Bechtel Expects 10 US Reactor Projects With New Shared-Risk Model

The United States could 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 leading construction companies.

“It’s an aggressive approach, but if sequenced correctly, the answer is yes,” said Craig Albert, chief operating officer of the engineering and construction giant. “If we start with number one in 2026, we could have 10 under construction by 2030 or 2031.”

Bechtel’s optimism comes as rising electricity demand increases interest in reactor construction. But that was tempered by the Vogtle power plant in Georgia, the last major U.S. nuclear project, which is completed in 2024, years behind schedule and more than 100% over budget. Bechtel was the contractor who completed this work.

Albert says a resurgence of fission in the US will require companies to adopt a new model of splitting construction risks.

“Everyone at the table realizes they’re going to have to take more risks than they have in the past,” and Bechtel is ready to change the way it pays, Albert said in an interview Friday.

Bechtel is currently evaluating the process for estimating project costs. This consists of three main areas: engineering studies, supply of materials and equipment, and actual construction.

The company has been involved in designing, building or servicing more than 150 nuclear power plants worldwide and more than 80% of the U.S. fleet. The company has always been rewarded for its time and effort and has generally not undertaken 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 add up, Albert said.

“There is more cost certainty in some areas,” he said. “We can take more risks for some.”

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