Constellation and Walmart Partner on Long-Term Nuclear Energy Agreement in Illinois

Constellation Energy (CEG) and Walmart (WMT) have signed a long-term power purchase agreement to supply Illinois-based Walmart facilities with nuclear-generated electricity, becoming one of the largest corporate nuclear energy deals announced in 2026. The agreement aligns with Walmart's stated goal of powering a significant portion of its operations with zero-carbon energy sources and with Constellation's strategy of securing anchor corporate customers for its fleet of Midwestern nuclear plants.

The deal is structurally significant for Constellation because it provides long-duration revenue visibility from one of the most creditworthy counterparties in US retail. Constellation operates the Dresden, Quad Cities, and Byron nuclear stations in Illinois, and the Walmart agreement helps justify keeping aging units online beyond their original license terms. Corporate power purchase agreements for nuclear energy — as opposed to wind or solar PPAs — have become attractive to large energy users because they provide around-the-clock baseload power with no intermittency risk.

For the broader nuclear power sector, deals like this continue to validate a renaissance of corporate demand following high-profile agreements between Constellation and Microsoft, Amazon, and Google in 2024-2025. The terms of the Illinois arrangement were not fully disclosed, but analysts expect pricing in the range of established nuclear PPAs — typically at a premium to wholesale power prices but at a discount to full retail rates for large commercial customers.