TOPIC #4
Recent Developments in Nuclear Power
There is abundant activity in policy, financing, and development, but progress is measured and reflects a longer game.
The Federal Government Presses the Accelerator
Activities promoting the development of nuclear power—from microreactors to small modular reactors to large Generation III+ and Generation IV reactors—continue with substantial federal engagement.
- In May 2025, presidential executive orders set a goal for 300 GW of incremental nuclear capacity by 2050 and called for 10 large reactors with complete designs under construction by 2030.
- The administration has sought to have three pilot reactors built and tested outside of the U.S. national laboratories, under DOE rather than NRC licensing, with the goal of achieving criticality by July 4, 2026, as part of a plan to shorten the length of time it takes to test advanced reactors.
Twelve advanced reactor designs from U.S. nuclear startups pursued zero-power criticality under the federal reactor pilot program for the U.S.’s semiquincentennial target date. The status of those companies and reactors as of July 6 is shown at Figure 1.
Key Takeaways
The near-term North American nuclear growth story is still the installed base. Uprates, restarts, stalled projects, and license renewals are attracting attention for near-term feasibility.
Regulatory acceleration—specifically process acceleration—is speeding review of advanced nuclear units. But agencies are compressing timelines, not eliminating staged technical reviews.
With import restrictions and anticipated development and expansion of nuclear power production, fuel procurement and bottlenecks are garnering industry and government attention.
NRC Regulatory Reform: Risk Informed and Shorter Timelines
In Executive Order 14300, the Trump administration directed establishment of fixed deadlines for evaluation and approval of licenses, including an 18-month deadline to evaluate and approve for construction and operation of new reactors and a 12-month deadline for continued operation of an existing reactor (e.g., license extensions).
To further advance the goals of the executive order and the Advanced Nuclear for Clean Energy Act of 2024, the NRC proposed two regulations that change the licensing frameworks for new reactors that reflect relative risk profiles.
- NRC 10 CFR Part 53, which took effect on April 29, 2026, provides a more flexible, risk-informed, and technology-inclusive licensing framework for advanced reactors (SMRs and microreactors) that do not fit neatly within the prescriptive requirements historically developed around large light-water reactors.
- NRC 10 CFR Part 57, which comment period ended in mid-June, proposes to establish a risk-informed and performance-based regulatory framework for rapid licensing of new microreactors and other reactors with comparable risk profiles and for high-volume deployment of these reactors.
In a separate rulemaking that NRC proposed on April 2, applicants could use aspects of a prior DOE or DOW authorization to demonstrate compliance with certain NRC safety requirements. A summary of Parts 53 and 57 is shown at Figure 2.
NRC Regulatory Reform: Risk Informed and Shorter Timelines
In Executive Order 14300, the Trump administration directed establishment of fixed deadlines for evaluation and approval of licenses, including an 18-month deadline to evaluate and approve for construction and operation of new reactors and a 12-month deadline for continued operation of an existing reactor (e.g., license extensions).
To further advance the goals of the executive order and the Advanced Nuclear for Clean Energy Act of 2024, the NRC proposed two regulations that change the licensing frameworks for new reactors that reflect relative risk profiles.
- NRC 10 CFR Part 53, which took effect on April 29, 2026, provides a more flexible, risk-informed, and technology-inclusive licensing framework for advanced reactors (SMRs and microreactors) that do not fit neatly within the prescriptive requirements historically developed around large light-water reactors.
- NRC 10 CFR Part 57, which comment period ended in mid-June, proposes to establish a risk-informed and performance-based regulatory framework for rapid licensing of new microreactors and other reactors with comparable risk profiles and for high-volume deployment of these reactors.
In a separate rulemaking that NRC proposed on April 2, applicants could use aspects of a prior DOE or DOW authorization to demonstrate compliance with certain NRC safety requirements. A summary of Parts 53 and 57 is shown at Figure 2.
FIGURE 2
Comparison of Proposed NRC Rules Governing Licensing Frameworks for Certain Advanced Reactors and Microreactors
Source: NRC; Regulations.gov; ScottMadden analysis
Near-Term Growth from the Installed Base
Though new, advanced units typically dominate conversation and headlines, there is increasing interest in growing nuclear capacity via the existing installed base of plants. Contributing to the positive sentiment behind expanding existing nuclear is the strong performance of the North American nuclear fleet.
Federal policy is encouraging expansion of existing nuclear units. The Department of Energy launched its UPRISE (Utility Power Reactor Incremental Scaling Effort) program on March 12, 2026. UPRISE seeks to add 2.5 GW of additional nuclear capacity by 2027 and 5 GW by 2029.
- UPRISE focuses on license renewals for existing reactors, restarting shuttered facilities, power uprates, and increasing efficiency with modern technologies as ways to reach this goal.
- To facilitate development, the DOE’s Energy Dominance Fund (formerly Loan Program Office) of $289 billion in available loan authority provides as much as 80% financing for eligible project costs for nuclear uprates.
Uprates have added approximately 8.5 GWe since 2000 (including submittals through 2032) at lower cost than new build. As of late May 2026, 32 uprates are expected through 2026, totaling ~2.4 GWe. A summary of those uprates as well as other activities such as restarts is shown at Figures 3–5.
FIGURE 3
Potential Uprates, Restarts, and Other Extension Activities Through 2035 (GWe)
Sources: NRC
FIGURE 4
Expected Applications for Power Uprates (by Unit) (GWe)
Sources: NRC
Advanced Nuclear: One Step at a Time
Advanced reactors continue to gain traction, but any initiation of operations is likely beyond 2030, as developers seek to reduce levelized costs and construction and timeline risks.
While many utilities remain lukewarm on these new technologies, some large end-users (read: hyperscalers) are showing interest in firm, non-emitting power and making commitments to developers and technologies.
- In 2024, Google contracted with Kairos for its 500 MW high-temperature reactor technology.
- Amazon has invested in X-energy’s high-temperature, gas-cooled SMR technology for deployment of up to 960 MW in Washington state.
- In January 2026, Meta contracted with TerraPower for 2.8 GW (8 units) of its sodium fast-reactor (Natrium) technology (location TBD) as well as with Oklo for 1.2 GW (16 units) of its Aurora technology in Piketon, Ohio.
Regulatory progress is being made as well. The NRC has acted upon two separate applications for construction review for SMR technologies.
- In July 2025, the NRC accepted for review a construction permit application from Tennessee Valley Authority for a BWRX-300 SMR at its Clinch River site in Tennessee. The regulator said it expects to complete its review within 17 months from that date.
- In March 2026, NRC approved a construction permit for TerraPower’s Kemmerer Unit 1 project (345 MWe), the first such permit for a commercial-scale U.S. non-light water reactor in more than 40 years. Construction on that project commenced in April.
FIGURE 7
Bridging Strategy: GE Vernova and Blue Energy Pursue Gas-Plus-Nuclear Option
Sources: Blue Energy
More Capital to the Sector
With both policy support and market interest in dispatchable, low- or no-emissions resources, capital continues to be drawn into the nuclear sector. Technology bets include both microreactors as well as SMRs. For companies such as Aalo Atomics and ARC Clean Technology, DOE pilot and demonstration program participation seems to provide a catalyst for investment.
In 2025, through the beginning of the third quarter, nuclear fission companies had already raised $1.3 billion in equity funding. This was the sector’s highest annual total on record and accounted for nearly 40% of all nuclear fission equity investment since 2020. SMRs and microreactors accounted for roughly 75% of total nuclear fission funding.
More recently, advanced nuclear company X-energy conducted an initial public offering of its common stock in late April 2026, netting $959 million after underwriting expenses. Although the public shares will have a minority in both voting and economic interest in the company, the offering saw strong demand.
FIGURE 8
Energy Northwest/X-energy/Amazon Proposed Cascade Advanced Energy Facility
Sources: Amazon
Fuel Availability Is Now a Potential Constraint
With a goal of 400 GW of installed nuclear by 2050 and a push for at least 10 large reactors under construction by 2030, plus anticipated SMRs and uprates, adequate nuclear fuel supply will be needed to match growing capacity.
Russian imports still accounted for roughly 20% to 25% of enriched uranium used by U.S. reactors in 2024. With import restrictions now in effect, the United States must replace more than three million separative work units (SWU) (a unit of capacity of enrichment plants) to sustain the current fleet, not considering new demand. Note that the United States currently has one operating enrichment plant, owned by Urenco, with a capacity of 4.9 million SWU per year, compared with U.S. requirements of about 15 million SWU per year.
Fuel is emerging as a potential bottleneck. Currently, no commercial-scale high-assay low-enriched uranium (HALEU) production exists outside Russia and China, and projected demand through 2030 is expected to far exceed current capacity. DOE began allocating HALEU to advanced reactor developers in April 2025, followed by a second round in August 2025.
- In January 2026, DOE issued the first $2.7 billion production-scale enrichment task orders to Centrus, General Matter, and Orano to expand low-enriched uranium and HALEU capacity.
- Centrus separately delivered 900 kg of HALEU to DOE, and Urenco brought the first phase of its U.S. enrichment expansion into service.
Implications
The level of activity and announcements of nuclear power deals, projects, and programs has been proliferating, particularly since the Trump administration highlighted an enhanced commitment to and promotion of the industry.
However, despite ambitious timelines for operation, particularly for new units, projects still require steady development and investment and a long view of execution. This measured approach includes all parts of the value chain, including the fuel supply chain.
CONTACT OUR EXPERTS
On Recent Developments in Nuclear Power
Marc Miller
PARTNER AND ENERGY PRACTICE LEADER
MDMiller@scottmadden.com 404.814.0020
Ed Baker
PARTNER
EBaker@scottmadden.com 404.814.0020
Luke Martin
PARTNER
lukemartin@scottmadden.com 919.781.4191
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