Constellation Energy Corporation 's shares slumped over 11% during Friday's trading session after the Trump administration and a bipartisan group of governors called on the PJM (Pennsylvania-New Jersey-Maryland) Interconnection, the nation's largest regional electric grid operator, to hold a one-time auction to provide data centers with new sources of power.
The proposed auction, which could support the construction of about $15 billion worth of new generation capacity, would require technology companies to finance new power plants through 15-year contracts. However, market intervention increasingly disfavors contracting existing facilities.
The independent power producer's stocks dived 11.47% at 2:29 pm ET, going for $302.10 apiece.
https://breakingthenews.net/Article/Constellation-Energy-dips-11-on-power-auction-news/65497380
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