Three Mile Island Unit 1 gets a $1 billion federal loan to restart as Crane

November 2025 — The U.S. Department of Energy is backing a $1 billion loan to Constellation Energy to restart the Crane Clean Energy Center, the reactor once known as Three Mile Island Unit 1. Here's what happened, what it cost, and what went wrong.

Cost and outcome (as of Nov. 18, 2025)

Outcome: a $1.0 billion loan guaranteed by DOE closed for the 835 MW plant. (Constellation 8-K; Constellation)
Cost to the public: a loan guarantee, not a grant. Advances are capped at the lesser of 80% of eligible project costs or $1.0 billion. (Constellation 8-K)
Terms: interest at the Treasury rate plus 0.375%; matures Nov. 17, 2055. (Constellation 8-K)
Status: not restarted. No money was borrowed at closing. (Constellation 8-K)

The loan

Constellation's Nov. 17, 2025 filing with the SEC describes a loan of up to $1.0 billion from the Federal Financing Bank, guaranteed by DOE under Title XVII of the Energy Policy Act, for the Crane Clean Energy Center in Londonderry Township, Pennsylvania. (Constellation 8-K)

Advances are capped at the lesser of 80% of eligible project costs or $1.0 billion. There was no initial borrowing at closing; the first borrowing must happen by May 17, 2027, and advances can be drawn through Sept. 15, 2030. Interest is the Treasury rate plus 0.375%, the loan is full recourse and unsecured at closing, and it matures Nov. 17, 2055. (Constellation 8-K)

Constellation said this was the first time DOE's Loan Programs Office had finalized a conditional loan commitment and financial close at the same time, which it credited to "Constellation's strong balance sheet and credit worthiness." The loan is funded through the Energy Dominance Financing Program, the company said. (Constellation)

Why Washington is involved

Greg Beard, a senior adviser to the Loan Programs Office, told reporters that Constellation could have completed the project without DOE help, but that the loan "will lower the cost of capital and make power cheaper" for ratepayers on the PJM grid, CNBC reported. (CNBC)

Constellation CEO Joe Dominguez said: "DOE's quick action and leadership is another huge step towards bringing hundreds of megawatts of reliable nuclear power onto the grid at this critical moment." (Constellation)

The plant

Three Mile Island Unit 1 shut in 2019, CNBC reported. It sits on the same site as Unit 2, which partly melted down in 1979. Constellation announced plans in 2024 to restart it under a power purchase agreement with Microsoft. (CNBC)

Constellation says the plant is more than 80% staffed, with over 500 employees, and that inspections and regulatory reviews "continue on schedule." (Constellation)

An economic impact study commissioned by the Pennsylvania Building & Construction Trades Council, cited by Constellation, projects about 3,400 direct and indirect jobs and over $16 billion for Pennsylvania's GDP. Those are the study's projections, not measured results. (Constellation)

Constellation describes the restart as part of "a broader multi-billion dollar investment" in its nuclear fleet to extend plant lives and raise output. It also says it has committed more than $1 million in charitable giving over five years in the region and donated $200,000 to local groups in 2025. (Constellation)

What went wrong

No power yet. The loan finances a restart; the reactor isn't running, and no money had been drawn at closing. (Constellation 8-K)
Public risk. The loan is DOE-guaranteed; Constellation must reimburse DOE if DOE has to pay FFB under the guarantee, and the loan is full recourse to Constellation. (Constellation 8-K)
Projected benefits. The jobs and GDP figures come from a study commissioned by a trade council. (Constellation)
What we don't know yet: Constellation's release and 8-K don't give the total restart cost or restart date. We left out press figures for both.

Our follow-up question for Constellation

What is the total cost of restarting Crane, and when do you expect it to send power to the grid?

Sources

Constellation Energy, “U.S. Government Backs Constellation's Plan to Launch Crane Clean Energy Center, Adding 835 MWs of New Baseload Power to the Grid,” Nov. 18, 2025. constellationenergy.com
Constellation Energy Corp., Form 8-K, Nov. 17, 2025. sec.gov
CNBC, “Trump backs Three Mile Island restart with $1 billion loan to Constellation,” Nov. 18, 2025. cnbc.com

Disclosure: [not in copy] Editor placeholder