Brookfield (51%) and Cameco (49%) are the co-owners of Westinghouse, the maker of the reactors.
From the Wall Street Journal, June 23:
Energy Department will let utilities tap government funds to kick-start reactor orders
The Trump administration is so eager to see a nuclear power renaissance that it is starting to fund billions of dollars for reactor orders.
In a new deal expected to be announced Tuesday, low-interest loans amounting to $17.5 billion from the Energy Department will be available for utilities to finance equipment orders for the Westinghouse AP1000, the company’s flagship nuclear reactor, a version of which China is building at industrial scale.The loans are intended to speed up construction of 10 reactors in the U.S. Five loans will be available for projects with two reactors each, the Energy Department said.U.S. Energy Secretary Chris Wright said the conditional loans were part of a broader Trump administration mission to “unleash the next American nuclear renaissance.”They “will also help accelerate the timeline of building those large-scale reactors by up to three years, lowering construction costs and ensuring the United States is able to deliver on President Trump’s bold and ambitious energy addition agenda,” Wright said.The hope is that new AP1000s could come online starting in 2035, said Dan Sumner, chief executive of Westinghouse Electric.“It really kick-starts fleet-scale nuclear development in the United States,” Sumner said.Seven utilities have already signed formal letters of intent for the five available project loans, according to the Energy Department, which didn’t name the utilities.
The companies would form partnerships with Westinghouse and each have at least one potential site for a reactor, primarily locations with an existing reactor or large power plant, or sites that have done previous licensing work with the Nuclear Regulatory Commission, the Energy Department said.Several large power players have told regulators and investors that they aim to bring new large or small nuclear projects online sometime in the coming decades, including Duke Energy DUK , Dominion Energy D and PacifiCorp. States including New York and Illinois are also interested in expanding their nuclear generation.Government financing could boost a big technology that has struggled to move beyond its troubled first projects in the U.S. The only AP1000s finished domestically—two units at Georgia’s Vogtle nuclear-power plant—were originally expected to cost $14 billion, but ultimately exceeded $30 billion. They were meant to be completed in 2016 and 2017, but didn’t come online until 2023 and 2024.A similar reactor project in South Carolina was abandoned in 2017 after costs spiraled past $9 billion.After that, no U.S. utilities were eager to join the queue for the Westinghouse reactors. Investors and regulators, too, have been wary of cost and protracted timeline risks.The Energy Department said that by using low-cost government loans to make a steady series of bulk equipment purchases, the nuclear-power supply chain could be supercharged, effectively getting equipment ordered and manufacturing under way while the projects make their way through permitting, regulatory hurdles and final investment decisions.Something like a 20-year power-purchase agreement with large tech companies also would likely be needed to move projects into construction and lower cost risks for utilities. Tech giants have been backing everything from small modular nuclear reactors to rebooting shutdown reactors. The Energy Department said it also has been coordinating with tech companies, engineering firms, utilities and others to figure out risk sharing....
....MUCH MORE
Here's Cameco's press release via BusinessWire, June 23:
And a few CCJ posts from 2026 (they go back years):
March 4 - Reuters Exclusive: "Japan, US aim to add nuclear power project to $550 billion investment package, sources say" (CCJ; BAM) [BAM is a 45% holder of BEP]
March 25 - "JPMorgan sees 'national security risk' in old grid networks" (GEV; PWR; PRY.MI; etc.)
Welcome aboard the Love Train.
June 23 - Nuclear:
Canada Will Be Pitching It's Homegrown Candu Reactor (but also leaving
open the choice of A Westinghouse Or A GEV/Hitachi) CCJ
Westinghouse is 49% - owned by one of the component companies of our hyperconcentrated electrical mini-portfolio, the world's #2 uranium miner, Cameco.