Topline
Oracle has committed to buying a portion of Point Beach Nuclear plant, Wisconsin’s most expensive power supply, relieving over 1 million utility customers of roughly $300 million in fuel costs, the company announced Friday.
Oracle announced the proposal Friday.
Photo by Samuel Boivin/NurPhoto via Getty Images
Key Facts
Oracle plans to buy between 125 and 250 megawatts from Point Beach, accounting for about 10% to 20% of the plant’s output, in order to power its Port Washington data center campus.
The commitment will divert costs from customers of utility company We Energies, saving customers approximately $300 million, according to Oracle.
The power purchase agreement was the single biggest driver of We Energies’ proposed $176 million electric rate hike for 2027, according to the Milwaukee Journal Sentinel, accounting for around 20% of the increase.
Oracle Vice President Julia Robin told the Sentinel the company expects to file the proposal with Wisconsin officials by the end of the year, as the commitment from the company requires approval from the state’s Public Service Commission.
Big Number
More than 50. That is how many data centers Oracle operates to power its cloud infrastructure. The facilities are located across 28 countries, according to the company.
Tangent
Oracle shares were up 2% shortly before 12 p.m. EDT, continuing a mostly positive week of trading for the company. Oracle’s stock is down over 27% since the start of the year, struggling to return to the all-time highs it recorded in September 2025. The company’s shares have struggled as Oracle has sunk tens of billions of dollars into artificial intelligence infrastructure and expects to spend $95 billion in capital expenditures this year.
Key Background
We Energies sold the Point Beach plant to NextEra Energy in 2007 but retained a power purchase agreement through 2033. That agreement has been costly for the utility company, which has watched the price it pays per megawatt-hour roughly double between 2009 and 2027, the Sentinel reported. The annual price increase will be between 6% to 8% through the end of the contract, with We Energies citing the deal as the reason behind about 20% of its proposed $176 million electric rate hike for 2027.
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