Vistra Corp. received a conditional loan commitment of up to $4.2 billion from the U.S. Department of Energy to upgrade three nuclear power plants: Beaver Valley in Pennsylvania and Davis-Besse and Perry in Ohio. The upgrades are expected to preserve nearly 4 gigawatts of power and add 433 megawatts of capacity. The initiative is expected to provide enough electricity for more than 3 million homes.
The work would support the plants’ operations for 20 years beyond their existing licenses and help meet rising electricity demand across the 13-state PJM Interconnection region. The DOE financing depends on Vistra meeting technical, legal and financial conditions. Vistra shares rose 3.5% in Monday’s trading.