U.S. Energy Secretary Chris Wright announced Monday that the Department of Energy’s Loan Programs Office (LPO) will largely focus on financing nuclear power plants.
“By far the biggest use of those dollars will be for nuclear power plants to get those first plants built,” Wright said at a conference of the American Nuclear Society.
During President Trump’s first administration, the LPO — which provides financing for U.S. energy and manufacturing projects — was used only to finance reactors at the Vogtle nuclear power plant in Georgia.
ENERGY CHIEF WARNS ‘BIGGER RAMIFICATIONS’ ON THE HORIZON AS SHUTDOWN THREATENS TO STALL NUCLEAR MODERNIZATION
There are currently no commercial nuclear reactors being built in the U.S. However, several previously closed facilities plan to open again, and there are plans to build new large and small reactors.
Electricity demand from artificial intelligence and data centers will bring in billions of dollars of equity capital from “very creditworthy providers,” Wright said.
NUCLEAR WASTE BEING TRANSFORMED INTO PROMISING CANCER TREATMENT AT FORMER MANHATTAN PROJECT SITE
That financing will be matched “three to one, maybe even up to four to one, with low-cost debt dollars from the Loan Programs Office,” he added.
Earlier this year, Trump signed four executive orders aimed at accelerating the deployment of nuclear technologies in the U.S.
CLEAN TECH, AI BOOM STRAINING US ENERGY SUPPLY
“What we’re trying to accomplish here is unshackling this industry from stifling regulations that have held it back for too long,” a senior Trump administration official, who spoke on the condition of anonymity, told FOX Business in July. “This industry is ready to grow. It wants to run. It wants to innovate and there is a lot of capital available.”
During his second term, Trump has placed energy and artificial intelligence dominance at the core of his economic and national security agenda.
Reuters and FOX Business’ Amanda Macias contributed to this report.
Read the full article here
