A partnership between the U.S. government and three companies – Westinghouse Electric, Cameco and Brookfield Asset Management – will see at least $80 billion in new nuclear reactors built across the United States. The ambitious plan, announced on Tuesday, marks one of the most significant U.S. investments in atomic energy for decades.
This initiative underscores Donald Trump’s administration’s agenda to maximize energy output, encompassing oil, gas, coal and nuclear. It also comes as growth in artificial intelligence data centers boosts U.S. power demand for the first time in two decades, straining parts of the grid.
Under the agreement with Westinghouse Electric, Cameco and Brookfield Asset Management, the government will arrange financing and help secure permits for the plants using Westinghouse reactors.
In return, the government would be granted a participation interest that, once vested, will allow it to get 20 percent of any cash distributions in excess of $17.5 billion made by Westinghouse, the companies said.
The companies did not say when the U.S. government interest would vest, but added that the government must make a final investment decision and enter agreements to complete construction of the plants.
U.S.-listed shares of Cameco were up more than 21 percent in midday trading.
Building new U.S. nuclear reactors has been difficult due to soaring costs as well as public concern about potential accidents and nuclear waste.
The last two U.S. reactors built at the Vogtle site in Georgia in 2023 and 2024 were about seven years behind schedule and cost about $35 billion, more than double an original estimate of $14 billion.
No large reactors are currently under construction.
The Trump administration in May ordered the U.S. Nuclear Regulatory Commission to slash regulations and fast-track new licenses for reactors, seeking to shrink a multi-year process down to 18 months. The order called for 10 new large reactors under construction by 2030.
The administration also reviewed staffing levels at the independent agency, which led some critics to question whether permits would be rushed at a risk to safety.
The NRC said it would respond to a request for comment about the deal once it has returned to full operations after the government shutdown. The Department of Energy did not immediately respond to a request for comment.
Critics also point to the fact that there is no permanent U.S. repository for radioactive waste, which remains dangerous for thousands of years. It is currently kept on site at nuclear plants in cooling pools and then moved into hard casks.
Still, momentum around nuclear is being driven by surging round-the-clock power demand from the so-called hyperscalers that operate massive cloud-computing infrastructure to manage rising artificial-intelligence processing.
