Note: Single-source report; awaiting corroboration.
The U.S. Department of Energy's Office of Energy Dominance Financing (EDF) marks the one-year anniversary of the Working Families Tax Cuts, which expanded its loan authority to over $250 billion through the Energy Dominance Financing Program (EDFP) to support reliable and affordable energy investments.
EDF Director Gregory A. Beard stated that previous policies undermined grid reliability with intermittent and costly technologies. He emphasized that the Working Families Tax Cuts provide a practical approach to increase energy supply by securing baseload power and critical mineral supply chains.
In the past year, EDF has played a key role in financing the U.S. nuclear sector. EDF announced a $17.5 billion conditional loan to fund long-lead time items needed to rebuild the domestic commercial nuclear supply chain. This funding is intended to accelerate deployment of 10 large commercial nuclear reactors nationwide by up to three years, with a goal of having reactors with completed designs under construction by 2030 to provide over 11 GW of secure generation.
EDF is also providing $1 billion to Constellation to finance the restart of the Crane nuclear plant in Pennsylvania, which will supply 835 MW of baseload power to the PJM Interconnection region. Additionally, EDF supports an up to $1.52 billion loan for the restart of the Palisades nuclear power plant in Michigan, expected to generate 800 MW of reliable baseload power.