North American Power & Utilities: Watt’s happening with new nuclear development?

Research evidence excerpt

North American Power & Utilities: Watt’s happening with new nuclear development?

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North American Power & Utilities

Watt’s happening with new nuclear

development?

Industry Overview

DOE takes next step to advance buildout of new nuclear 23 June 2026

The DOE announced a conditional commitment for up to $17.5bn of loans to support as Equity

many as five utility and energy company-led nuclear projects. The prospective North America

counterparties have not been publicly identified. Each project would include two Utilities

Westinghouse AP1000 reactors, representing a combined 10 (11.1 GWs) new large-scale Ross Fowler, CFA

nuclear units, with proceeds used to finance long-lead time equipment purchases. These Research Analyst

conditional commitments are expected to close within the next few months, subject to BofAS+1 646 855 1506

execution of definitive financing documents, enabling equipment orders to begin in the ross.fowler@bofa.com

second half of 2026 and potentially accelerating project timelines by up to three years. F. Paul Cole

Research Analyst

BofAS

+1 646 743 2122Selection process points to de-risked, financeable projects

paul.cole2@bofa.com

The DOE indicated that counterparties were selected against a detailed set of criteria,

Rinny Singh

including utility balance sheet capacity, the strength of EPC relationships, potential Research Analyst

engagement with large creditworthy offtakers such as hyperscalers, access to BofAS

+1 646 855 5729

appropriate sites, experience with the Nuclear Regulatory Commission (NRC) and overall rinny.singh@bofa.com

project viability. Importantly, counterparties must also demonstrate credible plans to Nicolas Woods

reach a final investment decision by month 30, underscoring DOE’s focus on projects Research Analyst BofAS