Walmart Supporting … Nuclear Power?

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I was scrolling through hundreds of environment and energy press releases late last night, and I saw one about Walmart supporting nuclear power. Even after reading the title twice, I wasn’t sure if I understood correctly and had to open up the press release. But, yes, Walmart is backing a nuclear power plant in the United States.

“Constellation (Nasdaq: CEG) and Walmart (Nasdaq: WMT) today announced a long-term nuclear power purchase agreement (PPA) for emissions-free electricity from Constellation’s Dresden Clean Energy Center in Illinois. The agreement includes approximately 176 MW of wholesale supply, including 30 MW of expanded generating capacity,” the companies wrote in June.

“Walmart will purchase energy, environmental attributes and capacity through two 15‑year terms beginning in 2029 and 2030. This agreement supports reliable nuclear energy in the region and enables planned uprates — efficiency upgrades that increase output from existing nuclear units without the need to build a new facility. The agreement is expected to help Walmart access cleaner energy and strengthen local energy infrastructure — while continuing to serve customers with everyday low prices.”

So, yeah, it’s not new nuclear power. That would make no sense, as new nuclear power is basically the most expensive option for new power capacity. Using an existing nuclear power plant to produce a lot more CO2-free electricity is certainly not the worst option on the table. If Walmart can get cheap, carbon-free electricity for the next 15 years from this existing power plant, that is good news for the company and the region.

“This agreement reflects long‑term stewardship of critical infrastructure, the communities it serves, and the energy system that powers American growth,” said Jim McHugh, Senior Executive Vice President and Chief Commercial Officer, Constellation. “Walmart’s commitment enables meaningful investment in the Dresden Clean Energy Center — bolstering reliability, sustaining local jobs and economic activity, and putting more dependable, emissions-free energy onto the Illinois power grid.”

If you’re thinking this doesn’t seem like a normal power purchase agreement (PPA), that’s because it’s not. “This agreement marks Walmart’s first nuclear PPA and is among the first of its kind between a large retailer and a nuclear energy facility in the United States,” the companies add. “Through uprates at the Dresden Clean Energy Center, this agreement will provide enough new power to the grid to support Walmart’s previously announced high-tech perishable distribution center, currently in development in Belvidere, Ill. Together, these investments strengthen the local community by supporting jobs and enabling continued expansion of Walmart’s supply chain operations and workforce.”