In March this year, the Department of Energy (DOE) launched the Utility Power Reactor Incremental Scaling Effort (UPRISE) initiative aiming to get 5 GW of additional nuclear capacity by 2029 via a combination of extending operating lifespans, power uprates and restarting closed facilities. The initiative aims to target “the most cost-effective and immediate methods” to increase nuclear capacity – targeting 2.5 GW more by the end of next year, and a similar amount again within three years.
DOE said that through UPRISE, the Office of Nuclear Energy and the Office of Energy Dominance Financing would seek to “facilitate collaborative agreements between plant owners and end users”, with the Office of Energy Dominance Financing having “more than USD289 billion in available loan authority”. It would be able “to provide up to 80 percent financing for eligible project costs associated with nuclear uprates at attractive interest rates”.
Constellation said the conditional loan commitment could lower financing costs and help the company deliver additional nuclear capacity at greater scale.
Its planned investments at the Braidwood, Byron, Clinton, Dresden, LaSalle, and Quad Cities plants in Illinois; Calvert Cliffs in Maryland; and Limerick in Pennsylvania will add nearly 1.1 GWe of generating capacity. The conditional loan commitment also includes an option to finance future uprate projects at additional Constellation facilities.
The conditional commitment is subject to the completion of due diligence, negotiation of definitive financing documents and satisfaction of applicable conditions. It does not, by itself, represent a final Constellation decision to proceed with any individual uprate or at every facility under consideration. If finalised, Constellation will continue working with DOE, customers, regulators and local stakeholders to advance individual projects.
The company noted the DOE commitment builds on billions of dollars in private-sector investment already supporting Constellation’s efforts to increase nuclear output. Recent 20-year agreements with Google and Amazon have incentivised Constellation to invest more than USD7 billion to add about 1,080 MW of nuclear capacity. An agreement announced last year with Meta also supports a 30 MW expansion at Clinton Clean Energy Center in Illinois. “Together, these agreements demonstrate how large energy users can help enable new, reliable generation that flows to the regional grid and benefits all customers,” Constellation said.
“This is how America wins the race for energy abundance – by pairing private-sector demand and investment with smart federal financing to unlock more power from the nuclear plants we already have,” said Constellation Chairman, President and CEO Joe Dominguez. “Our agreements with Google and Amazon demonstrate how long-term customer commitments can incentivise billions of dollars in investment in new, reliable nuclear capacity. This conditional loan commitment can help us move faster and go further, putting more reliable power on the grid, creating and preserving good-paying jobs, strengthening American energy security and helping families and businesses manage energy costs.”
US Secretary of Energy Chris Wright said: “The Energy Department is accelerating President Trump’s American nuclear renaissance and unlocking the full potential of our nation’s nuclear fleet. Uprates that maximise power generation from our existing nuclear facilities are yet another example of the commonsense energy addition policies the Trump Administration is embracing – ensuring more affordable, reliable, and secure energy for American families and businesses.”
US President Donald Trump announced last year the goal of expanding the country’s nuclear energy capacity from 100 GW to 400 GW by 2050.
