Oracle (ORCL) plans to subscribe to a portion of the power generated by Wisconsin's Point Beach Nuclear Plant, a move expected to save utility customers about $300 million in fuel costs, the company said Friday.

The commitment is intended to help shield more than 1 million Wisconsin utility customers from rising costs while supporting reliable, carbon-free baseload power, the company said.

Oracle is also covering the full energy costs for its Project Lighthouse data center in Port Washington, it added.

Oracle shares were up 2.4% in premarket activity.