Google, Amazon and Meta Sign Major Data Center Power Deals: Nuclear, Gas and $9 Billion in Investments
Google, Amazon and Meta are accelerating investments in nuclear power and natural gas to secure electricity for AI data centers, supporting more than $9 billion in announced power infrastructure investments and thousands of megawatts of long-term electricity agreements.
The artificial intelligence boom is creating a major business opportunity for electricity utilities and power producers as technology companies race to secure reliable power for expanding data center operations.
Google, Amazon and Meta have signed long-term electricity agreements with Constellation Energy, Vistra and Black Hills Corporation, supporting nuclear generation upgrades, natural gas power plants and dedicated electricity infrastructure.
The agreements illustrate how electricity availability is becoming a critical factor in AI infrastructure investment decisions.
Google and Constellation are supporting more than $4.3 billion in nuclear upgrades, Amazon and Constellation have announced investments exceeding $3 billion, while Black Hills plans $1.8 billion in power infrastructure to serve Google’s Wyoming data center.
Together, these three investment commitments exceed $9.1 billion. Meta’s separate nuclear agreements with Vistra add another major source of long-term electricity demand, although comparable investment figures have not been disclosed.
Google vs Amazon vs Meta: Major AI Data Center Power Agreements
| Technology company | Power supplier | Contracted electricity capacity | Investment commitment |
| Constellation Energy | 3,590 MW, including 890 MW of additional nuclear capacity | More than $4.3 billion | |
| Amazon | Constellation Energy | 690 MW, including approximately 190 MW of additional nuclear capacity | More than $3 billion |
| Meta | Vistra | 2,609 MW, including 433 MW of additional nuclear capacity | Not disclosed |
| Black Hills Corporation | Approximately 2.7 GW of planned resources, including reserves | $1.8 billion |
The agreements differ in structure. Some support electricity from existing power plants, while others finance additional generation capacity.
The contracted capacity figures should not be interpreted as entirely new electricity supply.
Google–Constellation: $4.3 Billion Investment to Expand Nuclear Power
Google and Constellation Energy have announced a 20-year electricity agreement designed to add 890 MW of nuclear generation capacity to the PJM electricity market.
Constellation plans to invest more than $4.3 billion in equipment and efficiency upgrades across 11 nuclear units in Illinois, Pennsylvania and New Jersey.
The first additional generating capacity is expected in 2028.
A separate 15-year agreement covers 2,700 MW of electricity from Constellation’s existing nuclear generation fleet.
Together, the arrangements cover 3,590 MW of electricity, although only 890 MW represents incremental generating capacity.
The project is expected to sustain approximately 4,400 existing jobs and create around 7,200 construction jobs.
Constellation will also explore the use of Google Cloud and Gemini Enterprise technologies to improve energy operations.
The Google–Constellation nuclear agreement highlights how technology companies are supporting upgrades to existing reactors instead of relying exclusively on new nuclear power plants.
For Constellation, the long-term agreement provides greater revenue visibility and supports investment in existing generation assets.
However, electricity pricing has not been disclosed, making it difficult to calculate the project’s expected profitability.
Amazon–Constellation: $3 Billion Investment in Maryland Nuclear Plant
Amazon and Constellation Energy have announced a 20-year electricity agreement supporting more than $3 billion in investment at the Calvert Cliffs nuclear power plant in Maryland.
The agreement covers 690 MW of nuclear electricity, including approximately 190 MW of additional generating capacity expected between 2030 and 2032.
Calvert Cliffs currently has approximately 1,790 MW of generating capacity.
Amazon’s long-term electricity commitment supports improvements at the nuclear facility and Constellation’s efforts to secure relicensing for another 20 years.
A related retail electricity supply agreement supports Amazon’s operations across the 13-state PJM electricity market.
Electricity generated at Calvert Cliffs will continue flowing into the regional grid rather than being physically reserved exclusively for Amazon.
The Amazon–Constellation power agreement demonstrates how technology companies can support existing nuclear facilities while financing additional electricity generation.
The most important supply figure is the planned 190 MW increase in generating capacity, rather than the entire 690 MW covered by the agreement.
For investors, the financial outcome will depend on construction costs, regulatory approvals, plant performance and undisclosed electricity contract prices.
Meta–Vistra: 2,609 MW Nuclear Electricity Agreement
Meta has signed 20-year nuclear electricity agreements with Vistra covering a combined 2,609 MW of generation.
The agreements include 2,176 MW of existing nuclear electricity from the Perry and Davis-Besse plants in Ohio.
An additional 433 MW is expected from planned upgrades at Perry, Davis-Besse and the Beaver Valley nuclear facility in Pennsylvania.
Electricity purchases are expected to begin in late 2026, with the full 2,609 MW covered by the agreements expected to become available by 2034.
The arrangements provide long-term demand certainty for Vistra while supporting investment in additional nuclear generating capacity.
Meta has also announced separate nuclear energy commitments involving TerraPower and Oklo, reflecting its interest in both existing nuclear facilities and emerging reactor technologies.
The Vistra–Meta nuclear agreement shows how long-term AI electricity demand is creating opportunities for nuclear power operators.
However, the financial value of the contracts and the investment required for the planned upgrades have not been fully disclosed.
Google–Black Hills: $1.8 Billion Natural Gas Investment in Wyoming
Google is also supporting major natural gas infrastructure development to secure electricity for its planned data center in Cheyenne, Wyoming.
Black Hills Corporation has announced electricity supply agreements extending through 2048.
The planned resource portfolio totals approximately 2.7 GW, including reserve margins.
Electricity service is expected to begin in late 2027 and increase toward peak demand in 2030.
Black Hills plans to invest $1.8 billion between 2027 and 2029 to construct 564 MW of company-owned natural gas generation.
The utility will provide up to 590 MW of grid-connected electricity service and manage approximately 2.1 GW of third-party contracted resources through a privately managed microgrid.
Google has also provided $399 million in refundable advances to support procurement of equipment with long manufacturing lead times.
Black Hills expects to reimburse these advances by June 2027.
Black Hills Expects $150 Million Net Income in 2030
The agreement provides a significant potential earnings opportunity for Black Hills.
The company forecasts approximately $150 million in net income in 2030 and $2.4 billion in cumulative unlevered free cash flow through 2048, after planned generation capital expenditure.
| Financial metric | Black Hills forecast or commitment |
| Planned generation investment | $1.8 billion |
| Company-owned natural gas generation | 564 MW |
| Grid-connected electricity service | Up to 590 MW |
| Third-party contracted resources | Approximately 2.1 GW |
| Google equipment advances | $399 million |
| Forecast 2030 net income | $150 million |
| Forecast cumulative unlevered free cash flow through 2048 | $2.4 billion |
These projections demonstrate the potential financial benefits of supplying electricity to large AI data centers.
However, the $2.4 billion forecast represents cumulative unlevered free cash flow, not net profit or shareholder returns.
Additional transmission investments are expected outside the announced generation capital expenditure.
The Black Hills SEC disclosure also outlines protections intended to prevent Google-related infrastructure costs from being transferred to existing retail customers.
The financial performance of the project will depend on construction schedules, financing costs, electricity demand and successful delivery of the planned infrastructure.
How Much Will Electricity Cost a 1 GW AI Data Center?
The financial importance of these electricity agreements becomes clearer when examining the operating costs of large AI data centers.
A facility consuming 1 GW continuously requires approximately 8.76 million MWh of electricity annually, before electrical losses.
Annual electricity expenditure varies significantly depending on the delivered power price.
| Electricity price | Annual cost for 1 GW continuous demand |
| $50/MWh | $438 million |
| $60/MWh | $525.6 million |
| $70/MWh | $613.2 million |
| $80/MWh | $700.8 million |
| $100/MWh | $876 million |
Every $10/MWh increase in electricity prices adds approximately $87.6 million to annual operating costs for a data center consuming 1 GW continuously.
Over a 20-year operating period, that difference would represent approximately $1.75 billion in additional electricity expenditure, assuming constant consumption and prices.
These are illustrative calculations rather than disclosed prices from the Google, Amazon or Meta agreements.
Actual electricity costs also depend on transmission charges, capacity payments, fuel prices, backup systems and contract escalation clauses.
The calculations explain why technology companies are increasingly interested in long-term electricity agreements that provide greater pricing certainty.
US Grid Connection Backlog Creates Risks for AI Investments
Electricity generation agreements alone cannot guarantee that power will reach data centers on schedule.
Lawrence Berkeley National Laboratory’s 2026 interconnection review identified approximately 1,312 GW of proposed electricity generation and 749 GW of proposed energy storage in US grid connection queues at the end of 2025.
These figures represent proposed supply projects seeking connections, not operational generating capacity or direct data center electricity demand.
Among projects that entered operation in 2025, median connection timelines exceeded five years across regions with available data.
Grid delays can arise from insufficient transmission capacity, substation upgrades, transformer shortages, permitting requirements and utility studies.
For AI data center developers, delayed electricity connections can postpone commercial operations even when buildings and computing equipment are ready.
Utilities and technology companies are responding through dedicated substations, phased electricity connections, interim generation and investments near existing power infrastructure.
However, such strategies can increase capital requirements and introduce additional operational risks.
Which Power Companies Could Benefit Most From AI Data Center Growth?
The agreements involving Constellation, Vistra and Black Hills illustrate different business opportunities created by rising AI electricity demand.
Constellation Energy is using long-term agreements with Google and Amazon to support nuclear plant upgrades, additional generation and continued operation of existing facilities.
Vistra is securing long-term demand for existing nuclear generation while supporting upgrades that could increase electricity output.
Black Hills Corporation is expanding its generation infrastructure and contracted electricity resource portfolio to support Google’s data center development.
These business models create different financial opportunities and risks.
Nuclear power operators depend on plant availability, regulatory approvals and successful equipment upgrades.
Utilities investing in new generation face construction, financing and electricity demand risks.
Technology companies benefit from greater electricity supply certainty but must manage contract obligations and the possibility of delayed infrastructure delivery.
Investors should examine confirmed capital expenditure, contract duration, expected earnings, debt requirements and project completion schedules rather than relying exclusively on announced megawatt figures.
Investment Outlook: Nuclear and Gas Power Gain From AI Expansion
The growing electricity requirements of AI data centers are creating opportunities across power generation, transmission and electrical equipment.
Long-term agreements can improve revenue visibility for utilities and electricity producers, particularly when customers have substantial financial resources and credible infrastructure expansion plans.
However, announced investment commitments are not equivalent to completed projects or guaranteed financial returns.
Construction delays, higher interest rates, equipment shortages, fuel-price volatility and regulatory changes can affect profitability.
The most attractive electricity infrastructure investments will be those supported by dependable customers, realistic delivery schedules and contracts that appropriately allocate financial risks.
For Google, Amazon and Meta, the primary objective is securing electricity at predictable costs while maintaining the reliability required for AI operations.
For power producers, the opportunity is to convert long-term electricity demand into profitable infrastructure investment.
The AI infrastructure boom is no longer just a race to build data centers and purchase advanced chips. It is also becoming a competition to secure reliable electricity, finance new generation capacity and deliver power infrastructure before competitors.
SHAFANA FAZAL