Add as a preferred source on GoogleAmazon Shares Gain 4.98% on Day It Backs Proposed Indiana Nuclear Plant
Amazon closed at $262.45 on Oct. 19. The proposed plant would use 12 small modular reactors, but construction requires a final investment decision.
Amazon (AMZN) shares closed 4.98% higher Monday, when the company committed development funding to a proposed 960-megawatt nuclear plant in Indiana intended to serve its data centers and the regional grid.
The stock finished Oct. 19 at $262.45 at 4 p.m. ET (20:00 UTC), up $12.45 from its previous close.
American Electric Power (AEP) and X-energy signed a joint development agreement to study a plant near the former Breed Generating Station in Sullivan County. The proposed design has 12 Xe-100 small modular reactors, each rated at 80 megawatts. If built, the facility would send power to the regional grid for Amazon and other customers.
Amazon is providing funding tied to development milestones. It intends to purchase electricity under a long-term contract if the project moves forward.
The Indiana proposal follows an earlier Amazon and X-energy project in Washington state. Their broader effort aims to add more than five gigawatts of nuclear capacity to the U.S. grid by 2039.
The companies will assess the Indiana project’s feasibility before making a final investment decision on construction.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.