Department of Energy Announces a New Multi-Billion-Dollar Nuclear Energy Deal
Vistra just landed a conditional $4.2 billion DOE loan. The deal reveals something much bigger for investors in nuclear energy stocks.
Overview
Washington's latest nuclear deal adds new power without building a single new reactor. Energy Secretary Chris Wright made the pitch on Monday: run the existing nuclear plants in America longer to deliver cheaper, steadier power around the clock.
The U.S. Department of Energy (DOE) announced a loan commitment of up to $4.2 billion for Vistra (NYSE:VST) to extend and upgrade three of its nuclear plants -- Beaver Valley in Pennsylvania, and Davis-Besse and Perry in Ohio.
Details
The DOE says the project will preserve nearly 4 gigawatts (GW) of existing power and add 433 megawatts (MW) of new capacity. That could power more than 3 million homes across Pennsylvania, Ohio, and the PJM region. The PJM region is the stretch of the eastern U.S. where PJM Interconnection runs the power grid, covering all or parts of 13 states and the District of Columbia.
Source
Originally published at www.fool.com.