Google and Amazon agreements highlight growing hyperscaler nuclear demand amid already-tight uranium market

Big Tech’s nuclear ambitions are starting to impact uranium demand. Volumes are small but growing in a market where mined supply already falls short. On 6 October, Google signed a 20-year power purchase agreement (PPA) with Constellation, funding more than USD $4.3 billion of upgrades across 11 units in Illinois, New Jersey and Pennsylvania to add 890MW. It also signed a 15-year deal for 2,700MW from existing plants. On 19 October, Amazon, AEP and X-energy agreed to study a 960MW, 12-reactor plant using the advanced Xe-100 design at a former Indiana coal site, ahead of any final investment decision.