The U.S. Department of Energy (DOE) has announced a conditional loan commitment of up to $5 billion to finance upgrades and modernization efforts at Constellation Energy nuclear facilities.
Constellation says these funds will be allocated to all six of Illinois' nuclear power plants located in Braidwood, Byron, Clinton, Dresden, LaSalle, and Cordova.
Additional funds will be allocated to Calvert Cliffs Clean Energy Center in Maryland and Limerick Clean Energy Center in Pennsylvania.
The announcement was made Tuesday, Oct. 27 by U.S. Secretary of Energy Chris Wright in the shadow of Byron Clean Energy Center's twin cooling towers.
According to a press release issued by the DOE, this investment is expected to add nearly 1.1 gigawatts to multi-state power grids and power more than 930,000 homes.
Secretary Wright touted the federal loan as a major milestone designed to foster "an American nuclear renaissance."
"The way to lower energy costs," said Wright, "is to grow our energy production, not celebrate the closing of plants or blocking new plants from being constructed. It's energy addition. That's the way to drive economic growth, drive national security, and allow people to live better lives."
U.S. Rep. Darin LaHood also spoke at Tuesday's event, affirming nuclear power as "a critical part of our energy future."
"Modernizing the facilities we already have," said LaHood, "is a practical way to strengthen our energy sector and support the workers and communities that depend on this industry. By investing in our existing facilities, advancing new technologies, and supporting the workers who make this industry possible, we can deliver more reliable and affordable electricity while strengthening our economy and national security."
The announcement at Byron was also attended by DOE Office of Energy Dominance Financing Director Gregory A. Beard, Illinois state Sen. Li Arellano Jr., and Illinois state Reps. Sue Rezin and Bradley Fritts.
The DOE's investment in nuclear comes as the Trump administration has significantly rolled back federal support for other clean energy projects, like wind and solar, across the country.
