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BFD Expert Voices - Climate Deals

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Aging nuclear plants are hot commodities in the race to power AI, and Google is the latest buyer.

Why it matters: Nuclear extensions and restarts have surged in value as tech firms hunt for clean power that can run around the clock.

Driving the news: Google said Wednesday it's buying power from the extension of a nuclear plant in Finland operated by Fortum.

Google said it's also working with Fortum to identify opportunities to develop new nuclear reactors at the site.

Google's deal to buy half the power from the plant will enable the facility, which supplies 10% of Finland's electricity, to extend its life by 20 years to 2050. 

Follow the money: Google will reportedly invest at least $15 billion in building three new data centers and buying nuclear power in Finland over the next two years. 

The deal is Google's first nuclear power agreement outside of the U.S. and its first to buy from an extension of a nuclear facility. 

The big picture: The nuclear industry has grappled with aging reactors for years, but the demand from tech firms has provided a sudden opportunity.

Brand new nuclear projects can take decades and tens of billions of dollars to build.

Extensions and restarts are the fastest way to get nuclear power, and hyperscalers are prioritizing time to power.

By the numbers: More than two-thirds of the world's operating nuclear reactors are at least 30 years old, creating a potentially large pool of plants that could have their lives extended as demand for power surges.

State of play: In the U.S., Meta has agreements to keep nuclear plants running in Ohio, Pennsylvania and Illinois.

Microsoft is buying power from a restart of Constellation's Three Mile Island in Pennsylvania. 

Nuclear engineering company Holtec, which plans to trade next week on the Nasdaq, is building a new business off restarting the Palisades nuclear plant in Michigan, which would be the first nuclear restart in the U.S. 

The U.S. government is also providing low-cost loans for nuclear restarts.

The bottom line: Hyperscalers are searching for good deals in the world's aging nuclear plants.

Google joins rush to keep nuclear plants running

Aging nuclear plants are a hot commodity in the AI power chase.

Illustration of Google's logo with the Earth replacing one of the "o"'s.

Aging nuclear plants are hot commodities in the race to power AI, and Google is the latest buyer.Why it matters: Nuclear extensions and restarts have surged in value as tech firms hunt for clean power that can run around the clock.

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Google joins rush to keep nuclear plants running

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