Latest news with #AP1000
New York Post
11 hours ago
- Business
- New York Post
Westinghouse pursuing US nuclear expansion with 10 large reactors after Trump orders: report
Nuclear equipment supplier Westinghouse is in talks with US officials and industry partners about deploying 10 large reactors, in response to presidential executive orders, the Financial Times reported on Sunday, citing the company's CEO. President Trump's executive orders, which were published on May 23, directed the government to cut down on regulations and fast-track licenses for reactors and power plants to shrink a multiyear process to 18 months. A Westinghouse 16.5 megawatt generator sits in unit 4 at PG&E Corp.'s Drum Power House in Alta, California, U.S., on Monday, Aug. 23, 2010. Bloomberg via Getty Images President Donald Trump arrives at Hagerstown Regional Airport, in Hagerstown, Md., on his way to Camp David, Md., Sunday, June 8, 2025. AP Dan Sumner, Westinghouse interim chief executive, told the FT that the company was 'uniquely positioned' to deliver the president's agenda because it had an approved reactor design, a viable supply chain and recent experience of building two of its AP1000 reactors in Georgia. 'There is active engagement with the administration, including key points of interface with the loan programs office, recognizing the importance of financing to the deployment of the model,' he told the FT. Westinghouse did not immediately respond to requests for comment outside regular business hours.
CNBC
a day ago
- Business
- CNBC
Westinghouse pursues U.S. nuclear expansion after Trump orders, FT reports
Nuclear equipment supplier Westinghouse is in talks with U.S. officials and industry partners about deploying 10 large reactors, in response to presidential executive orders, the Financial Times reported on Sunday, citing the company's CEO. President Donald Trump's executive orders, which were published on May 23, directed the government to cut down on regulations and fast-track licences for reactors and power plants to shrink a multi-year process to 18 months. Dan Sumner, Westinghouse's interim chief executive, told the FT that the company was "uniquely positioned" to deliver the president's agenda because it had an approved reactor design, a viable supply chain, and recent experience of building two of its AP1000 reactors in Georgia. "There is active engagement with the administration, including key points of interface with the loan programs office, recognizing the importance of financing to the deployment of the model," he told the FT. Westinghouse did not immediately respond to requests for comment outside regular business hours.
Time of India
a day ago
- Business
- Time of India
Westinghouse pursues US nuclear expansion after Trump orders, FT says
Nuclear equipment supplier Westinghouse is in talks with U.S. officials and industry partners about deploying 10 large reactors, in response to presidential executive orders, the Financial Times reported on Sunday, citing the company's CEO. President Donald Trump's executive orders, which were published on May 23, directed the government to cut down on regulations and fast-track licences for reactors and power plants to shrink a multi-year process to 18 months. Dan Sumner, Westinghouse interim chief executive, told the FT that the company was "uniquely positioned" to deliver the president's agenda because it had an approved reactor design, a viable supply chain and recent experience of building two of its AP1000 reactors in Georgia. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 20 Most Expensive Cars In The World "There is active engagement with the administration, including key points of interface with the loan programmes office, recognising the importance of financing to the deployment of the model," he told the FT. Westinghouse did not immediately respond to requests for comment outside regular business hours. Live Events
Hindustan Times
6 days ago
- Business
- Hindustan Times
Meta set to buy nuclear power from Constellation as AI demand shoots up
Constellation Energy Corp. agreed to sell power from an operating Illinois nuclear plant to Meta Platforms Inc., a deal that could spur construction of a new reactor at the site as artificial intelligence sends power demand soaring. The parent company of Facebook, Instagram and WhatsApp signed a 20-year contract to buy the output from the Clinton plant starting in mid-2027, when a state subsidy expires, according to a statement Tuesday. Constellation, the biggest US nuclear operator, declined to provide financial details. The agreement is the latest evidence of technology companies' voracious appetite for energy to run data centers and AI. Nuclear energy is especially prized because it's available around the clock and doesn't emit planet-warming air pollution. Under the deal, Constellation will invest in boosting Clinton's output. The company is also considering plans to build another reactor at Clinton, which already has federal approval for a second unit. 'It's a logical place for us to talk to Meta, and to others, about potentially building the next generation of assets,' Constellation Chief Executive Officer Joe Dominguez said in an interview. 'Those conversations are well underway.' Shares of Constellation surged as much as 16% in pre-market trading in New York while Meta was little changed. Constellation said last year that it will invest $1.6 billion to revive its shuttered Three Mile Island plant in Pennsylvania and sell all the output to Microsoft Corp. While there's also strong interest from technology companies in new reactors, power producers are wary of committing to a major nuclear investment after Southern Co. last year completed its Vogtle project in Georgia years behind schedule and more than double its budget. A major tech company could provide the support that would prompt Constellation to move forward with a new reactor, Dominguez said, a decision that would be a significant advance for the industry. He's evaluating a broad range of potential technologies for the site, from small reactors that are still under development to the big AP1000 design that Southern installed in Georgia. The Meta deal marks a significant turnaround for the Clinton plant, which has about 1,100 megawatts of capacity — enough to power about 1 million homes. Then-owner Exelon Corp. had threatened to close the site in 2017 as nuclear operators around the US struggled to compete with cheap natural gas and renewables. The company changed course after Illinois approved a 10-year subsidy. Constellation has other Illinois nuclear plants receiving state subsidies that are set to expire in the next several years, and Dominguez said he's talking to multiple customers about additional deals similar to the Meta contract. He said there may be a completed agreement in the next six to 12 months. The contract is Meta's largest power deal to date, according to Urvi Parekh, the company's global head of energy. The company is increasingly interested in nuclear to run its operations, and in December announced it was seeking proposals for as much as 4 gigawatts of new US reactors. So far it's received about 50 proposals from a range of companies, including Constellation. That initiative is aimed as bringing power onto the grid in the early 2030s, while the Clinton deal is seen as a near-term effort. With the subsidies set to expire, Meta and Constellation said they wanted to ensure the plant remained competitive. 'It was not clear who would buy electricity from this power plant,' Parekh said in an interview. 'We want to make sure that this location continues to be a site where nuclear operates and it's going to give Constellation the ability to start thinking creatively about how they could expand capacity here in the future.'
CNBC
27-05-2025
- Business
- CNBC
Trump's orders to boost nuclear power will benefit these two stocks the most, Goldman says
Uranium mining giant Cameco and small modular reactor developer NuScale are poised to benefit the most from President Donald Trump's recent executive orders on nuclear power, according to Goldman Sachs. Cameco and NuScale have rallied on Trump's orders, gaining nearly 16% and 20% respectively since Friday. Trump's actions aim to boost domestic uranium mining and enrichment, deploy advanced reactors at Defense and Energy Department facilities, and force the Nuclear Regulatory Commission to approve new reactor licenses within 18 months. Cameco will benefit from increased uranium demand if nuclear generation capacity grows in the U.S. due to the orders, Goldman analyst Brian Lee told clients in a note. The company also controls a 49% stake in reactor developer Westinghouse, which could gain a tailwind if its large AP1000 design is selected for new nuclear plants builds in the U.S. Trump said Friday that his orders focus on small, advanced reactors but the administration also supports building large plants. "We're also talking about the big plants — the very, very big, the biggest," Trump said. "We're going to be doing them also." NuScale will benefit if its small modular reactor design clears the NRC, Goldman's Lee said. The Department of Energy could select NuScale's design to power an artificial intelligence data center. Trump directed the Secretary of Energy to find sites owned by the department where data centers and advanced reactors can be deployed together. Goldman has a buy rating on Cameco with a target of $65, implying nearly 11% upside from Friday's close of $58.69 per share. The investment bank is neutral on NuScale with a target of $24, suggesting 20% down side from Friday's close of $30.24 per share.
