So, the world keeps needing more electricity. It’s a fact. Mostly to run those little boxes where people look at other little boxes. And, increasingly, to keep the lights on while making even more little boxes. It’s all a bit silly, really. But, silly or not, it requires power. And power, as it turns out, is a business. A business with a few interesting players. So it goes.
Vistra (VST 0.40%) and Constellation Energy (CEG +0.18%) are two companies trying to keep up with the demand. They’re not curing cancer, mind you, but they’re providing the juice for the digital age. A modest contribution, perhaps, but a contribution nonetheless.
Vistra: Feeding the Machines
Vistra is the biggest unregulated power producer in the US. They make electricity from all sorts of things – atoms splitting, gas burning, even sunshine stored in batteries. They’ve struck deals with Amazon (AMZN 0.87%) and Meta Platforms (META 3.77) to keep their server farms humming. Those companies need a lot of power. It’s a symbiotic relationship, really. We build the boxes, they pay for the electricity. A neat little cycle.
Revenue was up a bit in 2025, mostly thanks to that insatiable appetite for data. Profits, however, were down. Interest rates are a beast, and buying things always costs more than you think. They’re acquiring Cogentrix Energy, which will add more gas-fired capacity. And they bought Lotus Infrastructure Partners, too. Just…more power. It’s a lot of effort, isn’t it? For what? So people can argue on the internet. So it goes.
They’re expecting earnings to jump in 2026. Analysts are optimistic. Optimism is a funny thing. It rarely lasts. Still, they’re making deals with Amazon Web Services and Meta. Those are solid customers, at least for now. They even pay a dividend, though it’s not exactly going to make you rich. It’s a small gesture, a little acknowledgment that someone, somewhere, appreciates the electricity.
Constellation Energy: The Nuclear Option
Constellation, based in Baltimore, is the largest producer of nuclear energy in the US. They also generate carbon-free power, which is a nice thing to be able to say. They’ve got deals with Microsoft (MSFT 1.57%) and Meta, too. Everyone wants power, it seems. The stock’s been up, then down. It’s a predictable pattern. Like the tides. Or the slow march toward entropy.
Earnings were up in the fourth quarter. Revenue was up. They bought Calpine, which will add even more power to the grid. It’s a bit like adding more lanes to a highway that’s already hopelessly congested. But, what choice do they have? They’re restarting a reactor at Three Mile Island, with a little help from the Department of Energy and Microsoft. It’s a strange thought, isn’t it? A nuclear facility, resurrected to power…what? More screens. So it goes.
It’s a business, after all. A strange, complicated, and ultimately futile business. But a business nonetheless. And, for now, someone has to keep the lights on.
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2026-03-15 18:52