Trump admin announces $17.5 billion in loans for nuclear power
"We are confident that these projects will be economic for utility shareholders, ratepayers and hyperscalers."
"We are confident that these projects will be economic for utility shareholders, ratepayers and hyperscalers."
The Department of Emergency has announced that it will make up to $17.5 billion in conditional loans available to utilities and energy companies seeking to purchase critical components needed to expand the nation’s commercial nuclear power supply chain.
The initiative is part of the Trump administration’s effort to accelerate nuclear energy development and meet rising electricity demand driven by AI data centers. According to Reuters, US Energy Secretary Chris Wright told reporters that the government is working toward its goal of having 10 large-scale nuclear reactors under construction by 2030.
"We are confident that these projects will be economic for utility shareholders, ratepayers and hyperscalers," Wright said.
In the past, attracting investment for nuclear projects has been difficult due to complex regulations, construction timelines, and the risk of cost overruns. The new loan program, however, is designed to help companies acquire major components such as reactor vessels, steam generators, and other specialized equipment that often takes years to manufacture.
The DOE said the loans could fast-track development of the 10 reactors by up to three years. "We're going to move with the players that are ready to stand up and move quickly. Once that supply chain is up and running, do we think there will be dozens of these built going forward? I'd be very surprised if there were not,” Wright added.
During the first Trump administration, the DOE’s Loan Programs Office was only used to help finance reactors at the Vogtle Electric Generating Plant in Georgia. The administration has since set an ambitious goal of quadrupling US nuclear capacity by 2050, increasing it to 400 gigawatts.
Meanwhile, several previously shuttered facilities are expected to return to service, including Three Mile Island.