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Nuclear energy

$80 Billion Deal to Build Nuclear Reactors Aims to Quadruple US Nuclear Capacity by 2050

Strategic Insights

— 1 min read

A historic $80 billion deal between the US government and owners of Westinghouse, Brookfield Asset Management and Cameco, will see the construction of a fleet of nuclear reactors aimed at quadrupling the country's nuclear capacity to 400 Gigawatts by 2050. The partnership, formed in October 2022, will utilize funding from a trade agreement with Japan and deploy Westinghouse AP1000 power plants and small modular reactors across the US. The deal is expected to create over 100,000 construction jobs and sustain 45,000 manufacturing and engineering jobs in 43 states.

Key Takeaways:

  • The $80 billion deal will support the construction of eight Westinghouse AP1000 power plants or a mix of larger facilities and small modular reactors across the US.
  • The AP1000 reactor is a gen 3.5 advanced reactor with fully passive safety systems, modular construction design, and the smallest footprint per MWe on the market.
  • There are six AP1000 reactors currently operational and 14 additional reactors under construction worldwide.
  • China has also developed its own AP1000-inspired reactor designs.
  • The US government will benefit from rights to 20% of Westinghouse profits, as well as the option to acquire a 20% equity stake in the company.
  • Brookfield and Cameco formed a strategic partnership to acquire Westinghouse in October 2022.

Statistics:

  • $80 billion: The value of the deal to build nuclear reactors in the US.
  • 400 Gigawatts: The target nuclear capacity to be reached by 2050.
  • 8: The number of Westinghouse AP1000 power plants or a mix of larger facilities and small modular reactors to be constructed.
  • 45,000: The number of manufacturing and engineering jobs to be sustained in 43 states.
  • 100,000: The number of construction jobs to be created nationwide.
  • 14: The number of additional AP1000 reactors under construction worldwide.
  • 5: The number of additional AP1000 reactors under contract.

Sources:

  • Utility Dive News: "Westinghouse, Brookfield, Cameco land $80 billion deal to deploy AP1000 reactors in US"
  • Brookfield Asset Management: Strategic Partnership to Acquire Westinghouse, October 2022.

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