The Trump administration has offered Constellation Energy a conditional loan commitment of up to $5 billion to expand nuclear generating capacity at eight power plants by approximately 1.1 gigawatts. Technology companies including Amazon, Google and Meta have already committed to buying much of the additional power.
Constellation said it plans to use the financing to increase the output of 11 existing nuclear reactors, a process known as an “uprate.” The process expands a reactor’s generating capacity, typically through equipment upgrades and other modifications that allow it to produce more electricity.
The company said it had already committed to spending more than $7 billion to add 1,080 megawatts of nuclear capacity to supply power to Google, Amazon and Meta. The conditional loan commitment, which has yet to be finalized, “could lower financing costs” for the projects, according to a company press release.
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“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 Joe Dominguez, Constellation’s chairman, president and CEO.
“Our agreements with Google and Amazon demonstrate how long-term customer commitments can incentivize 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,” Dominguez added.
“The Energy Department is accelerating President Trump’s American nuclear renaissance and unlocking the full potential of our nation’s nuclear fleet,” U.S. Energy Secretary Chris Wright said in a statement. “Uprates that maximize 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.”
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The eight plants are located in three states, according to TechCrunch: Braidwood, Byron, Clinton, Dresden, La Salle and Quad Cities in Illinois; Calvert Cliffs in Maryland; and Limerick in Pennsylvania.
Google has committed to buying additional power from the Pennsylvania plant and four of the Illinois plants, while Amazon will purchase electricity from the Maryland plant. Meta is effectively buying the entire output of the Clinton plant in Illinois.
The Department of Energy said Tuesday that the loan would support “affordable, reliable power to American homes and businesses.” However, it remains unclear whether the additional nuclear capacity will lower electricity bills for residential customers. Constellation’s announcement does not specify whether the projects will maintain or reduce residential electricity rates.