In this aerial view, the shuttered Three Mile Island nuclear power plant stands in the middle of the Susquehanna River near Middletown, Pennsylvania, on Oct. 10, 2024.
Chip Somodevilla | Getty Images
Nuclear power may be making a comeback in the U.S. after years of setbacks — and big tech is the driving force.
In the last two months, those three companies have penned deals to generate more nuclear power — perhaps most notably, Microsoft struck a 20-year agreement with Constellation Energy to restart a reactor at Three Mile Island in Pennsylvania, the site of the most serious nuclear meltdown in U.S. history in 1979. The reopening is planned for 2028.
Speaking to CNBC at the annual International Monetary Fund meetings in Washington, long-time energy market veteran Dan Yergin described the turnaround as nothing short of extraordinary.
“It’s amazing, the change. The nuclear industry was in the doldrums,” Yergin told CNBC’s Karen Tso on Tuesday, describing the reopening of the Three Mile Island power plant as “symbolic.”
“Big Tech is saying, ‘We need reliable 24 hour electricity. We can’t get it just from wind and solar’,” he said.
Yergin, who has written several books on energy including “The Prize” and “The New Map,” pointed to the booming funding going into the sector. He cited $7 billion in venture capital going into nuclear fusion alone — which does not include financing for nuclear fission, a different energy-generating process.
“This is a really big change, and it reflects in this country, in the United States, a sense that — we’ve had for, really, a generation of flat demand [for] electricity,” Yergin said. “Now it’s going to grow, and there’s real anxiety about, how do you grow it? And nuclear [energy] is back in form, and people are talking about small nuclear reactors. And, of course, you have big tech actually seeking to contract for the output of the electricity from existing nuclear power plants. It’s an amazing change.”
Electricity demand is surging after staying largely flat for some 15 years, fueled by new data centers, factories, electric vehicles, and hotter and longer summers. A recent Energy Department memo cited in numerous press reports projected that U.S. power grids could see as much as 25 gigawatts of new data center demand by 2030.
Recently, the U.S. Department of Energy announced it had closed a $1.5 billion loan for the revival of the Holtec Palisades nuclear plant in Michigan in late 2025, which would make it the first American nuclear plant to be restarted. Google in mid-October said it would purchase power from Kairos Power, a developer of small modular reactors, to help “deliver on the progress of AI.”
Global electricity consumption from data centers, artificial intelligence and the cryptocurrency sector is expected to double from an estimated 460 terawatt-hours (TWh) in 2022 to more than 1,000 TWh in 2026, according to a research report from the International Energy Agency.
Volkswagen is advertising its 2024 ID.4 Standard at $999 down, $149/month for 24 months. That’s an average monthly lease cost of just $184/month plus tax and license, making it the cheapest of all January EV lease offers we’ve found.
We haven’t seen a great lease deal like this on a five-passenger electric SUV since last April, when Toyota slashed the average lease cost of its bZ4X XLE down to $191/month for 2023 model and $227/month for a 2024 model. In-stock bZ4X inventories were depleted in a few weeks, and dealers subsequently started to hike their asking prices as they collected deposits for ordered and in-transit vehicles. It stands to reason that the same phenomena could occur with this incredible ID.4 lease offer, so act quickly if you’re intrigued by this deal.
Equipped with a 62kWh battery and a single motor that drives the rear wheels, the ID.4 in Standard trim (MSRP $41,160) can travel 206 miles on a full charge and achieve 60mph from standstill in 7.3 seconds. Consumers that require more range or performance can opt for an array of higher trim levels, ranging from the ID.4 Pro RWD (291 miles, 0-60mph in 6.1 seconds, MSRP $46,300) to the top-of-the-line fully-equipped ID.4. Pro S AWD (263 miles, 0-60mph in 4.6 seconds, MSRP $55,300).
For those that prefer to buy rather than lease, Volkswagen is running a $10,500 Retail Customer Bonus Cash incentive on the ID.4 which means that the ID.4 Standard can be bought for just $30,660.
As far as dealer offers, a quick survey of a few VW dealers shows that VW of Thousand Oaks in southern California, VW of West Islip in New York and King VW in Maryland have dealer discounts of about $2000 that should stack on top of manufacturer incentives to lower the monthly cost of a lease or reduce the final price on a purchase.
Hamburger Hochbahn AG operates the city of Hamburg’s bus system, and they’ve just placed an order with Daimler Buses for 350 fully electric Mercedes-Benz eCitaro buses to be delivered to the northern German city for use as zero-emission public transport.
Hamburger Hochbahn AG becomes the latest bus operator to put in a major order with Daimler – as I type this, fully 95 examples of the Mercedes-Benz eCitaro electric buse have already been deployed on the streets of Hamburg through Vhh.mobility, with both Mercedes and Vhh.mobility calling the bus fleet’s arrival a major step towards CO2-neutral local transport.
“I am very pleased that, together with vhh.mobility, we can make a significant contribution to emission-free local transport in the Hamburg metropolitan region,” says Till Oberwörder, CEO of Daimler Buses. “Our battery-electric eCitaro city bus offers an excellent overall package: The modern, long-range electric drive ensures that passengers reach their destinations quietly and locally CO2-neutrally. Advanced assistance systems also increase safety in all road traffic conditions.”
When discussing their order, Hamburger Hochbahn AG representatives said they were particularly impressed by the low total cost of ownership (TCO) and the ease of maintenance offered by the Mercedes eCitaro electric bus over its service life.
Electric equipment from XCMG can now be ordered with interchangeable battery swap tech, enabling heavy trucks and construction equipment to swap out their BYD-developed, 400 kWh battery packs in just three minutes, and top-off as quickly as diesel.
And we’re not just talking about off-highway and heavy equipment – the XCMG’s swappable BYD batteries are making their way to on-road trucks as well … but we’ll get to that.
XCMG ZNK95 electric autonomous haul truck
XCMG showed off its latest electric equipment at last month’s Bauma China show, including an updated version of its of its 85-ton autonomous electric mining truck. Known as the ZNK95 (above), the truck features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. That’s too bad, too, because what operator wouldn’t want to experience a dedicated permanent magnet synchronous electric drive system capable of putting out 800 kW (1070 hp) and 22,000 Nm (16,200 lb-ft) of torque?
But autonomous solutions aren’t about hp and torque – they’re about keeping operators out of extreme and dangerouns environments. To that end, XCMG says its new HDEVs are fully capable of operating in high-altitude, extremely cold environments with temperatures as low as -40°C (a temp. that most diesels wouldn’t be able to start at, let alone run).
Even in those extreme climates, the XCMG gets the job done with an autonomous driving system that integrates a number of multiple cutting-edge technologies that combine environmental perception, decision-making and planning, vehicle control, and communication into a single dashboard that can be monitored by the fleet manager.
The system can even diagnose faults on individual vehicles and bring them back to service before they break down in the field – a huge potential problem if a truck or dozer gets caught underground!
The ZNK95 has already been deployed at a large, open-pit mine in Inner-Mongolia, China, that has adopted a comprehensive unmanned and electrified construction solution from XCMG Machinery for its latest “green” mining operation. The company says the mine will emit 149,000 fewer tons of harmful carbon emissions than it would with diesel haul trucks annually by the time its full order of ZNK95s is delivered in 2026.
But wait, there’s more …
If you needed a reminder that China is light-years ahead of the US when it comes to electrification tech (and, yes, I know light-years measure distance and not time – grow up), you should know that XCMG’s swappable battery tech, which features 400 kWh packs using BYD blade-style battery cells packed at a facility that’s run as a JV between XCMG and BYD, is such a non-event in a country that’s seen millions of swaps that it didn’t even merit a press release at Bauma.
In fact, the only reason I know about it at all was because I follow Etrucks New Zealand, an XCMG dealer, on LinkedIn, and he was talking it up.
“XCMG are by far the dominant EV exhibitor at Bauma Shanghai. Here a truck crane solution to swap construction machine batteries,” said Ross Linton, owner and President of Etrucks New Zealand. “Here a truck crane solution to swap construction machine batteries.”