Overview
- The agreement with Westinghouse, Brookfield and Cameco targets deployment of AP1000 reactors at multiple sites with projects totaling at least $80 billion.
- The federal government will arrange financing and facilitate permits and is assigned the final investment decisions, with loan guarantees reported as under consideration.
- Upon a final investment decision, the U.S. secures 20% of cash distributions above $17.5 billion and could require an IPO by 2029 if Westinghouse exceeds a $30 billion valuation, with an option to convert into up to a 20% equity stake.
- A parallel U.S.–Japan framework commits up to $332 billion for U.S. energy infrastructure including AP1000 and SMR projects, with Japanese suppliers potentially contributing components for up to $100 billion of reactors.
- Execution risks persist given Vogtle’s years-long delays, cost overruns and the absence of a permanent waste repository, even as AI-driven data centers fuel demand and tech firms back restarts such as Google’s Duane Arnold and Microsoft’s Three Mile Island.