Washington D.C.: Picture this—2017. Blockbuster films like Get Out lit up the screen, while rapper Zohran Mamdani, then known as Young Cardamom, made waves in music. The world was buzzing with change as the Trump administration took the reins and turned its gaze to energy policy.
That year marked a significant pivot. In a bid to support faltering coal and nuclear plants under pressure from cheap gas and renewables, substantial subsidies were proposed. They could have cost taxpayers billions. Spoiler alert: it backfired.
Fast forward to today. Nuclear energy is attempting a comeback, riding the coattails of AI hype. Three nuclear facilities shut their doors since 2020, with just four reactors initiated since 2000, facing political hurdles and massive delays. Coal? Its reign is dwindling, dropping to 17% of the energy mix from a staggering 45% in 2010.
Here’s the twist: this administration isn’t just whispering about nuclear. It’s loudly heralding it as the solution to the energy woes of a tech-driven future. This May, executive orders went live. Ten new reactors could rise by 2030, with a fresh pilot program at the Department of Energy encouraging innovation among startups. Energy secretary Chris Wright optimistically declared that “AI’s progress will be accelerated by rapidly unlocking and deploying commercial nuclear power.”
The tech giants aren’t sitting idle either. Companies like Google, Amazon, and Microsoft are making strategic moves, shaking hands with nuclear firms to power their data empires. Even Microsoft is eyeing a resurrection of the infamous Three Mile Island, buoyed by a hefty $1 billion federal loan. Public sentiment is clear—nuclear power support has hit a peak not seen in over a decade.
Yet, amidst the optimism, the practicality of nuclear energy raises eyebrows. Construction costs continue to be the primary hurdle, overshadowing the narrative of regulatory burdens. Skepticism surrounds inflated evaluations for small modular reactor firms cozy with the Trump administration. An $80 billion pact with Westinghouse barely scratches the surface, prompting a cascade of unanswered questions. The ambitious timelines touted by tech partners may not be as straightforward as they sound.