Nuclear Kicks Off 2026 With a Bang

News Rundown: Summaries for every major nuclear headline

Given the avalanche of headlines we were faced with covering this cycle, we wonder if any of the professionals in the nuclear industry took even a minute off over the recent holidays…

Excessive amounts of good news is a phenomenal problem to have. For today's issue, we run through a long list of developments, including major announcements from the Department of Energy, developments in the final stages of the fuel chain, new potential for large reactor construction, and possible geopolitical tension.

Reactor Development

Graphite Machining for Mark-0 begins at Antares Prime

Antares is among the more progressed groups of reactor developers that have begun fabricating pieces and parts for their pilot reactors in pursuit of the July 4th, 2026 criticality goal. Antares shared a brief video of some of their graphite being manufactured in preparation for assembling their Mark-0 heat pipe reactor.

The major difference between the heat pipe design from Antares and other reactors is the use of a wicking function to remove heat from the primary as opposed to forced liquid or gas coolant. This comes with their own difficulties, but some of the benefits of the heat pipe design include no moving parts and potentially lower maintenance. The principle of operations is very similar to how heat is dissipated in electronics like a computer or phone.

NASA, Department of Energy to Develop Lunar Surface Reactor by 2030

The US announced an intention to develop lunar nuclear reactors last summer along with a similar announcement from China and Russia. This was eventually followed up with an executive order titled Ensuring American Space Superiority which explicitly directed the initial establishment of a permanent lunar outpost, including the launch of a lunar reactor, by 2030.

This latest development involves the Department of Energy (DoE) and NASA signing an MOU to collaborate on deploying reactors on the moon. Instead of pairing up with an international ally in the same way other countries have (Russia+China and France+Italy), the US intends to accomplish this new mission on its own.

It’s important to note that this is not the first time moon reactors have been discussed. Years ago, NASA launched a fission surface power project with the target of deploying a 40 kW reactor on the moon. The concept introduces unique challenges: due to the low gravity, the fluids used for coolants won’t behave exactly as they do on earth, and surface temperature swings on the moon introduce additional problems on top of that.

The earlier moon reactor program incorporated six major participants organized into three teams: Lockheed Martin paired with BWXT, Westinghouse joined Aerojet Rocketdyne, and X-energy teamed up with Intuitive Machines.

Given the environment on the moon, the reactor is most likely going to be a high-temperature, gas-cooled design, limiting the field of possible reactor developers. There are other novel heat-pipe designs being developed by companies like Antares Industries and Westinghouse, but some potential participants for the latest attempt could include BWXT, X-energy, Lockheed Martin, Northrop Grumman, Boeing, Nano Nuclear, and Terra Innovatum.

NRC Releases Partial Holtec Application for Small Modular Reactor Construction Permit at Palisades

Every company seems to be approaching construction license submissions in unique, multi-stage processes as information for portions of the application are finalized. Holtec follows other NRC applicants including Oklo, TerraPower, and Fermi, in submitting the first portion of their construction permit application just recently. This segment looks to gain approval from the NRC to commence “soil compaction, backfilling, and installing foundations“, with the remaining portion of the application expected to be submitted in 2027. The project is for two of Holtec’s SMRs, rated to 340 MWe each, to be deployed at the Palisades site in Michigan.

Meta Unveils Sweeping Nuclear-Power Plan to Fuel Its AI Ambitions

You know what's better than targeted ads? Nuclear-powered targeted ads!

Meta revealed a slew of agreements with TerraPower, Oklo, and Vistra, in an urgent bid to provide clean energy for its rapidly expanding data center empire. This latest plan unveils a roadmap for upwards of 6.6 GW of power, enough to power about 5 million American homes.

The initial plan is to offtake over 2000 MW of power from nuclear power plants owned by Vistra energy in Ohio, assist with fast tracking two Natrium reactors from TerraPower, and send a pre-payment to Oklo for securing nuclear fuel and advancing the first stage of a project in Ohio.

Impressively claiming that multiple gigawatts of nuclear energy isn’t enough, the 20-year power purchase agreement with Vistra will be used to finance over 400 MW of power up rates at existing nuclear plants in Ohio in Pennsylvania.

TerraPower will also provide up to six additional reactor plants, which hold power peaking abilities of about 500 MW each, for Meta’s data centers. Oklo will also commence the development of their newly announced nuclear energy campus in Ohio with a goal of 1200 MW of sodium-cooled reactor power production. Oklo’s first phase will be for two 75 MWe Aurora reactors.

There seems to be an interesting split in the preference of technology between hyperscalers and the government. The DoE recently dumped $400 million each for light water reactor developers GE Vernova and Holtec for their 300 MW designs, while hyperscalers seem to be preferring light water only when they are already built and operating. Outside of the existing plants, the tech giants like Google, Amazon, and Meta have signed major agreements with the more novel plant designers with reactors in the liquid sodium and molten salt categories.

Even taking in account the billions of dollars invested in advanced nuclear, only half the headaches are addressed by conquering the engineering hurdles of designing and constructing these novel plants. Consistent operations with high uptime could take years to master, as evidenced by how many decades it took the large light water reactor fleet to reach their golden 90%+ capacity factor.

Duke Energy submits early site permit application for potential new nuclear development in North Carolina

We covered this weeks ago when the company published their near-term roadmap for nuclear activities, and this is right on target as they described. Duke is holding back from picking a reactor design to develop on the site and instead accomplishing the work that would be required of any project. The agnostic approach to the technology to be used allows Duke to wait-and-see for another couple years and see if a leader emerges from the advanced reactor landscape. The Belews site was only specific with regards to stating the reactor will be something other than a large, light water reactor.

Fuel and Supply Chain

Hit it with a Train

Ever seen a nuclear fuel shipping container dropped from a helicopter? How about a collision with a jet-powered train? No? Well, now's your chance!

Nick Touran from whatisnuclear.com recently digitized a short film demonstrating some of the insane testing performed on nuclear fuel storage containers. They've been tested in ways coal and gas plant byproducts will never be able to withstand. While other non-renewable energy generation plants just casually blow their waste into the air, the nuclear industry safely packages them up and locks them away for generations. Better yet, we'll hopefully soon crack most of those casks open and recycle the fuel for further use.

Department of Energy Establishes Center for Used Fuel Research at Idaho National Laboratory

The DoE has established the Center for Used Fuel Research (CUFR) at Idaho National Laboratory (INL). CUFR is focused on advancing research in to the transportation, storage, and management of used nuclear fuel.

We anticipated CUFR would include R&D for recycling/reprocessing used fuel, but the American Nuclear Society's Nuclear Newswire received comment from the DoE that “CUFR will focus exclusively on issues related to the safe storage and transportation of spent nuclear fuel and will not conduct direct research into disposal or reprocessing and recycling.“

We always try to stress the use of the phrase “used fuel” as opposed to “waste“ when discussing the fuel assemblies removed from reactors. Based on current reactor designs and regulatory structure, there is still a massive amount of usable energy locked within the dry storage casks and decay heat pools across the world. Hopefully, the US can continue to follow in the footsteps of France and Japan and develop the capability to harness the centuries-worth of clean nuclear energy literally just laying around.

Nuclear Waste Innovator Deep Isolation Confirms Safety and Readiness of Its Universal Canister System

We just finished soap-boxing about not calling it waste, yet here we are one headline later… (in our defense, we just copied the headline as-written)

Deep Isolation has been long developing technology to enable the burying of nuclear waste products in deep underground repositories. The reason we're comfortable with calling this “waste” all of a sudden is because even after the industry figures out the reprocessing and recycling of used fuel, there is still going to be some radioactive material left over. That material will be considered true waste, and needs to be disposed of appropriately. Deep Isolation has completed a two-year research initiative that found their system can sufficiently resist corrosion in their deep storage location. Better yet, research into the supply chain was also incorporated in the study to highlight opportunities for building domestic manufacturing pathways for canisters, casing materials, and deployment equipment.

Standard Nuclear First to Receive HALEU Feedstock for Production of TRISO Fuel to Support 2026 Reactor Demonstration

Standard Nuclear is the company that rose from the ashes of Ultra Safe Nuclear Corp’s fuel fabrication business at the end of 2024. Standard Nuclear is now working towards the commercialization of TRISO fuel fabrication methods for use in multiple different advanced reactors.

Last month, Standard received HALEU feedstock at their facility in Tennessee in sufficient quantities to produce a full core load for high-temperature gas-cooled reactor developer Radiant Nuclear. Radiant is preparing to take their Kaleidos reactor critical at the INL DOME facility in pursuit of the July 4th deadline.

Notice Pursuant to the Defense Production Act of 1950

The Department of Justice (DOJ) Antitrust Division recently authorized antitrust immunity to companies involved in the domestic nuclear fuel chain.

Stemming from the set of nuclear industry Executive Orders issued last year, the DoE established the Nuclear Fuel Chain Defense Production Act (DPA) Consortium back in August to meet some of the goals directed by the EOs. The consortium has since been working “to develop plans of action to ensure that the nuclear fuel supply chain capacity for mining and milling, conversion, enrichment, deconversion, fabrication, recycling and reprocessing is available to enable the continued reliable operation of the nation’s reactors.”

Fast forward to the end of December when the DOJ completed the required justification for the US government to enter into agreements with companies involved in the nuclear fuel chain that would have otherwise been illegal under antitrust laws. The DOJ presented their findings on December 19th, stating “the purposes … of the DPA may not reasonably be achieved through a voluntary agreement having less anticompetitive effects or without any voluntary agreement. Given this finding, the proposed Voluntary Agreement may become effective”.

U.S. Department of Energy Awards $2.7 Billion to Restore American Uranium Enrichment

The DoE has finally awarded the billions of dollars for uranium enrichment announced back in 2024. The contracts span the full range of uranium enrichment from low-enriched uranium (LEU) used by the current global reactor fleet, through high-assay LEU (HALEU) which is planned to be used by multiple advanced reactor designs. Yet, while three companies were chosen for huge awards, at $900 million each, a few were notably left out.

Centrus Energy was awarded $900 million to support the expansion of their currently-operating 900 kg/yr HALEU production capacity and toward the development of next-generation reactor fuel. Centrus now has US government support on the HALEU side and Korean government support on the LEU side.

General Matter, started by Founders Fund’s Scott Nolan, was awarded $900 million for HALEU capacity development at their future facility in Kentucky. General Matter has been tight-lipped about the enrichment technology they plan to utilize at their new facility, but will submit an application to the NRC for the facility planned at Paducah this calendar year.

Orano, a company majority owned by the French government, was awarded $900 million for developing and constructing their planned LEU enrichment facility in Tennessee.

Global Laser Enrichment (GLE), a company co-owned by Silex and Cameco, was awarded $28 million to continue the advancement of their novel laser enrichment technology. They currently have an enrichment facility application under review with the NRC for their Kentucky facility, and are currently producing hundreds of kg of LEU at their North Carolina test center.

Notably left off the list is the only enrichment company producing commercial quantities of product in the US: Urenco. Their facility in New Mexico has been operating for years, and recently received permission from the NRC to increase their enrichment levels. Owned by a combination of UK, Dutch, and German government and private entities, the company failed to secure an award for this round.

It is likely a more complicated answer that is only found behind closed doors, but we can speculate as to why Orano was picked and Urenco was not:

• Orano is working to construct a new facility that could bring hundreds of jobs for the long-term, while Urenco is only expanding current operations, which could bring in a few or no new jobs

• Urenco is already actively expanding their enrichment capacity, meaning they may not really need the additional financial support, while Orano is very likely going to need several billions of dollars to start their new facility from scratch

Policy and Regulation

Germany's Merz acknowledges 'strategic mistake'

Germany appears to be realizing the mistake oof phasing out nuclear energy. All this is for nothing though, if they don't actually start making some progress towards halting the destruction and beginning to restart of the reactors they have left.

NRC Greenlights Constellation’s $167 Million Digital Modernization Plan for Limerick Clean Energy Center; State-of-the-Art Technology Upgrades Will Enhance Reliability, Diagnostic Capability and Cyber Resilience

The biggest takeaway is this is the *first* time a commercial reactor’s safety instrumentation system has received permission to perform a digital upgrade. The two large boiling water reactors at Limerick are part of CEG’s $5.1 billion investment across Pennsylvania for sustaining their current nuclear fleet as well as adding about 1,200 MW of nuclear capacity uprates.

Taking advantage of a comparison of opportunity due to the exact same acreage, we would like to provide a phenomenal example of the energy density of nuclear and how little land it takes to produce an incredible amount of electricity:

• Limerick’s 600-acre site generates roughly 90% of its rated 2,300 MW of electricity per year, yielding about 18,000 GWh per year

• A 600-acre solar farm generates roughly 30% of its rated 100 MW of electricity (example, example, and example) per year, yielding about 260 GWh per year

• For this example, you get about 70 times as much power from that 600 acres

ADJUSTING IMPORTS OF PROCESSED CRITICAL MINERALS AND THEIR DERIVATIVE PRODUCTS INTO THE UNITED STATES

The above chart tells most of the story, but there is an abysmal amount of domestic uranium production in the US. Meeting roughly 1% to 2% of our domestic fleet means, everyone is asking what it will take to incentivize the development of uranium mines within our border. Well, it appears the easiest answer is to set a price floor.

There has been very little follow up from the executive order announcement, and people are speculating all sorts of things. The general idea, at least for uranium, is that the administration wants to protect domestic uranium mines from cheap foreign material. This could take the form of setting a floor in the US or limiting the import of uranium from foreign countries.

Canada, China release plan for energy co-operation

We have zero intention of getting political on a blog that focuses on geeking out about nuclear energy, but we feel this is, or could at least potentially be, a very significant development for the US nuclear industry. Our train of thought comes from the frustration that will likely be held by our current federal administration when one of our biggest uranium providers is now coordinating with one of our most hostile trade partners. If Canada decides to more deeply integrate with China, specifically on energy, this could seriously complicate the nuclear industry given:

• how much of our uranium ore comes from Saskatchewan

• the current ownership of Westinghouse is Canadian

• large portions of our biggest nuclear companies, including GE Vernova, Westinghouse, and BWXT, are in Canada

We admit to having absolutely no idea if there is any legitimate concern here, but we feel it is worth highlighting.

DOE kills decades-old radiation safety standard

As we do about once per news rundown, we very happily pass the mic to someone significantly more qualified to provide insight to an important topic. The repeal of ALARA by the DoE is exactly the kind of scenario that calls for an expert. The following is a post from Madi Hill on X:

Energy Secretary Chris Wright ended the Department of Energy's use of ALARA as a radiation standard. This is a sound policy decision that unfortunately risks being hyperpoliticized and misunderstood.

ALARA stands for "as low as reasonably achievable," and means what it says – radiation exposure should be kept as low as reasonably achievable. The problem is what is “reasonably achievable” is ambiguous and can vary widely depending on who you ask.

Those in commercial nuclear or with DOE experience point out this ambiguity has justified absurd expenditures. I've written about the massive waste at Hanford cleanup, where ALARA will cost hundreds of billions of taxpayer dollars over decades to prevent someone 3,000 years from now from receiving a radiation dose equivalent to a single cross-country flight. This move will hopefully allow that money to be redirected toward actually benefiting Americans today.

That said, some nuclear advocates overstate ALARA's impact on commercial nuclear power. ALARA is not a major cost driver. Nuclear plants already operate well below NRC exposure limits. If ALARA is removed from commercial nuclear regulation, it would simply mean they won't need to reduce their already tiny annual doses further.

Some argue then that the juice is not worth the squeeze: if ALARA isn’t a major cost driver for nuclear power, why risk eroding public confidence? Case in point, the journalist breaking the story says this move “will alter an established safety-first culture.”

First let me say I strongly disagree with that assessment. I've visited many U.S. nuclear facilities, and the safety culture is both exceptionally strong and a source of pride. It's far more than a number on a dosimeter. Removing this regulation doesn't erode decades of established excellence.

Moreover, we shouldn't preserve bad policy just because we doubt the public will understand. ALARA as a policy is bad on the merits. Moving away from it recognizes that radiation risk isn't inherently different from other risks, and that it should be managed within the full context of hazards we face. In other words, treat radiation like other regulated pollutants.

Conservative risk models for radiation already justify massive nuclear expansion across the country. The calculated risks are incredibly small and are massively outweighed by the risks nuclear plants displace. This can and should be explained to the public.

New York Gov. Hochul expands nuclear aspirations to 8-GW fleet

We seem to be the only people in the room that are hesitant to celebrate the recent announcement by the governor of New York to 5x their nuclear energy addition goal from 1 GW to 5 GW. Our reason for reserve is her surprising hostility towards Indian Point and the possibility of them being restarted. Her administration has also been hostile towards Holtec and their attempt to manage tritium water in accordance with federal law. It just paints a very confusing picture for us.

Illinois lifts moratorium on new large nuclear reactors

There has been a ban on constructing new large reactors in Illinois since the 1980s, but that ban has finally been lifted with the governor signing the Clean and Reliable Grid Affordability Act into law on January 8th. This was an absolutely massive win for American nuclear energy advocates that have been fighting for this for decades. The governor’s office has amazingly swung from hard no in 2023 to now hard yes in 2026 for the addition of new large reactors in, surprisingly, the most nuclear-powered state in the country.

Something Missing?

Looking for the other major headlines announced this week? Well, they’re probably covered in our other bi-weekly report, the Nuclear Sector Newsletter, that focuses on the publicly-traded side of the nuclear industry. It’s $10/month for coverage of all the public nuclear companies, and comes with routine short interest assessments and special reports for quarterly earnings and major announcements. Don't forget the several months of these reports we’ve stacked up for our subscribers to read through as well!

Next weekend’s market-focused report for paid subscribers will include:

• LIST $1.4 billion project in Tennessee

• Nano signs with Ameresco

• Nano signs with DS Dansuk

• Nano issues Lunar RFI

• LIST funding round

• NuScale industrial heat study

• Analyst ratings