Energy Secretary Chris Wright has announced a major shift in how the Department of Energy’s Loan Programs Office will allocate funds, focusing the largest share on nuclear power plants. Wright stated that the office, previously known for supporting renewable energy projects, will now prioritize nuclear energy to help build new plants and meet rising electricity demand. This move comes as the United States seeks to expand its nuclear capacity, with the Trump administration aiming to quadruple domestic nuclear power production by 2050 and have 10 new large reactors under construction by 2030.
Wright emphasized that the federal government will match private sector investments in nuclear energy, potentially at a ratio of three or even four to one with low-cost federal loans. He noted that recent interest in nuclear power has surged, driven by the rapid growth of artificial intelligence and the resulting need for reliable electricity. Wright also highlighted that the Department of Energy is working to streamline regulations and speed up the construction of new power generation and transmission infrastructure.
In recent days, Wright has been active internationally, signing long-term natural gas deals in Greece and promoting American energy exports. He attended a major energy conference in Athens, where he discussed the potential for next-generation nuclear reactors to serve island communities and strengthen energy cooperation between the United States and Greece. Wright also mentioned that the United States is committed to helping Europe reduce its dependence on Russian energy by increasing American energy exports.
Wright addressed concerns about the speed of building new power plants, noting that while the capital is available, the challenge lies in quickly scaling up supply chains and construction capabilities. He expressed confidence that the United States can meet its ambitious energy goals, citing strong support from both the government and the private sector.
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