In exchange for $4.7 billion of cash, Warren Buffett has landed himself Constellation Energy, which gives him control of three nuclear power plants and half of a major nuclear-plant development firm. In the past, the Oracle of Omaha has come out swinging against the construction of nuclear plants. Will he change his mind now? How his decision will have global ramifications.

Warren Buffett's decision to rescue Constellation Energy Group Inc. gives one of the nuclear power industry's biggest skeptics some important clout in deciding its future.

In agreeing to a $4.7-billion cash deal for Baltimore-based Constellation, Mr. Buffett's Berkshire Hathaway Inc. will gain control of three nuclear power plants. In addition, it will own half of a prominent nuclear-plant development company, UniStar Nuclear Energy LLC, which is trying to accelerate construction of the next generation of nuclear plants in the U.S.

Mr. Buffett, who has sizable investments in electric utilities and gas pipelines through Berkshire's energy firm, MidAmerican Energy Holding Co., has previously argued nuclear plants are too costly to build.

On Thursday, MidAmerican chief executive Greg Abel sounded more enthusiastic about the technology, saying "we're committed to new nuclear." But he acknowledged that construction costs still have to be right. Mr. Buffett may still decide costs are too high, which could send a shudder through the rest of the nuclear industry.

The UniStar consortium brings together some of the most sophisticated players in the nuclear sector, including Electricité de France SA, the world's largest operator of nuclear plants; Areva SA, the world's largest nuclear engineering firm by revenue; equipment maker Alstom SA; and engineering, procurement and construction firm Bechtel Corp.

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