logo
Three Mile Island nuclear plant reboot fast-tracked to 2027

Three Mile Island nuclear plant reboot fast-tracked to 2027

The Hindu3 days ago

The former Three Mile Island nuclear power plant in Pennsylvania may restart in 2027, about a year ahead of schedule after being put on a fast track to connect to the regional grid, executives with the plant's owner Constellation Energy said on Wednesday. Constellation struck a deal last September to power Microsoft data centers, paving the way to reopen Three Mile Island, widely known as the site of a partial meltdown in 1979 that chilled the nuclear industry.
Constellation's 20-year power purchase agreement with Microsoft is emblematic of the dramatic lengths Big Tech has been willing to go to fuel its artificial intelligence expansion, which began to intensify a year-and-a-half ago.
The reactor re-entering service at Three Mile Island, which is being renamed the Crane Clean Energy Center, was not part of the 1979 accident, and shut in 2019 for economic reasons. 'We made a mistake in shutting down this plant, but we're not here to dwell on the past,' said Constellation CEO Joe Dominguez at an event on Three Mile Island, backed by giant cooling towers and the nuclear plant that will be brought back as Crane. The nuclear building is in similar shape to when it shut in 2019, and since the restart announcement, most of the work has been around planning and hiring, Constellation said.
The company has ordered several key items for the restart, including its main transformer and fuel. It has also restored water systems needed to run the plant and completed various infrastructure inspections needed for permitting approvals.
At the time of the restart announcement last year, Constellation said it expected the plant to re-open in 2028. Officials with the company had said they expected the process to be slowed by wait times associated with connecting power projects to the regional grid, which is operated by PJM Interconnection. 'When PJM gets this connected, we're going to be ready," Dominguez said on Wednesday.
Despite the enthusiasm, nuclear power plant projects have historically been far over budget and behind schedule.
No fully shut nuclear power plant has been restarted, but at least one other attempted restart - of the Palisades nuclear plant in Michigan - is under way.
As the technology industry drives U.S. electricity demand to record highs, nuclear power has broadly seen a resurgence of interest after decades in decline.
New York plans to build a new nuclear power plant, which would be one of the first to be constructed in a generation.
Hundreds of Constellation workers joined Wednesday's event, along with PJM CEO Manu Asthana and Pennsylvania Governor Josh Shapiro, who pushed for the restart to be fast-tracked for approval through PJM.
Power projects can linger in PJM's queue, which is essentially the application and engineering study process to hook up a power plant to the broader grid. PJM's territory spans 13 states and the District of Columbia, covering about 67 million customers.
As a way to alleviate some of that bottleneck, particularly as data centers rapidly proliferate on PJM's territory, the country's largest grid operator has fast-tracked its interconnection process for select projects. Crane was the largest of the projects expedited by PJM, Shapiro said. 'I am focused like a laser beam on the future of Pennsylvania and the future runs through places right here like Crane,' he said.
More than 400 people have been hired to work at the plant so far, and there are 30 operators who can work in control rooms in training for the reopened plant, according to Dominguez and other Constellation officials.
The Nuclear Regulatory Commission is expected to visit Crane in July to observe the training process, they said.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

The stock-market rally is moving beyond Big Tech and investors are thrilled
The stock-market rally is moving beyond Big Tech and investors are thrilled

Mint

time36 minutes ago

  • Mint

The stock-market rally is moving beyond Big Tech and investors are thrilled

The summer stock rally is broadening beyond big tech. Megacap technology stocks such as Nvidia, Microsoft and Broadcom led the market's rapid, tariff-spurred selloff earlier this year, only to rebound just as quickly a few weeks later when trade fears eased. Now, with economic fears diminished and optimism growing that the Trump administration will take a milder stance on trade, the recovery has expanded to include stocks across a more diverse group of sectors, such as financials, industrials and utilities. The number of stocks in the benchmark S&P 500 closing above their 50-day moving average has climbed recently to levels last seen in the fall, before Donald Trump's election victory launched an end-of-year rally. And in another sign of breadth, a measure that tracks the number of stocks rising versus those declining notched a new high on Friday. While the so-called Magnificent Seven tech stocks still hold investors' attention—and sway over the market—a broader participation in the recovery has helped propel the Nasdaq composite and the S&P 500 to all-time-highs in June. It could also signal that stocks will keep climbing through the summer, analysts say. 'We've seen this before: big tech leads and the market follows," said Adam Turnquist, chief technical strategist at LPL Financial. 'It seems like we are dusting off that playbook." Wall Street generally views improving breadth as a signal of a healthy stock market and a sustained advance. Whether the trend continues will depend on a few uncertainties still looming in the second half of the year: potential conflict in the Middle East, the path of interest-rate cuts from the Federal Reserve and the final outcome of President Trump's tariff plans. 'As long as things can stay stable, then this market is not exhausted by any stretch of the imagination," said Tom Essaye, founder of the Sevens Report, a market analysis firm. Market breadth has improved as investors who missed out on tech stocks' historic rebound search for new opportunities in different industries, Essaye said. He called it the 'FOMO trade," referencing the acronym for 'fear of missing out." Others have made longer-term bets in less popular industries. Jamie Cox, a managing partner at Harris Financial Group in Richmond, Va., didn't increase his proportion of big-tech holdings over the past few months even as prices dipped. But in recent weeks, his strategy—which includes a blend of defense, financial and large-cap international shares—has started to pay off. 'I'm surprised it took this long," he said. 'It's been a long time coming." Cox, who manages $1.2 billion at Harris, said that, in recent months, he has heard from clients looking to diversify the stocks in their portfolios. 'That lends itself to owning different things than just the most effective of the tech stocks," he said, such as shares of defense contractors Lockheed Martin and RTX Corp. 'You buy the less-aggressive, more tried-and-true, boring stocks." The recovery hasn't worked its way through every corner of the market. Small-cap stocks still lag behind major indexes. It might take a significant shift in the outlook to change that, said George Pearkes, macro strategist at Bespoke Investment Group. 'We would have to see a change in risk appetite." Some investors think that a confidence boost could come sooner than expected. Eric Teal, chief investment officer at Comerica Wealth Management, said he is adding midcap, small-cap and even microcap companies. He is buying shares of domestic banks that he thinks won't be affected by future tariffs, and said the Fed's rate cut could also boost smaller firms. 'The broadening out that we've seen over the last number of months is not something that's going to be short-lived," Teal said. It is unlikely that the market's biggest tech names will fade into the background soon, analysts said. Optimism for artificial intelligence, which powered tech stocks' ascendance to new highs, is still top-of-mind for professional and individual investors alike. But as tech shares have rebounded, so have valuations: Some large-cap names traded at more than 30 times their expected earnings over the next year last week, compared with an S&P 500 average of about 22 times. Those rich prices could be another nudge for traders to start snapping up shares in different industries, said Brian Buetel, a managing director at UBS Private Wealth Management. 'Nobody disagrees that the Mag Seven are just extremely expensive," he said. 'People forget there are sectors of the market that are on sale—that are cheap." Write to Hannah Erin Lang at and Roshan Fernandez at

Satya Nadella sounds alarm on AI's energy use as Microsoft plans fresh layoffs
Satya Nadella sounds alarm on AI's energy use as Microsoft plans fresh layoffs

Hans India

time4 hours ago

  • Hans India

Satya Nadella sounds alarm on AI's energy use as Microsoft plans fresh layoffs

Microsoft CEO Satya Nadella has issued a strong call for responsible energy use in artificial intelligence (AI) as the company continues to restructure, signaling more layoffs ahead. Speaking at Y Combinator's AI Startup School, Nadella emphasized the need for meaningful, energy-efficient AI innovation. 'If you're going to use a lot of energy, you need to have a good reason,' he said. 'We can't just burn energy unless we are doing something useful with it.' Microsoft's AI operations consumed around 24 terawatt-hours of electricity in 2023, comparable to the energy use of a small nation. Nadella stated that AI must prove its value by solving real-world problems, like streamlining hospital discharges or improving education and productivity. While Microsoft doubles down on AI and cloud computing, it continues to trim its workforce. The tech giant has cut over 6,000 jobs over the past year and more layoffs are expected—particularly in its Xbox gaming and sales divisions. This comes after Microsoft's multi-billion dollar acquisition of Activision Blizzard, a move aimed at strengthening its gaming and cloud ecosystem. Nadella's message is clear: AI must benefit society, not just boost profits. As Microsoft leads in AI development, it faces tough choices about innovation, energy use, and employment in the digital age.

AI's Power Problem: Satya Nadella Warns Tech World to Use Energy Wisely as Microsoft Plans More Layoffs
AI's Power Problem: Satya Nadella Warns Tech World to Use Energy Wisely as Microsoft Plans More Layoffs

India.com

time5 hours ago

  • India.com

AI's Power Problem: Satya Nadella Warns Tech World to Use Energy Wisely as Microsoft Plans More Layoffs

New Delhi: Microsoft CEO Satya Nadella is urging the tech industry to think hard about how much energy artificial intelligence (AI) uses and whether it truly benefits people. Speaking at Y Combinator's AI Startup School, Nadella said, 'If you're going to use a lot of energy, you need to have a good reason. We can't just burn energy unless we are doing something useful with it.' He stressed that AI should make real improvements in daily life, like making healthcare, education, or paperwork easier and faster. Nadella pointed out that Microsoft, one of the world's biggest AI companies, used about 24 terawatt-hours of electricity in 2023—about as much as a small country. He said AI's true test is whether it solves real problems, such as helping hospitals discharge patients faster, saving both time and money. But while Microsoft is betting big on AI, it's also cutting jobs. Over the past year, the company has laid off more than 6,000 employees as it reorganizes to focus on AI and cloud computing. More layoffs are expected soon, especially in the Xbox gaming division and sales teams, as Microsoft tries to boost profits after spending billions to buy Activision Blizzard. Nadella's message is clear: AI should not just be about new technology or profits—it must prove its worth by genuinely helping society, especially given its massive energy appetite. As Microsoft leads the AI race, it's also facing tough choices about jobs and the true cost of innovation.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store