Liam Denning, Columnist

This $1 Billion Nuclear Loan Is a Bad Look for Nuclear

November 20, 2025 at 10:30 AM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

Second life.
Photographer: Heather Khalifa/Bloomberg

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America’s biggest nuclear power company just scored an unequivocal home-run. The implications for America’s vaunted nuclear power renaissance are a little more equivocal.

Constellation Energy Corp., which runs about one-fifth of US nuclear capacity, has obtained a loan of up to $1 billion from the Department of Energy. This is to help fund the restart of a shuttered reactor at the Three Mile Island plant in Pennsylvania; a project announced last year to supply electricity, indirectly, to Microsoft Corp.’s datacenters, perhaps as early as 2027.