finance
United States and Canada Each Announce Plans to Build Ten New Nuclear Reactors
The United States and Canada have each unveiled plans to construct ten new nuclear reactors. The moves include U.S. federal loans requiring utility contributions and a Canadian goal to double grid capacity by 2050. They follow a decade in which China added 34 gigawatts of nuclear capacity while the United States completed one plant.
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The United States and Canada each announced plans to build ten new nuclear reactors. The United States will provide billions of dollars in federal loans through the Department of Energy to support construction, with utilities required to contribute hundreds of millions of their own funds. Canada’s plan forms a central part of a national effort to double electrical grid capacity by 2050.
Energy Minister Tim Hodgson introduced the Canadian initiative on Monday. He stated that no credible plan exists to double the grid and build a low-carbon economy in less than 25 years without nuclear energy and its reliable baseload power. Hodgson added that Canada cannot become an energy superpower without building on its existing nuclear advantages.
The Trump administration stated that the U.S. financing plan aims to produce lasting American dominance in the global nuclear energy market. The approach seeks to ease costs for large new reactor components.
In the past ten years the United States completed construction of one new nuclear plant. Over the same period China added 34 gigawatts of nuclear generating capacity. China is projected to become the world’s largest nuclear power producer within the next ten years.
