The U.S. Department of Energy is offering Constellation Energy a $5 billion loan to expand eight nuclear power plants and add 1.1 gigawatts of generating capacity. Constellation said it plans to use the funding to carry out uprates at 11 existing reactors. The company also said it has committed more than $7 billion to add 1,080 megawatts of nuclear generation for Google, Amazon, and Meta, with most or all of the added output from seven plants already pre-purchased by the three tech companies. According to TechCrunch, hyperscalers including Google, Amazon, and Meta have been seeking additional power capacity on the grid to support AI data centers. The report said large technology companies are paying high prices for energy and have pledged to spend tens of billions of dollars in the coming years. The DOE loan could improve profitability for Constellation or the tech giants by lowering the capital cost of the upgrade projects.
The U.S. Department of Energy is offering Constellation Energy a $5 billion loan to expand eight nuclear power plants, adding 1.1 gigawatts of generating capacity.
Constellation said it plans to use the funding to carry out uprates at 11 existing reactors.
The company also said it has committed more than $7 billion to add 1,080 megawatts of nuclear generation for Google, Amazon, and Meta. Most or all of the added electricity from seven of those plants has already been pre-purchased by the three technology companies.
According to TechCrunch, hyperscalers such as Google, Amazon, and Meta have been looking for additional power capacity on the grid to support their AI data centers. The report said tech companies are paying high prices for energy and have pledged to invest tens of billions of dollars over the next few years.
TechCrunch added that the DOE loan may improve profitability for Constellation or the tech giants by lowering the capital cost of the upgrade projects.
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