U.S. Deputy Secretary of Commerce Bruce Andrews delivered remarks at the Global Nuclear Energy Financing Workshop hosted by the U.S. Department of Commerce’s International Trade Administration. The Workshop follows the White House Summit on Nuclear Energy and was a recommendation of the Commerce Department’s Civil Nuclear Trade Advisory Committee (CINTAC), a federal advisory committee that provides guidance to the Secretary of Commerce on civil nuclear trade policy issues.

The Workshop aims to bring together industry, U.S. Government, and the financial community to discuss the challenges associated with financing nuclear power plants and to explore innovative solutions.

Deputy Secretary Andrews provided an overview of the Commerce Department’s role in promoting U.S. nuclear exports and helping exporters win international business, especially given robust foreign competition and the high costs of nuclear plant development.

Other guests scheduled to speak later today include representatives from the U.S. Export-Import Bank, Verdigris Capital, Curtiss-Wright, Gowlings LLC, the U.S. Nuclear Infrastructure Council, and Fluor Power.

After the workshop, CINTAC will consider recommendations for addressing the issues raised by civil nuclear stakeholders.

Remarks as Prepared for Delivery

Thank you, Mike Wautlet, for the kind introduction. Good morning, everyone, and welcome to the Department of Commerce. I’d like to thank our speakers and panelists for participating in today’s Civil Nuclear Energy Financing Workshop.

Today’s workshop brings together stakeholders from across industry, government, and the financial community to discuss the challenges associated with financing nuclear power plants. Acting on a recommendation by our Department’s Civil Nuclear Trade Advisory Committee, or CINTAC, this workshop was created to address obstacles to financing and gather insight on how we can better support the U.S. civil nuclear industry in doing business abroad.

A strong and viable U.S. nuclear industry is a priority for the Department of Commerce and this Administration. This industry supports tens of thousands of high paying jobs across the country and spurs innovation across a range of advanced technologies. In addition, your sector’s growth strengthens our manufacturing base here at home and supports our country’s commitment to clean energy. We in the federal government are “all in” on supporting you.

When you export civil nuclear technology from the United States, it doesn’t just boost our economy. It also exports our country’s safety, security, and non-proliferation culture. When other nations purchase U.S. technology to develop their civil nuclear programs, we know that safety and security will be at the heart of those decisions.

As everyone in this room knows, the United States has unparalleled experience in civil nuclear energy. We operate the world’s largest reactor fleet and generate the most nuclear power worldwide. With France, Russia, China, and other state-owned and state-supported competitors growing their capabilities, we cannot afford to cede our position as the world leader in civil nuclear energy. And by maintaining our leadership in this industry, we can set the standards that make the world’s nuclear industry safer.

On a broader level, nuclear energy is a critical piece of our global efforts to combat climate change. In the United States, nuclear energy represents approximately 60 percent of our carbon-free electricity. As such, your industry is an important component of President Obama’s Climate Action Plan. On the international stage, the President is committed to using every appropriate tool to combat climate change.

Nuclear power continues to play a major role in efforts to reduce carbon emissions and is an important component of our clean energy strategy. That is why the U.S. government is supporting the domestic development of our civil nuclear industry through initiatives like: the Department of Energy’s loan guarantee programs; incentives for small modular reactors, and the recent launch of the Gateway for Accelerated Innovation, or GAIN, to support advanced reactor development and deployment. The Department of Energy recently announced an award for X-Energy and Southern Company to help expedite design approval for the next generation of nuclear reactors.

Given the success of financing domestic civil nuclear development, we at the Department of Commerce believe that export promotion should be similarly prioritized. We are always seeking new and improved ways to promote exports, and we need to hear from you. How can we best support your industry? Are our export promotion tools as effective as they can be? How can we do better? We have engaged our Civil Nuclear Trade Advisory Committee to answer these questions, but your input is invaluable to us.

This brings me to the reason we’re all here today. One of the challenges this industry faces – and one that underpins our ability to export our civil nuclear technology – is financing. Financing is absolutely critical if U.S. civil nuclear companies are going to win international business. All of you understand the high costs associated with constructing, operating, maintaining, and decommissioning a nuclear power plant.

The United States offers the world’s best and safest nuclear technology. But we will not win the opportunity to deploy our technologies unless we improve our exporters’ access to financing. Our civil nuclear industry is private and makes business decisions in the best interests of employees and shareholders. Yet we know that many of your competitors are state-owned or state-supported.

We need to continue our efforts to bring these countries into the OECD rules for nuclear financing, so U.S. companies are competing on the basis of quality and price rather than government financing. We want to work strategically with vendors, so that we can target and develop markets well in advance of bids.

To that end, we need to do a better job of integrating all of our country’s assets – including our cutting edge laboratories and universities, and the Export-Import Bank, who is here with us today – so that U.S. companies can present a coordinated proposal to potential bidders. A coordinated, public-private partnership approach to international engagement in this sector is a critical step to level the playing field for U.S. industry. Competing with state-owned and state-supported foreign firms is not easy, and we recognize the challenges that this industry faces.

At the Department of Commerce, we are working with Mike and the White House – as well as the Departments of Energy and State – to align the whole of the U.S. Government behind a pro-civil nuclear trade policy. Today’s workshop provides a valuable opportunity to solicit feedback from you. Your discussions today will inform future export promotion activities and help focus efforts by U.S. Government agencies and industry to win international nuclear energy deals.

At the Department of Commerce, we are proud to serve as the voice of industry – your voice – in the government. We are a customer service organization at heart, and you are our customers. This means that we take your feedback seriously.

If we’re going to enable the safe and secure use of nuclear power worldwide, the U.S. Government and American industry need to work together. We need you to develop a path forward for how the United States can provide greater support for our civil nuclear industry. Through this collaboration, we can build a world with the safest reactors that reflect the very best of American technology and create jobs across the country. Thank you.