Oracle (NYSE: ORCL) announced a commitment to subscribe to a portion of electricity generation from the Point Beach Nuclear Plant in Wisconsin, a move the company says is expected to save Wisconsin utility customers approximately $300 million in fuel costs, according to a company statement.

The subscription arrangement would cover a share of the plant's power purchase agreement, shielding more than 1 million Wisconsin utility customers from rising energy costs. The deal remains subject to approval by the Public Service Commission of Wisconsin.

"By absorbing approximately $300 million in rising energy costs, we are helping protect Wisconsin ratepayers while supporting the reliable, carbon-free power the state depends on," said Mahesh Thiagarajan, executive vice president of Oracle Cloud Infrastructure.

The announcement is connected to Oracle's data center development in Port Washington, Wisconsin, known as Project Lighthouse. Oracle states the project is expected to generate more than $11 billion for the local economy, create more than 4,000 construction jobs over three years, and support 1,000 ongoing operations positions. Oracle said it will fully fund Project Lighthouse's energy costs to avoid adding pressure to ratepayers' electricity bills.

Point Beach Nuclear Plant has operated for more than 50 years and provides carbon-free baseload power to the Wisconsin grid. Oracle said it plans to work with state and local officials during the regulatory review process.