ANNOUNCEMENT
On May 23, 2025, President Trump signed a series of executive orders intended to revitalize the U.S. nuclear energy sector. Key priorities outlined in the orders included:
- Expanding U.S. nuclear capacity
- Boosting U.S. uranium production
- Developing advanced nuclear technologies, including small modular reactors (SMRs)
BACKGROUND
Nuclear power plays a foundational role in the U.S. energy mix, accounting for approximately 19% of the electricity generation mix. Nuclear energy is produced through nuclear fission, a process in which enriched uranium fuels reactors to generate heat, which
is then converted into electricity.
In nuclear power plants, fission produces heat that turns water into steam, which spins turbines connected to generators. The U.S. currently operates 94 large-scale reactors across 54 nuclear power plants in 28 states. Constellation Energy stands as the country’s leading nuclear operator. There are currently no SMRs
that are operational in the U.S.
WHY NOW?
The United States is entering the Age of Electricity, fueled by the exponential growth of artificial intelligence (AI) and digital infrastructure. After decades of stagnant electricity demand, AI is expected to drive sustained, long-term growth in electricity consumption. To maintain global leadership in AI, the U.S. must secure diverse, reliable, and large-scale sources of electricity—making nuclear energy a critical part of the solution.
A critical component of nuclear power is enriched uranium. However, naturally occurring uranium contains only a small fraction of the U-235 isotope, which is essential for nuclear energy generation. To be useful in power generation, uranium must be enriched to increase the concentration of U-235. The table below summarizes common enrichment levels and their typical applications:
In general, a higher U-235 concentration allows more energy to be extracted from a given amount of fuel. For context, nuclear weapons are typically made with uranium enriched to over 90%.
Today, the U.S. has only one commercial uranium enrichment facility—in Eunice, New Mexico—. leaving it heavily reliant on imports from countries like China and Russia. This dependence poses a strategic vulnerability to energy security.
OBJECTIVES OF THE EXECUTIVE ORDERS
The administration’s actions aim to revitalize the U.S. nuclear energy industry by:
- Expanding domestic uranium mining and enrichment capacity
- Increasing HALEU availability for advanced reactor designs such as SMRs;
- Reducing reliance on foreign uranium imports
- Enabling the growth of nuclear power in the 2030s and beyond
These executive actions are designed to ensure the U.S. has the energy infrastructure required to support its AI ambitions and maintain economic and national security in the decades ahead.
DO WE EXPECT THESE EXECUTIVE ORDERS TO DRIVE A NUCLEAR RENAISSANCE?
We believe the executive orders could streamline permitting processes and reduce regulatory friction, potentially accelerating the development of new nuclear facilities—particularly on federal lands.
However, widespread deployment of advanced nuclear technologies like SMRs will depend on higher concentrations of enriched uranium, including HALEU (High Assay Low Enriched Uranium). The use of such materials will require thorough review and approval from the Nuclear Regulatory Commission (NRC) to ensure national security and public safety, which will likely take several years.
OUTLOOK
While nuclear technology continues to progress, natural gas remains well-positioned to meet immediate electricity demand growth. We expect both nuclear and natural gas will play a critical role in delivering a reliable electricity supply to support the growing needs of the U.S. economy by 2030 and beyond.
Disclosures
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