Three Mile Island to reopen in 2028

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Three Mile Island is reopening.

Transcript

00:00I'm Conway Gittens reporting from the New York Stock Exchange.

00:03Here's what we're watching on the street today.

00:05There were small moves on Wall Street Friday.

00:07After big gains earlier in the week,

00:09the Dow did manage to close at a record high.

00:12Eyes were on Apple on the first sales

00:15day for the new iPhone 16.

00:16Jitters abound after online pre-sales failed

00:20to live up to expectations.

00:22Next week, investors will get quarterly updates

00:24from Costco and Micron Technologies

00:26and digest data on home prices, home sales,

00:29and consumer inflation.

00:32In other news, the site of the worst nuclear accident

00:35on American soil is being reopened

00:38in order to provide exclusive nuclear power

00:40for Microsoft's artificial intelligence business.

00:43Pennsylvania's Three Mile Island was totally shut down in 1999,

00:48but one of its nuclear reactors is coming back online in 2028,

00:53according to plans that first must

00:55be approved by the Nuclear Regulatory Commission.

00:58There are no plans to bring back

00:59the other reactor, which suffered

01:01a partial meltdown in 1979.

01:04Joe Dominguez, CEO of Constellation Energy,

01:07which owns the nuclear facility, said in a statement, quote,

01:10powering industries critical to our nation's

01:12global economic and technological competitiveness,

01:15including data centers, requires an abundance of energy

01:19that is carbon-free and reliable every hour of every day.

01:24And nuclear plants are the only energy sources

01:27that can consistently deliver on that promise.

01:30While nuclear power is capable of pumping out

01:32lots of energy without carbon emissions

01:35and is not limited like wind or solar power,

01:38it does have several negatives.

01:41The biggest, of course, is the long life

01:44of the toxic waste it produces, which

01:46must be securely stored to prevent

01:48leakage and contamination.

01:51Tech giants like Microsoft are hungry for new power sources.

01:54In order to keep data centers and AI operations

01:57running nonstop, they see nuclear energy

02:00as a viable source.

02:01The financial terms of this 20-year contract

02:04were not made public, but Constellation

02:06says it will add 3,400 jobs and boost Pennsylvania's economy

02:10by $16 billion.

02:12That'll do it for your daily briefing from the New York

02:15Stock Exchange.

02:16I'm Tonway Gittens with The Street.

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