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1h ago

DOE Closes $1 Billion Loan to Restart Three Mile Island Unit 1 by 2027

The financing supports Constellation's 2027 restart target under a 20-year Microsoft power deal.

FILE - At Constellation's nuclear power plant on Three Mile Island, called the Crane Clean Energy Center, near Middletown, Pa., the cooling towers are reflected in the Susquehanna River at sunrise, June 25, 2025. (AP Photo/Ted Shaffrey, File)
At Constellation's nuclear power plant on Three Mile Island, called the Crane Clean Energy Center, near Middletown, Pa., the cooling towers are reflected in the Susquehanna River at sunrise on Wednesday, June 25, 2025. (AP Photo/Ted Shaffrey)
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Overview

  • The Department of Energy’s Loan Programs Office finalized the $1 billion loan to Constellation as part of the administration’s push to expand firm nuclear supply in response to rising AI-driven electricity demand and price pressures.
  • The restart budget is about $1.6 billion, with the first federal disbursement expected in the first quarter of 2026 to keep the refurbishment on track.
  • Constellation is providing a parent guarantee on the loan, which DOE officials say is designed to protect taxpayers if the project falters.
  • Microsoft remains under contract to buy the plant’s output for 20 years, and the 835-megawatt unit has been renamed the Crane Clean Energy Center.
  • The plant’s return to service still depends on Nuclear Regulatory Commission approvals, water permits from the Susquehanna River Basin Commission, and PJM interconnection confirmation.