Nuclear
Track the global civilian nuclear-power industry: operating fleets, the new wave of small modular and advanced reactors, the uranium and enrichment supply chain, hyperscaler power deals reshaping demand, and the fusion developers racing to commercial net energy.
Nuclear at a Glance
Sector-wide signals from 2024 to mid-2026.
- •94 operating US reactors at ~92% capacity factor, the highest of any generation type. Vogtle 3 + 4 commissioned 2023 + 2024 as the first new US large reactors since Watts Bar 2 (2016).
- •Six binding hyperscaler-nuclear PPAs signed 2023-2025: Microsoft + Constellation Crane CEC (835 MW), AWS + Vistra Comanche Peak (1,200 MW), Amazon-Talen Susquehanna (960 MW), Google + Kairos (up to 500 MW), Meta + Constellation Clinton (1.121 GW), plus AWS + X-energy 5 GW Xe-100 commitment.
- •Policy stack reset 2022-2026: IRA Section 45U PTC ($15-30 per MWh), ADVANCE Act (PL 118-67 Jul 2024), Prohibiting Russian Uranium Imports Act (PL 118-62 May 2024), NRC Part 53 final rule (Mar 2026), DOE LPO closed $1.52B Holtec Palisades + $1B Constellation Crane CEC loans.
- •Fuel cycle bottleneck visible to capital. Rosatom controls ~46% global enrichment SWU and ~70% of reactor exports outside China. Western HALEU production at kilogram scale (Centrus AC100M first kg Oct 2023) lags ~150 MT cumulative 2030-2035 demand by 5-10 years.
- •Fusion crossed scientific Q > 1 (NIF Dec 5 2022, 3.15 MJ from 2.05 MJ laser). Two binding fusion electricity-purchase PPAs now exist: Microsoft + Helion 50 MW (May 2023), Google + Commonwealth Fusion Systems 200 MW ARC Virginia (Jun 2025). ~$7.7B cumulative private funding per FIA 2024 report.
Global Nuclear Electricity Generation (TWh)
Annual world nuclear electricity generation 1990 to 2025 in TWh. The 2025 record of approximately 2,812 TWh exceeds the pre-Fukushima peak of approximately 2,725 TWh (2010) after a decade-long structural recovery driven by China + South Korea + UAE additions, hyperscaler PPA demand, and US fleet capacity factor sustained at approximately 92%. Source: Our World in Data, Energy Institute Statistical Review of World Energy, IAEA PRIS.
Operators by Installed Nuclear Capacity
Share of approximately 395 GW global operating nuclear capacity by operator. EDF (France) is the single largest at approximately 63 GW (~16%); the rest is highly distributed across state-owned operators in Russia, South Korea, China, plus US merchant operators (Constellation, Duke, NextEra, Vistra) and Western utilities. Source: IAEA PRIS, World Nuclear Association country profiles.