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A partnership between us Government and three companies – Westinghouse Electric, Cameco and Brookfield Asset Management – would see at least $80 billion in new nuclear reactor Manufactured throughout the United States. ambitious PlanAnnounced Tuesday, is one of the most significant U.S. investments in the nuclear sector energy For decades.
The initiative outlines the Donald Trump administration’s agenda to maximize energy production, including oil, gas, coal and nuclear. It also comes as growth in artificial intelligence data centers increases US electricity demand for the first time in two decades, putting pressure on parts of the grid.
Under the agreement with Westinghouse Electric, Cameco and Brookfield Asset Management, the government will arrange financing and help secure permits for plants using Westinghouse reactors.
In return, the government will be given a participating interest that, once vested, will allow it to receive 20 percent of any cash distributions of more than $17.5 billion made by Westinghouse, the companies said.
The companies did not say when the U.S. government’s interest would vest, but said the government would have to make final investment decisions and reach agreements to complete construction of the plants.
Cameco’s US-listed shares were up more than 21 percent in afternoon trading.
tough challenge
Building new US nuclear reactors has been difficult due to rising costs as well as public concern about potential accidents and nuclear waste.
The last two US reactors, to be built at the Vogtle site in Georgia in 2023 and 2024, were about seven years behind schedule and cost about $35 billion, more than double the original estimate of $14 billion.
No major reactors are currently under construction.
The Trump administration in May ordered the U.S. Nuclear Regulatory Commission to cut regulations and fast-track new licenses for reactors, seeking to reduce the multi-year process to 18 months. The order called for 10 new large reactors under construction by 2030.
The administration also reviewed staffing levels at the independent agency, leading some critics to question whether permits would be granted at risk to security.
The NRC said it would respond to a request for comment about the deal once it returns to full operations following the government shutdown. The Energy Department did not immediately respond to a request for comment.
Critics also point to the fact that there is no permanent US repository for radioactive waste, which remains hazardous for thousands of years. It is currently stored in cooling pools at nuclear plants and then transported in rigid casks.
Still, momentum in nuclear power is being driven by the growing round-the-clock power demand of so-called hyperscalers that operate massive cloud-computing infrastructure to manage growing artificial-intelligence processing.
On Monday, NextEra Energy and Google reached a deal to restart a decommissioned nuclear plant in Iowa.
As part of the new partnership, the government may also require Westinghouse to make a public offering of its shares if partnership interest vests and the company reaches a valuation of $30 billion or more by January 2029, the companies said.
advanced technology
Cameco and Brookfield Renewable Partners completed the $7.9 billion acquisition of Westinghouse, including debt, due in 2023. Brookfield Business Partners previously acquired the company from Toshiba Corp out of bankruptcy in 2018 for $4.6 billion.
The new reactors will incorporate Westinghouse’s advanced nuclear technology.
Tech giants including Google, Microsoft and Amazon have already struck deals to harness power from next-generation nuclear technologies, such as fusion and small modular reactors.
Constellation Energy and Microsoft have partnered to refurbish a unit of the Three Mile Island plant in Pennsylvania to power Microsoft’s data centers.