A financing program seeks to accelerate nuclear projects as electricity demand grows from data centers, manufacturing and national security.<\/p>\n
The Energy Department is committing up to $17.5 billion<\/a> to accelerate deployment of 10 new nuclear reactors as growing electricity demand in artificial intelligence data centers, manufacturing and national security is creating urgency to expand the nation\u2019s nuclear power capacity.<\/p>\n Through the agency\u2019s Office of Energy Dominance Financing (EDF) that guarantees loans to projects that add energy to the grid, the new funding will allow utilities and energy companies to purchase critical reactor components before construction begins.<\/p>\n Officials said this strategy could shorten reactor deployment timelines by up to three years while helping rebuild the domestic nuclear supply chain.<\/p>\n \u201cThis is a catalytic investment in the U.S. nuclear supply chain and meaningfully accelerates America\u2019s nuclear energy renaissance,\u201d Energy Secretary Chris Wright told reporters during a press call Tuesday.<\/p>\n Nuclear reactor deployments have historically stalled<\/a> in favor of cheaper natural gas and other energy sources due to the high upfront costs, construction delays and regulatory hurdles.<\/p>\n The administration has pushed<\/a> to expand the role of nuclear energy to meet growing energy demands<\/a>.<\/p>\n \u201cWhat\u2019s different now than in the past is that the world-changing growth of AI is driving enormous demand for electricity by companies who are willing to pay more for that power,\u201d said EDF Director Greg Beard. \u201cThe economic power of a power purchase agreement will really drive the support of this, will help drive down costs for ratepayers while winning AI.\u201d<\/p>\n President Trump\u2019s goal is to have 10 new large nuclear reactors<\/a> with complete designs under construction by 2030. Westinghouse\u2019s two AP1000 reactors<\/a> are currently the only licensed large-scale commercial reactors operating in the United States. Two others were started, but had stalled.<\/p>\n AP1000 reactors can take months or years to manufacture and deliver, according to Julie Kozeracki, EDF\u2019s acting chief investment officer. The program aims to enable purchasing components for them in advance to standardize reactor construction that scales more quickly.<\/p>\n EDF will support up to five projects, with each project consisting of two reactors at a single site. Westinghouse will partner with up to five eligible utilities and energy companies nationwide to procure long-lead items at fixed prices.<\/p>\n Each AP1000 reactor would generate approximately 1.1 gigawatts of power. Combined, the 10 planned reactors would generate enough electricity to power nearly 10 million households, according to DOE.<\/p>\n