The U.S. Department of Energy's Office of Energy-Dominated Financing (EDF) has committed almost all of its over $289 billion in available loan authority to baseload generation, transmission, and nuclear energy projects. The office stated that in the year since Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, federal energy loans have undergone a complete shift, with approximately $83 billion in loans and conditional commitments from the previous administration being restructured, revised, or canceled, including about $9.5 billion for wind and solar projects.
The EDF office has deployed $30 billion in loans to utility companies, including $26.5 billion provided in February to two wholly-owned subsidiaries of Southern Company for the construction or upgrade of over 16 gigawatts of stable power, and $3.26 billion provided on July 8 to AEP Texas for approximately 100 transmission projects in Texas. Additionally, in June, EDF conditionally committed $17.5 billion in U.S. nuclear supply chain loans to finance long-term components for 10 large reactors, aiming to accelerate the construction time of large reactors by up to three years and support the goal of building 10 new large reactors by 2030.
The U.S. Department of Energy's EDF office is reorienting federal energy financing towards baseload power, transmission, and nuclear energy, having deployed $30 billion in loans and committed $17.5 billion to the nuclear supply chain.
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