Westinghouse has claimed an agreement with the Trump administration to build $80 billion worth of new nuclear reactors in the US. The deal, negotiated during President Trump's trip to Japan, involves Japanese investments up to $332 billion in energy infrastructure. Details remain sparse, with no confirmation from government or partner websites.
On Tuesday, Westinghouse announced it had reached an agreement with the Trump administration that would see $80 billion of new nuclear reactors built in the US. The company stated it would be involved in constructing 'at least $80 billion of new reactors,' a mix of large AP1000 reactors and small modular AP300 reactors, aiming to 'reinvigorate the nuclear power industrial base.'
The agreements were negotiated during President Trump’s trip to Japan, where an announcement indicated that 'Japan and various Japanese companies' would invest 'up to' $332 billion for energy infrastructure. This specifically mentioned Westinghouse, GE Vernova, and Hitachi, promising construction of both AP1000 and small modular nuclear reactors. The US government also indicated finalized plans for a collaboration between GE Vernova and Hitachi to build additional reactors. However, the total amount devoted to nuclear reactors is not specified, and many other companies would receive portions for basic grid infrastructure.
As of publication, details are remarkably sparse. The Department of Energy has no information on the deal, and websites for Hitachi, GE Vernova, and their collaboration are silent. Westinghouse, now co-owned by Cameco and Brookfield Asset Management, faces challenges after previous projects bankrupted the firm; there are currently zero nuclear reactors under construction in the US.
The Financial Times reports that one of Westinghouse’s owners believes the $80 billion could fund eight reactors but would only finance five if costs match previous AP1000 builds in the US. It also notes the US government would share profits and take a stake in the company if the deal proceeds.
Profitability poses a major hurdle. The Department of Energy’s latest evaluation ranks nuclear power as the second-most expensive electricity source in the US, behind offshore wind, whose costs have recently fallen. Additionally, none of the small modular reactor designs from these companies has been approved by the Nuclear Regulatory Commission.