US announces $17.5 billion in loans for nuclear power sup…

The U.S. Department of Energy has announced $17.5 billion in conditional loans aimed at strengthening the U.S. commercial nuclear supply chain. These loans support up to five projects for the construction of new large-scale nuclear reactors, with each project needing commitments from Westinghouse and utility partners of $500 million before accessing the funds. Energy Secretary Chris Wright anticipates these loans will help accelerate the construction of ten nuclear reactors by 2030. The loans are particularly aimed at addressing supply chain delays and costs associated with building these reactors, attracting interest from tech giants and energy companies due to increasing electricity demands. Overall, the initiative aims to revitalize domestic nuclear energy projects and bolster the industry's capacity.

Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv

Nuclear-powered Vogtle Electric Generating Plant in Waynesboro

Cooling towers are seen at the nuclear-powered Vogtle Electric Generating Plant in Waynesboro, Georgia, U.S. August 13, 2024. REUTERS/Megan Varner/File Photo Purchase Licensing Rights, opens new tab

Summary
Companies
Up to five loans would each support two 1.1-gigawatt Westinghouse reactors per project site
Projects require Westinghouse and utility partners to commit $500 million each before DOE funding
Energy secretary says 7 utilities expressed interest

WASHINGTON, June 23 (Reuters) - The U.S. Department of Energy announced on Tuesday $17.5 billion in conditional loans for utilities and energy companies to purchase ‌parts needed to strengthen the U.S. commercial nuclear supply chain.

U.S. Energy Secretary Chris Wright told reporters the loans will help the U.S. achieve its goal of having 10 new large-scale nuclear reactors under construction by 2030, potentially accelerating that timeline by three years.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

The U.S. industry has struggled to attract investment because nuclear projects are capital‑intensive, prone to cost overruns and subject to complex regulations, making them riskier than cheaper, quicker alternatives such as natural gas and renewables.

The loans would help companies procure items such as reactor vessels and steam ⁠generators, which can take years to secure, and potentially reduce the time to build large AP1000 nuclear plants.

Wright said the loans have attracted strong interest from data center hyperscalers — tech giants that run global cloud and computing infrastructure — and energy companies, as U.S. electricity demand soars with the rapid buildout of data centers to power AI capabilities.

"We are confident that these projects will be economic for utility shareholders, ratepayers and hyperscalers," Wright said.

The loan announcement comes months after the DOE announced an $80 billion agreement with Westinghouse Electric's owners, Canada-based Cameco (CCO.TO), opens new tab and Brookfield Asset Management (BAM.N), opens new tab, in which the government would arrange financing and help secure permits for the Westinghouse reactors in exchange for a 20% share of future profits.

LOANS TO SUPPORT WESTINGHOUSE REACTORS

The Energy Department's Office of Energy Dominance Financing, formerly known as the Loan Programs Office, will back up to five loans, each ‌of which ⁠will support two 1.1-gigawatt Westinghouse reactors per site.

Westinghouse will partner with up to five utilities and energy companies nationwide that will procure the reactors and other "long-lead" supply chain needs at a fixed price.

Wright said seven utilities have expressed interest, but would not disclose their names or project locations.

Each project will be jointly owned by Westinghouse and a utility or energy company, each required to commit $500 million before accessing DOE funds.

"This is not a risky endeavor," Wright said.

During President Donald ⁠Trump’s first term, the only use he made of the then-Loan Programs Office was for financing reactors at Georgia's Vogtle nuclear power plant.

Trump aims to quadruple U.S. nuclear power capacity to 400 gigawatts by 2050, an aggressive target given that the last reactors built in the U.S. were delayed seven years and went ⁠billions of dollars over budget.

Three shuttered nuclear plants are on track to restart in the coming years, including Palisades in Michigan, Three Mile Island in Pennsylvania and Duane Arnold in Iowa.

Wright said the Energy Department expects the plants' timing and cost to "well outperform what was done on ⁠Vogtle.”

Brookfield CEO Connor Teskey said the loans will jumpstart the industry's domestic revival.

"(The money) serves as a catalyst for nuclear, providing the certainty needed to enhance the domestic nuclear supply chain and accelerate construction of nuclear projects that will deliver reliable baseload power around the country for decades to come,” he said.

Reporting by Valerie Volcovici in Washington; Editing by William Maclean, Rod Nickel and Matthew Lewis

Our Standards: The Thomson Reuters Trust Principles., opens new tab

X
Facebook
Linkedin
Email
Link

Purchase Licensing Rights

Valerie Volcovici

Thomson Reuters

Valerie Volcovici covers U.S. climate and energy policy from Washington, DC. She is focused on climate and environmental regulations at federal agencies and in Congress and how the energy transition is transforming the United States. Other areas of coverage include her award-winning reporting plastic pollution and the ins and outs of global climate diplomacy and United Nations climate negotiations.

Business

Ari Emanuel's Mari in talks to buy theater group ATG for $6 billion, FT reports

Legalcategory · June 23, 2026 · 6:55 PM EDT · 19 mins ago

Mari Group, founded by TKO CEO Ari Emanuel, is in advanced talks to buy British West End theater operator ‌ATG Entertainment for £4.5 billion ($5.94 billion), the Financial Times reported on Tuesday, citing four people close to the situation.