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2w ago

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

The financing lowers Constellation’s costs to deliver firm power under a long-term Microsoft contract.

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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 Energy Department’s Loan Programs Office closed a $1 billion loan for Constellation’s Crane Clean Energy Center restart, with the first disbursement expected in the first quarter of 2026.
  • Constellation guaranteed the loan, and officials say the structure is designed to protect taxpayers if the project fails.
  • Electricity from the revived unit will be sold to Microsoft under a 20-year agreement tied to growing data center demand on the PJM grid.
  • Unit 1, a 835‑megawatt reactor shut since 2019, is targeting a 2027 return as Constellation replaces major equipment and ramps up staffing.
  • The project still requires Nuclear Regulatory Commission approvals and water permits before it can generate power under the contract.