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US Energy Sec. Chris Wright said Friday that the Trump administration is preparing to deploy money Congress previously authorized to boost domestic uranium production as part of its efforts to kickstart a nuclear energy “renaissance.”
“I think the conditions are there, and the administration is going to do everything we can to lean in, to help commercial businesses and customers launch nuclear,” Wright told Semafor’s Elana Schor at the World Economy Summit in Washington, DC.
Demand for electricity is set to spike amid the growing adoption of artificial intelligence in the US and worldwide. Wright said his agency aimed to support companies interested in developing small modular nuclear reactors, as well as larger traditional reactors.
The government is also making it easier for companies to test their products, Wright said, and offering land at Department of Energy facilities. It’s also supplying fuel for next-generation reactors.
Wright said he is also pushing for additional funds to be included in a reconciliation bill moving through Congress, particularly as the department seeks to invest in new fission techniques.
“This is an area that I think some catalyzing investment makes sense,” Wright said.
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Wright also told Semafor that he’s optimistic about Asian investors signing onto an estimated $44 billion massive liquified natural gas export project out of Alaska.
Officials from Japan, South Korea, and Taiwan are all interested in investing in the project and are in talks with the Trump administration about trade agreements to unwind some of US President Donald Trump’s sweeping tariffs. The administration has said the natural gas project is a national priority.
“[I]ts odds of happening are pretty good. It’s looking exciting,” Wright said.
The Semafor View
The energy transition is changing, not ending. Renewable and fossil-fuel production are at record highs. Clean energy is cheaper than oil drilling, and Big Tech’s appetite for power is growing exponentially. Investments into new fuel sources and green tech are unlikely to wind down any time soon, while countries are increasingly concerned with energy independence.