Bechtel Expects 10 US Reactor Projects With New Shared-Risk Model
(Bloomberg) -- The US may have as many as 10 large nuclear power plants under construction within five years, meeting a goal set by President Donald Trump, according to Bechtel Group Inc., one of the industry’s top builders.
“It’s aggressive, but if it’s sequenced right, the answer is yes,” said Craig Albert, the engineering and construction giant’s chief operating officer. “We could have 10 under construction by 2030 or 2031, if we start with number one in 2026.”
Bechtel’s optimism comes as rising demand for electricity spurs more interest in building reactors. That’s tempered, however, by the last major US nuclear project, the Vogtle power plant in Georgia, which was completed in 2024, years behind schedule and more than 100% over budget. Bechtel was the contractor that finished that job.
Albert says a fission resurgence in the US will require companies to embrace a new model that divides up the construction risks.
“Everyone at the table realizes they’re going to have to take on more risk than they have in the past,” and Bechtel is willing to change the way it gets paid, Albert said in an interview on Friday.
Bechtel is currently evaluating its process for estimating project costs. That comprises three main areas: the engineering work, the procurement of materials and equipment, and the actual construction.
The company has been involved in designing, building or providing services for more than 150 nuclear plants around the world, and more than 80% of the US fleet. The company has historically been paid for its time and effort, and hasn’t typically borne the risk of project overruns. That experience means Bechtel has a deep understanding of what each part of a project might cost and how those costs can eventually swell, Albert said.
“Some areas have more cost-certainty,” he said. “We can take on more risk for some.”
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