The Clean Energy Premium represents the incremental value from CEG's carbon-free generation attributes — the premium hyperscalers and corporations pay specifically for verified clean energy. This includes: (1) TMI/Crane Clean Energy Center restart as the poster child for nuclear renaissance, (2) Renewable Energy Certificate (REC) and carbon-free energy certificate monetization, (3) optionality from additional nuclear PPAs at premium pricing, and (4) nuclear Production Tax Credits (PTCs) preserved through 2031 via 45U/OBBBA. This is the most speculative component of CEG's value.
Three Mile Island Unit 1 restart (rebranded Crane Clean Energy Center) is targeted for 2028 commercial operation, backed by a 20-year Microsoft PPA for 835 MW of nuclear power.