Shares of Constellation Energy (CEG -4.19%) rocketed 37% in May, according to data provided by S&P Global Market Intelligence. Powering the energy producer's stock price was its strong first-quarter results and recently signed executive orders by President Donald Trump aimed at ushering in a nuclear energy renaissance in the country.

Dual catalysts powered the energy stock's surge last month

Constellation Energy reported strong first-quarter results in early May. The power producer generated $2.14 per share of adjusted operating earnings, up from $1.82 per share in the year-ago period, a nearly 18% increase. The company benefited from the strong performance of its business. That strong showing gave the company the confidence to reaffirm its full-year outlook that it will generate between $8.90 and $9.60 per share of adjusted earnings.

A nuclear power plant.

Image source: Getty Images.

The company also noted that it remains on track to close its acquisition of Calpine by the end of this year. That deal will significantly expand its leading clean energy fleet, enhancing its earnings growth rate.

In addition, grid operator PJM selected the company's Crane Clean Energy Center to be fast-tracked for interconnection to the grid. Constellation Energy is restarting the dormant nuclear power plant to help support the cloud and artificial intelligence (AI) power needs of tech giant Microsoft. The company is working to restart the 845-megawatt nuclear power generating unit by 2028. It previously shut down the plant for economic reasons.

Constellation Energy is bringing that plant back online to help support an expected surge in power demand in the coming years from AI data centers and other catalysts. The country's growing need for power led Trump to sign executive orders last month aimed at ushering in a nuclear renaissance in the country. The president wants to build more nuclear reactors in the country to help supply more power to the grid.

Constellation Energy applauded the move.

In a statement on the nuclear executive orders, the company commented, "We applaud the Trump administration for its strong support for preserving and expanding America's nuclear fleet to power our economy, win the AI race against China, and reassert America's leadership in nuclear energy."

The energy company also highlighted that it's "walking the walk with plans to invest billions of dollars into its fleet on projects like increasing the generation capacity of our plants by up to 1,000 additional megawatts and relicensing the entire fleet into the 2070s."

Does Constellation Energy have the power to continue surging?

Shares of Constellation Energy have rallied sharply over the past year, powered by the anticipated surge in demand for nuclear energy. The resurgence continued in early June when the company signed a 20-year power purchase agreement with Meta Platforms for power produced at its Clinton Clean Energy Center (1.1 gigawatts).

Growing demand for nuclear energy plus the company's pending Calpine deal position Constellation Energy to grow its earnings briskly in the coming years (more than 13% annually through 2030 without the boost from Calpine). That's a robust rate and could continue powering a surge in Constellation's stock in the coming years.