The Department of Energy announced Tuesday a conditional commitment for $17.5 billion in financing aimed at accelerating construction of 10 new large-scale nuclear reactors, a move that would increase U.S. nuclear generating capacity by roughly 11%.
The plan supports the purchase of long-lead components needed to rebuild the domestic nuclear supply chain and speed deployment of five two-reactor projects across the country.
The department said the program could accelerate reactor construction timelines by as much as three years while reducing costs and helping achieve President Donald Trump's goal of having 10 new large reactors under construction within six years.
"Just over one year ago, President Trump directed the Energy Department and its agency partners to unleash the next American nuclear renaissance," Energy Secretary Chris Wright said. "These conditional loans will play an important role in reviving the supply chain needed for America to once again build large-scale commercial reactors."
The financing is structured around Westinghouse's AP1000 reactor design, currently the only licensed large-scale advanced reactor operating in the United States.
Each AP1000 reactor generates about 1.1 gigawatts of electricity. Together, the 10 proposed reactors would add about 11 gigawatts of generating capacity. That's enough electricity to power nearly 10 million homes.
The announcement comes about a year after Trump signed a series of executive orders intended to expand domestic nuclear energy production, streamline reactor licensing, strengthen nuclear fuel supplies, and accelerate development of advanced reactor technologies.
The DOE said those efforts have already led to the creation of the Reactor Pilot Program, expanded testing opportunities at Idaho National Laboratory, and faster authorization pathways for advanced reactor projects.
Dan Sumner, interim CEO of Westinghouse, said the initiative represents a major opportunity for the industry. "Westinghouse is honored to partner with the U.S. government to meet this once-in-a-generation opportunity to deliver nuclear power at scale in the United States and overseas," said Sumner.
Craig Piercy, CEO of the American Nuclear Society, called large reactors the foundation of future growth.
"The nuclear resurgence will come in all shapes and sizes, but it can't happen without a firm foundation of gigawatt scale Generation III+ reactors," Piercy said.
Jay Timmons, president and CEO of the National Association of Manufacturers, said expanding nuclear generation is critical to meeting future energy needs. "Building more nuclear reactors here at home is how we secure America's energy future and unleash American energy dominance," he said.