The U.S. Department of Energy prospectively will loan Vistra $4.2 billion to upgrade its nuclear fleet in Pennsylvania and Ohio, preserving nearly 4 GW of baseload power and adding 433 MW, with much of the output already earmarked for Meta's 20-year agreement. The loan would add to Vistra's $17.7 billion in long-term debt, and it depends on Vistra meeting technical and financial requirements. By contrast, Alphabet committed to buy 890 MW of nuclear-generated power from Constellation for 20 years, allowing Constellation to plan a $4.3 billion investment; Constellation has about $1 billion in cash and near-cash, plus over $5.7 billion in Calpine assets held for sale. The article concludes that Constellation's deal is more advantageous for shareholders.
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