Why Constellation Energy Stock Crept Higher on Tuesday
Constellation Energy Group (NASDAQ: CEG) saw a decent bump in its stock price on Tuesday following news that a company it will soon own has received funding for a new power plant. Constellation's shares closed the day more than 2% higher, a rate high enough to beat the S&P 500 index's 0.3% rise.
Constellation's asset-to-be is privately held utility Calpine, which announced Tuesday afternoon it had secured a loan agreement with the Texas Energy Fund for the facility. Specifically, Calpine plans to construct a 460-megawatt peaking facility -- an electric power plant that runs only at times of peak demand -- adjacent to its Freestone Energy Center in the state.
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Source Fool.com
