjusted EPS for 2025. They anticipate an eight percent compound annual growth rate over the next decade. A solid performance, if lacking in extravagance.
Their margins are higher than Constellation’s – a gross margin of sixty-two percent, an operating margin of twenty-nine percent, and a net margin of nineteen point four percent. They’ve consistently increased their dividend for thirty years, currently yielding two point four percent. A commendable record, a testament to their enduring presence.
However, their payout ratio is higher, at seventy percent. It has been higher still in the past, reaching ninety-four percent in 2023. A precarious balance, perhaps, but not yet alarming. A reminder that even the most stable entities are subject to the whims of fortune.
Both of these stocks offer a stable, dividend-paying hedge against the uncertainties of the AI power crisis. They represent a pragmatic response to a complex challenge. A quiet hum of progress, perhaps, but one that seems destined to continue, regardless of our expectations.
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2026-03-04 16:13