US to lend $4.2 billion to Vistra to boost nuclear power output, source says

Kitco Media
By Reuters
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Reuters
US to lend $4.2 billion to Vistra to boost nuclear power output, source says teaser image

The US will lend Vistra Corp (NYSE: VST) about $4.2 billion to boost its nuclear power generation, a person familiar with the matter said on Saturday.

US Energy Secretary Chris Wright will make the announcement on Monday at Vistra’s nuclear plant along Lake Erie in Ohio, said the person, who spoke on the condition of anonymity.

The loan would be used to boost power output, or “uprate” at least three of Vistra’s four nuclear stations, which can be done without requiring new licenses from the Nuclear Regulatory Commission.

The Department of Energy and Vistra did not immediately respond to requests for comment.

According to the US Nuclear Regulatory Commission, utilities can uprate nuclear plants by refueling with slightly more enriched uranium, or a higher percentage of new fuel, or through major plant modifications such as the replacement of main turbines. Utilities since the 1970s have used uprates to generate more power from reactors, the NRC’s website says. As of 2022 the agency had approved more than 170 uprates, according to the NRC.

Vistra has six reactors at four US plants that generate more than 6.5 gigawatts of electricity, enough to power about 3.25 million homes.

US power demand is growing for the first time in decades, driven by surging demand from the expansion of AI data centers, electrification of transportation and cryptocurrency mining.

President Donald Trump set a goal to quadruple US nuclear power capacity by 2050. The US Department of Energy has hundreds of billions of dollars in financing available from its loan office and Wright has said the bulk of that loan capacity will support nuclear power plants.

The Vistra news was first reported by Bloomberg.

(Reporting by Timothy Gardner; Editing by Sergio Non and Emelia Sithole-Matarise)

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