Photo credit: Westinghouse
The Energy Department plans to help finance billions of dollars worth of nuclear reactor components in order shore up the U.S. supply chain, officials said Tuesday.
DOE’s Office of Energy Dominance Financing, formerly known as the Loan Programs Office, plans to provide $17.5 billion in low-interest loans to five projects so they can procure components like pressure vessels, steam generators, and main coolant pumps. All five intend to build Westinghouse AP1000s — the nation’s flagship nuclear reactor. EDF Director Gregory Beard told reporters that the office hasn’t selected the projects yet, but at least seven utilities and energy companies have formally expressed interest in the program.
The financing supports executive orders that President Donald Trump signed last year aimed at jumpstarting a nuclear power renaissance in the U.S., including by getting 10 new large nuclear reactors under construction by 2030.
Meanwhile, in October, the Commerce Department announced an $80-billion deal with Westinghouse to build those reactors, but how and when that funding will be doled out is still unclear. That deal is separate from the low-interest loans for nuclear components announced today by EDF.
