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1h ago

DOE Finalizes $1 Billion Loan for Three Mile Island Unit 1 Restart

The loan lowers Constellation’s financing costs for a 2027 restart backed by 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 said the first disbursement is expected in the first quarter of 2026.
  • The restart would return roughly 835 megawatts of firm capacity to the PJM grid and marks the office’s first significant nuclear loan under the current administration.
  • Constellation’s long-term power purchase agreement with Microsoft is designed to supply data centers with round-the-clock carbon-free electricity.
  • Constellation is guaranteeing the loan, which covers most of the about $1.6 billion project cost and is structured to lower the cost of capital and protect taxpayers.
  • Regulatory reviews remain, including NRC and water permits, while Constellation reports the site is about 80% staffed with more than 500 hires and major equipment work underway.