Power: DOE Announces $17.5B in Conditional Nuclear Loans - Our Quick Thoughts

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Power: DOE Announces $17.5B in Conditional Nuclear Loans - Our Quick Thoughts

TD Securities (USA) LLC QUICK HIT

June 23, 2026

■WRG Energy Transition & Sustainability Power: DOE Announces $17.5B in Conditional

Nuclear Loans - Our Quick Thoughts

John Miller THE TD COWEN INSIGHT

202 868 5306

DOE announced conditional $17.5B loan package for long lead-time Westinghouse nuclear

john.p.miller@tdsecurities.com

components.

Cooper Pryde

■Announcement is incremental confirmation of new nuclear focus.

212 468 7804

cooper.pryde@tdsecurities.com ■Action does not address utility cost overrun or cost recovery challenges.

■Project equity commitment requirements are silent on contributions from foreign partners

(JPN).

Sector Impacts: Industrials (Nuclear), Utilities, Data Centers

What Happened?

Today, DOE announced a conditional $17.5B commitment for up to five loans financing the

purchase of long-lead time Westinghouse AP1000 reactor components. Each loan is designed

to support two reactors, with DOE noting signed LOIs with seven (unnamed) potential partners.

■DOE's press release is (HERE).

■Our colleague Craig Hutchison's Cameco note is (HERE).

What's Our View?

Our three key points:

■Incremental Update - We see today's announcement as confirmation of EDF's new nuclear

focus (a message that has been hammered home repeatedly by leadership) and the Trump

Admin's (R) wider initiative to reduce nuclear development costs by commercializing/

scaling relevant supply chains. We are surprised today's action is limited to EDF loans and

not executed in coordination with expanded DPA purchasing authorities - prior note (HERE).

■Key Hurdles Remain - $17.5B in subsidized financing is a meaningful policy commitment,

but we believe today's action leaves key new nuclear challenges unaddressed.