The U.S. Department of Energy announced on Tuesday $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.