Google to buy half of nuclear plant's power
Archived — this story has rotated out of today’s deck. It is kept here in full.
The gist
Google will buy up to 50% of Loviisa nuclear plant's output for 22 years in a.
The first such European deal ties AI's power-hungry data centers to existing nuclear plants.
Background
AI data centers need huge amounts of round-the-clock, low-carbon electricity, and tech companies are increasingly turning to nuclear power to secure it. Google's agreement with Finnish utility Fortum gives the Loviisa plant, which has generated electricity since 1977 and supplies about 10% of Finland's power, the revenue certainty to fund a life extension to 2050. It is Google's first nuclear energy deal outside the United States and the first of its kind in Europe.
How it unfolded
- Sep 9, 2026Google announces a €13 billion ($15.1 billion) investment in AI infrastructure in Finland and a 22-year power purchase agreement with Fortum for up to 50% of the Loviisa nuclear plant's output.
- Sep 9, 2026Fortum shares jump 15.5% on the news, their highest level in over four years, making Fortum the biggest winner on European stock exchanges that day.
- Sep 9, 2026Google and Fortum also sign a memorandum of understanding to explore new nuclear, renewable energy and flexibility capacity projects in the region.
- Sep 11, 2026Reports say the deal will help unlock €1 billion of investment needed to keep Loviisa running through the end of its operating license in 2050.
Who’s saying what
- Official
- Google President and Chief Investment Officer Ruth Porat called the approach "BYOP — bring your own power" and noted it is Google's first nuclear energy deal outside the United States.
- Analysts
- A Yahoo Finance analysis said the deal fixes electricity costs through 2049 and makes cheap power the real AI moat, while noting power deliveries won't start until the end of the decade.
- Industry
- Google's gTech Sustainability Strategy Lead Robert Little said AI and cloud infrastructure need massive, reliable, clean power 24/7, not just when the sun shines or the wind blows.
Still unverified
The exact delivery start date is reported inconsistently: one source says deliveries run for roughly two decades starting at the end of this decade, while another says Google's separate US agreement begins in early 2029. The €1 billion investment figure tied to keeping Loviisa running is attributed to Bloomberg reporting and has not been independently confirmed.