US offers $5 billion in financing to Constellation to boost nuclear power generation

BlockBeats news, October 27 - The Trump administration is considering providing up to $5 billion in financing to Constellation Energy to upgrade and modernize the company's nuclear reactor facilities in Illinois, Maryland, and Pennsylvania.

The U.S. Department of Energy stated that, supported by this conditional loan commitment, the related projects are expected to add nearly 1.1 gigawatts (GW) of power supply, helping to strengthen the grid and reduce costs.

U.S. Secretary of Energy Wright plans to announce this financing arrangement later on Tuesday at a nuclear power plant in Illinois. The plant will supply power to Google. In a statement, Wright said: "The Department of Energy is accelerating President Trump's 'American Nuclear Renaissance' plan and fully unlocking the potential of our nation's existing nuclear energy facilities."