The U.S. Department of Energy announced on June 23 $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 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.
The loan announcement comes months after the DOE announced an $80 billion agreement with Westinghouse Electric's owners, Canada-based Cameco and Brookfield Asset Management, in which the government would arrange financing and help secure permits for the Westinghouse reactors in exchange for a 20% share of future profits.
