US signs $80 billion nuclear deal with Westinghouse partners

The United States government has signed an $80 billion nuclear agreement with the Canadian owners of Westinghouse Electric to construct new nuclear power plants, marking one of the most ambitious atomic energy initiatives in decades. The deal underscores President Donald Trump’s continued push for “energy dominance,” a strategy emphasizing expanded oil, gas, coal, and nuclear output.

The agreement, signed Tuesday, involves Westinghouse Electric’s owners—Cameco Corp. and Brookfield Asset Management—and includes plans for the U.S. government to provide financing and support in securing permits for the reactors.

In return, the U.S. will receive 20% of future profits after Brookfield and Cameco earn a combined $17.5 billion. The government may also convert its profit share into an equity stake of up to 20% if Westinghouse’s valuation exceeds $30 billion. The companies said a public listing of Westinghouse could take place by 2029.

Japan to back infrastructure

President Trump, currently on a visit to Asia, announced in Tokyo that Japan will invest up to $332 billion in U.S. infrastructure projects, including the construction of Westinghouse AP1000 reactors and small modular reactors.

A joint fact sheet released Tuesday indicated that Japanese companies such as Mitsubishi Heavy Industries, Toshiba, and IHI Corp. may participate in up to $100 billion worth of reactor construction under the framework of the $80 billion nuclear agreement.

U.S.-listed shares of Cameco rose more than 25% following the announcement.

Industry faces high costs and delays

Despite the renewed focus on nuclear expansion, analysts say the sector continues to face challenges, including cost overruns and safety concerns. The last two U.S. reactors, built by Westinghouse at the Vogtle site in Georgia, were completed in 2023 and 2024—seven years behind schedule and at a final cost of $35 billion, more than double the original $14 billion estimate.

Westinghouse filed for bankruptcy in 2017 after earlier cost overruns, later emerging under Brookfield’s ownership, with Cameco holding a minority stake. Currently, no large reactors are under construction in the United States.

The Trump administration in May directed the Nuclear Regulatory Commission (NRC) to streamline licensing, reducing approval times from several years to about 18 months. The order sets a target of 10 new large reactors by 2030. This initiative builds on the momentum of the $80 billion nuclear agreement.

U.S. Energy Secretary Chris Wright said the move represents “delivery on the president’s promise of a nuclear renaissance.” The NRC declined to comment on the deal until the agency resumes full operations following the government reopening.

Growing energy demand from AI

Supporters of the initiative point to a sharp rise in power consumption driven by artificial intelligence data centers and other high-energy industries. Electricity demand in the United States is climbing for the first time in two decades, putting new pressure on the grid.

In a related development, NextEra Energy and Alphabet’s Google announced a deal on Monday to restart an idle nuclear plant in Iowa. Tech companies, including Google, Microsoft, and Amazon, are also investing in advanced nuclear technologies such as fusion and small modular reactors.

Constellation Energy and Microsoft recently agreed to revive a unit of the Three Mile Island plant in Pennsylvania to supply power to Microsoft’s data centers.

While critics warn of unresolved issues surrounding radioactive waste storage, industry leaders argue that nuclear energy remains a key part of meeting future power needs.

The U.S.-Westinghouse deal, strengthened by the $80 billion nuclear agreement, marks a significant step in reviving the nation’s nuclear program as global demand for low-carbon and high-output energy sources grows.

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