The United States is making significant strides towards revitalizing its nuclear power sector, driven by ambitious plans to expand capacity. Under the administration of President Donald Trump, the government has set forth an agenda to enhance nuclear energy as a clean power source, supported by both public and private investments. With a focus on a variety of projects, including conventional reactors and small modular reactors (SMRs), the U.S. aims to mark a noteworthy resurgence in nuclear energy by 2026.
After several years of stagnation, the U.S. is poised for its most substantial investment in nuclear projects since the 1970s. Key initiatives include a partnership with Westinghouse Electric Company, alongside its co-owners Brookfield Asset Management and Cameco, to develop a fleet of large-scale nuclear reactors valued at a minimum of $80 billion. These efforts will focus on Westinghouse’s AP1000 pressurized water reactors, each capable of generating approximately 1.1 gigawatts (GW) of electricity. Notably, this reactor type is currently operational at the Vogtle Nuclear Plant in Georgia.
While it is anticipated that meaningful increases in nuclear capacity may take over a decade, the Trump administration’s push for rapid expansion is evident. In May 2022, Trump signed four executive orders designed to expedite the licensing process for new reactors and reform the Nuclear Regulatory Commission (NRC). The administration has set a target of achieving 400 GW of nuclear power by 2050, with plans for ten large reactors to be under construction by 2030.
International Collaborations and Future Developments
In November 2022, the NRC responded to the administration’s directives by publishing new regulations aimed at simplifying the licensing process, including the removal of redundant rules. The anticipated expansion of the SMR industry is also on the horizon, following delays caused by licensing issues and restricted access to enriched uranium due to geopolitical tensions following the Russian invasion of Ukraine.
The Japanese government has also joined forces with the United States through a $550 billion trade agreement aimed at supporting nuclear development. Major Japanese firms, including Mitsubishi Heavy Industries, Toshiba Group, and IHI Corp., have pledged investments totaling up to $100 billion for the construction of both AP1000 reactors and SMRs in the U.S.
In a notable development, Bill Gates‘ nuclear venture, TerraPower, is nearing approval for its own SMR project in Kemmerer, Wyoming. The proposed Natrium reactor will utilize liquid sodium for cooling, enhancing safety and efficiency. Following the NRC’s completion of its final safety evaluation in December 2022, TerraPower is expected to advance its SMR project, pending permit approval.
Workforce Challenges and Industry Engagement
In recent months, several technology companies, including Facebook and Meta, have signed contracts with nuclear energy providers to secure clean energy supplies by the 2030s. This initiative not only supports the tech firms’ climate goals but also provides a much-needed boost to the nuclear industry. The influx of financing from these companies is expected to accelerate the development of both conventional reactors and SMRs.
Despite these positive developments, the nuclear sector faces challenges in rebuilding a skilled workforce. The historical decline in nuclear construction has led many trained professionals to transition to other energy sectors. As nuclear projects ramp up, there will be a pressing need for comprehensive training programs to develop a workforce capable of supporting both construction and operational phases of new nuclear facilities.
As the global landscape shifts, the U.S. has lost some of its competitive edge in nuclear energy development. While the revival of the nuclear sector appears promising, it is clear that several years will be necessary to enhance capacity and meet the ambitious targets set forth by the Trump administration. The journey towards a nuclear renaissance is just beginning, with 2026 poised to be a pivotal year for American nuclear power.
