Constellation and Meta inked a 20-year power deal, and as part of it, the output from the Clinton Clean Energy Center in Illinois will support Meta's clean energy goals. The agreement comes as the social media giant's energy demand soared due to its AI data center expansion. Mizuho Americas Managing Director and Senior Analyst Anthony Crowdell joins us now to discuss. Anthony, this is just the latest. We've had these deals coming, um, sort of trickling out now. Um, what is your best estimate of the sort of terms of this deal, how it compares to what we've heard thus far and sort of what it could tell us about future deals?

Sure. So, so lots to unpack there. Good afternoon. And I think, you know, when you think of the existing deals we've seen, maybe it's two. We saw the Talon Amazon deal, which was pricing around $70 a megawatt hour. That deal's still being challenged at the federal energy regulatory commission, but we'll include that deal and include the pricing of $70. The only other deal we really saw was the Microsoft Three Mile Island. And what was unique about that deal, that was about bringing new nuclear power on. It was the Three Mile Island plant, now called the Train Energy Center, bringing that back online. And when you look at the pricing there, it's probably about 90, 95 adding tax credits, clean energy credits. You're probably at a whopping like $145, but again, Microsoft paying that. So, there's been deals. This may be the third deal, or a third deal with nuclear plants, but each very unique. And so this is kind of the first deal, that's what we're going to use the term, in front of the meter, where we call it just like kind of a virtual PPA. And it takes the output of the Clinton Energy or Clinton nuclear plant in Illinois. And best we could do with pricing is maybe somewhere around $75 to $80 a megawatt hour. Um, very good price. Forward curve for power in that part of Illinois, around the clock, maybe somewhere $40ish dollars, $45. So there's a very nice contract, relative to where the forward curve is. Um, but it's the first contract we've really seen with existing nuclear plant, that's in front of the meter. Your question of what this means for additional contracts, I mean, that'll be interesting. Obviously, this is now the mark. Let's just call it $80. Uh, this will be the mark of where they're going to be judged at. But does this create a scarcity or FOMO mentality where other large tech now jump in to get that? That's what we want to see. But I think, seeing the stock price today, and you put a great chart on there, I think news it really spiked up, but maybe as people were maybe over their skis, thinking we saw $100 or referenced the Microsoft price earlier, $100 or north of $100. As that trickled down to maybe it's an $80 price, which is still attractive, but clearly fully priced in, I think we're looking at it right now, the stock is down a dollar.

Anthony, I'm curious. The Trump administration, fans of nuclear. You saw the president signed that executive order late last month. What do you think the impact of that EO could be on the industry long term, Anthony?

With, with the exception, if you think big tech comes in and tells a IPP, independent power producer or a utility, you could use our balance sheet to build a nuclear plant. Meaning any cost overruns you have with construction, supply chain issues, Google is going to underwrite all of that and said, we got you covered, bud. We're going to pay for any cost overruns. Aside from that, the executive order will mean absolutely nothing. I do not see, I mean, Constellation is the best operator in the space. They have the deepest nuclear bench. They are, if anyone's going to build a nuclear plant, it would be Constellation. And right now, Constellation said we are not building it on their balance sheet. Again, if Meta made a deal with them tomorrow that said, let's build the plant together and we will take all the risk and cost overruns, I think that's all you will see. So I'm not expecting you're going to see any real change in how many nuclear plants are being developed in this country right now. And it, so far, it's zero.