225. US Utilities vs Hyperscalers - Apr26
About this episode
The episode explores the relationship between US utilities and hyperscalers from the utility's perspective, featuring insights from Rajiv Bazaj of Constellation.
In episode 219, we analysed the relationship between hyperscalers and US utilities from the hyperscaler perspective. To complete the picture, we revisit the debate from the utility’s point of view. Gerard and Laurent welcome Rajiv Bazaj, VP of Solutions Sales at Constellation, to understand how utilities approach this rapidly evolving landscape. Spun out of Exelon a few years ago, Constellation was initially seen as the “ugly duckling,” but it was sitting on a major advantage: a large nuclear fleet. What was considered a liability in the 2010s has become a strategic asset as hyperscalers search for clean, reliable 24/7 power. The acquisition of Calpine and its large CCGT fleet turned Constellation into the largest US utility in terms of capacity, with around 60 GW (half nuclear, half gas) and roughly 200 TWh of annual generation—placing the company at the centre of discussions with hyperscalers and data centre developers. Constellation’s approach remains cautious. The company is only gradually moving into batteries, is bullish on demand response following the surge in PJM capacity prices and is exploring upgrades to its nuclear fleet while remaining sceptical about. Geothermal…
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