Oklo Shares Drop as PJM Removes Meta-Backed Ohio Project from Grid Queue
Oklo (NYSE:OKLO) shares fell nearly 5% after grid operator PJM Interconnection removed the company's 750MW, Meta-backed project in Ohio from its interconnection queue. The removal is expected to delay the project by at least 14 months and increase development costs. Oklo has filed an emergency complaint with FERC seeking reinstatement of the project, which includes advanced nuclear generation, fuel cells, and gas-fired power. The broader nuclear sector also faced downward pressure due to rising long-term Treasury yields, impacting pre-revenue reactor developers like NuScale Power (NYSE:SMR) and Centrus Energy (NYSE:LEU). The Global X Uranium ETF (URA) dropped 3%, reflecting the market's sensitivity to interest rate changes. Oklo’s project is part of a larger 1.2GW campus intended to supply Meta’s data centers, adding strategic significance to its interconnection status. PJM cited application deficiencies in removing the project from consideration but did not comment on specific issues beyond noting that most applications met requirements for study.
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Topics: interconnection_queue_removal Meta_partnership nuclear_energy