Nuclear Buildout Accelerates With Goldman Now Including SMRs Into Forecast

Goldman's latest edition of "Nuclear Nuggets: Global Reactor Tracker" reinforces that the buildout of the cleanest and most reliable form of so-called "green" energy, nuclear power, continues to gain momentum. The theme we first laid out in December 2020 continues to broaden, with buildouts accelerating across both large-scale and small modular reactors, even as the growing risk of a massive uranium supply deficit emerges.

Focusing on the latest North American reactor progress and announcements:

4/16/2026 - Canada - Bruce Power has signed an MoU with SaskPower to share its experience in large-scale nuclear reactors, including project development and long-term operations, as Saskatchewan evaluates large reactor technologies alongside its SMR program. The agreement formalizes information-sharing and aligns provincial and federal nuclear strategies.

4/24/2026 - United States - Duke Energy’s Robinson nuclear power plant has been cleared for extended operation to 80 years, after the U.S. Nuclear Regulatory Commission completed its fastest-ever subsequent license renewal review. The approval allows the 759 MW Robinson Unit 2 in South Carolina to operate until 2050 under new accelerated federal timelines.

4/29/2026 - United States - The U.S. NRC has approved subsequent license renewals for St. Lucie Units 1 and 2, clearing the Florida Power & Light plant to operate for up to 80 years, with Unit 1 licensed to 2056 and Unit 2 to 2063. The decision follows aging-management reviews for the extended operating period and secures the long-term operation of the two pressurized water reactors.

5/5/2026 - United States - Brookfield and The Nuclear Company have formed a JV to manage the potential completion of the two VC Summer AP1000 units in South Carolina, supporting due diligence and execution if the project proceeds, subject to approvals and a final investment decision.

One of the biggest shifts in the note penned by analyst Brian Lee is the addition of small modular reactors to Goldman's uranium supply-and-demand model, which forecasts cumulative SMR deployments of nearly 46 GW by 2045.

In turn, this would lift its 2045 nuclear generation forecast by about 6% and create an additional 62 million pounds of uranium demand, or a 17% upside to its prior long-term demand estimate.

Global reactor construction tracker, by country:

Years under construction, by country:

Chinese reactors, years under construction:

Lee said uranium spot prices stabilized in the mid-to-high $80s per pound after rebounding in April, supported by buying activity in the Sprott Physical Uranium Trust. Term pricing held near $90 per pound, signaling that utilities continue to accept higher long-term pricing deals.

As new reactors come online, Lee warns of a cumulative uranium supply deficit of 2.3 billion pounds between 2025 and 2045.

Uranium prices will be up and to the right for quite some time...

Latest uranium coverage:

February 2026

• Big Tech Turns To Uranium As Data Center Power Demand Soars (Feb 18) – Discusses tech companies exploring uranium mining/supply deals for reliable data center power.

• No Substitute: Uranium At The Center Of The AI Power Shock (Feb 19) – Covers uranium's role in AI-driven power demand, supply reliability issues, and reactor buildouts.

March 2026

• Oklo And Centrus Signal Progress On America's Nuclear Fuel-Chain Bottleneck (Mar 9) – Joint venture on HALEU deconversion services and fuel-cycle advancements.

• Nano Nuclear Progresses HALEU Transport Package (Mar 16) – Progress on high-assay low-enriched uranium (HALEU) transportation for advanced reactors.

• How To Transport Next-Gen Nuclear Fuel Safely? NANO Nuclear Hits Key Milestone (Mar 20) – HALEU transport package development for multiple fuel types.

• U.S. Must Boost Domestic Uranium Enrichment To Counter Proliferation Risks (Mar 31) – Need for U.S. enrichment capacity expansion amid import bans and market bottlenecks.

April 2026

• Goldman Highlights Global Nuclear Progress Across SMRs And Fuel Chain (Apr 15) – Updates on uranium spot/term pricing, supply-demand models, and fuel chain developments.

• Nuclear Fuel Consortium To Provide Update On Approved Plans Of Action (Apr 23) – Progress on addressing shortages across the full nuclear fuel supply chain (mining to fabrication).

• Uranium Supply Crunch Worsens Amid Kazakhstan's Plan For Strategic Reserve (Apr 30) – Kazakhstan's strategic reserve plans and ongoing global uranium supply-demand mismatch (~$86/lb spot).

May 2026

• DOE's NNSA Removes Enriched Uranium From Venezuela And Japan (~May 9) – HALEU fuel transfers supporting U.S. domestic nuclear supply chain.

• ASP Isotopes Subsidiary Signs MOU With European Nuclear Technology Company For Fuel Supply (~May 11) – Long-term HALEU supply partnership for advanced reactors.

• Uranium – Cameco Guidance Hanging by a Thread, Implications for Market Purchases (May 11) – Cameco production guidance and direct impacts on uranium market/spot purchases.

• Up To $170 Billion Needed To Secure Full Domestic Nuclear Fuel Supply Chain (~May 13–14) – Massive investment requirements for U.S. uranium mining, milling, conversion, enrichment, etc.

Professional subscribers can read the full nuclear note here at our new Marketdesk.ai portal.