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Constellation gets conditional $5 billion US DOE loan commitment for nuclear plant upgrades

By Reuters News

Oct 27 (Reuters) - Constellation Energy CEG.O on Tuesday said it received a conditional loan commitment of up to $5 billion from the US Department of Energy to help fund nuclear power uprates at select plants and boost electricity output to meet rising demand.

Shares of the company were up 1.8% in afternoon trade.

The potential financing would support projects at eight facilities in Illinois, Maryland and Pennsylvania, including Braidwood, Byron, Clinton, Dresden, LaSalle, Quad Cities, Calvert Cliffs and Limerick.

Nuclear uprates increase power production from existing reactors, offering utilities a faster and potentially lower-cost way to add round-the-clock generation than building new plants or transmission infrastructure.

The company said DOE-backed financing could reduce borrowing costs and speed up projects without building new power plants or transmission lines.

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