Energy chief: First new nuclear reactors planned in the US likely to receive government loans

Chris Wright, the U.S. Energy Department Secretary, told Congress in a Thursday hearing that "almost certain" the first five to ten new nuclear reactors planned for America will receive loans from its?lending department.

Last year, President Donald Trump signed a?executive Order calling for ten new large nuclear reactors to be built by 2030 and for the 'Nuclear Regulatory Commission' to expedite reactor approvals.

There is currently no approved plan to build large new reactors.

The final U.S. nuclear reactors, which will be operational in Georgia's Vogtle, are seven years behind schedule and cost $17 billion over budget. This is despite the fact that billions of dollars were borrowed from the Energy Department's Loan Office during Trump's earliest era.

Last year,?Wright stated that the Office of Energy Dominance Finance has nearly $290 Billion in loanable funds. "By far, this money will be used for nuclear power plants," he said.

(source: Reuters)