WASHINGTON-The U.S. Department of Energy’s (DOE) Office of Energy Dominance Financing (EDF) celebrates the one-year anniversary of President Trump’s historic Working Families Tax Cuts. Made possible by the Working Families Tax Cuts, EDF has tallied several vital wins to rebuild supply chains, lower household energy bills, and strengthen U.S. energy and industrial leadership.
The Working Families Tax Cuts expanded the scope of EDF’s more than $250 billion available loan authority to support reliable and affordable energy-related investments through the revamped and renamed Energy Dominance Financing Program (EDFP).
“The prior administration had policies that undermined our grid with intermittent and expensive technologies that didn’t deliver the affordable, reliable and secure energy that Americans need,” EDF Director Gregory A. Beard said. “The Working Families Tax Cuts empowered the nation with a common-sense approach to increasing the nation’s energy supply through ensuring baseload power goes to a secure and reliable grid, securing critical mineral supply chains, winning the global AI race and launching the American nuclear renaissance.”
EDF is working to rapidly implement and deploy the EDFP. Over the past year, these accomplishments include:
Financing America’s nuclear renaissance
EDF has financed nuclear restarts and reestablished domestic manufacturing capabilities central to the Administration’s goal of reinvigorating the U.S. nuclear industrial base. As part of a national nuclear renaissance strategy, EDF recently announced a $17.5 billion conditional loan to finance long-lead time items needed to rebuild America’s commercial nuclear supply chain. This investment will accelerate the deployment of 10 large-scale commercial nuclear reactors across the United States by up to three years. The project marks a major step toward advancing President Trump’s Executive Order, Reinvigorating the Nuclear Industrial Base, by supporting the objective of having 10 new large nuclear reactors with complete designs under construction by 2030, representing over 11 GW of secure, reliable generation. EDF is lending $1 billion to Constellation to help finance the Crane nuclear restart, an 835 MW plant located on the Susquehanna River in Londonderry Township, Pennsylvania that will provide reliable and affordable baseload power to the PJM Interconnection region. EDF also continues to support an up to $1.52 billion loan to support the restart of the previously shutdown Palisades nuclear power plant in Covert Township, Michigan. Once complete, the plant will generate 800 MW of affordable and reliable baseload power.
Lending to support a stable, reliable grid
EDF is deploying the Working Families Tax Cuts’ strengthened authorities to drive immediate savings for American households. Currently, EDF has deployed $30 billion in loans to utility companies, with over $8 billion in savings being passed through to customers. Utility loans previously considered under the Biden Administration have been modified to remove intermittent energy sources and focus on common-sense baseload generation. This is just the start, with many more billions expected to be delivered in the coming months. Examples of existing loans include a historic $26.5 billion loan package to Southern Company to deliver over $7 billion in electricity cost savings to millions of customers in Georgia and Alabama and build or upgrade over 16 gigawatts (GW) of firm reliable power to the electrical grid. Additional loans include a $1.6 billion loan to American Electric Power to reconductor and rebuild around 5,000 miles of transmission lines across Indiana, Michigan, Ohio, Oklahoma, and West Virginia and a $1.6 billion loan to DTE Gas to lower energy prices for Michiganders by modernizing and strengthening approximately 800 miles of distribution mains and service lines while delivering over $700 million in cost savings to millions of customers in Michigan.
Supporting domestic industries
The Working Families Tax Cuts are also helping EDF rebuild U.S. capabilities in strategically vital sectors beyond electricity generation. EDF is particularly focused on critical minerals, materials, and other strategically important resources. As an early example, EDF issued a $1.5 billion loan to Wabash Valley Resources to produce 500,000 metric tons of fertilizer per year from a coal plant in West Terre Haute, Indiana, restoring domestic ammonia production for American agriculture.
Thanks to Working Families Tax Cuts, EDF is delivering a once in a generation surge in energy infrastructure investment that is lowering costs for American families, rebuilding critical domestic supply chains, and accelerating the next American nuclear energy renaissance.