Cameco And Brookfield Positioned To Lead New Jersey's $24 Billion Nuclear Build Out

New Jersey has launched a competitive procurement process for new nuclear capacity under the Power New Jersey Act signed last month. The framework targets at least 1,100 MW of electrical power (MWe) at pre-approved sites and carries an estimated $24 billion price tag. 

Westinghouse's AP1000 reactor sits coincidentally at about ~1,200 MWe.

State officials are emphasizing shovel-ready locations and lessons learned from earlier projects to accelerate deployment. Federal financing tools that can cover up to 80% of costs are expected to play a central role, such as from the DOE's Energy Dominance Financing Office.

This state move sits squarely inside the larger federal nuclear effort we have tracked since last fall. We reported in detail on the $80 billion strategic partnership between the U.S. government, Cameco, and Brookfield to advance up to 10 Westinghouse AP1000 reactors. Cameco leadership later indicated the combined opportunity across Department of Commerce and Department of Energy channels could reach as many as 20 AP1000 units. 

Several utility pairs already sit in advanced planning stages, with work progressing on long-lead items and financing models that range from federal build-own-operate structures to support for existing operators.

While state officials and the current procurement documents continue to describe the effort as targeting 1,100 MW, the underlying economics and signals from the federal side point to something larger. 

Cameco (and MIT) has been clear that meaningful cost reductions are likely to appear on the third and fourth AP1000 units, and the DOE’s broader program has consistently favored paired reactor deployments that allow shared infrastructure, long-lead procurement, and supply chain efficiencies. 

Given that the PSEG Early Site Permit already authorizes two units at the site, the publicly stated 1,100 MW floor may simply be the minimum the process is required to deliver while the actual project that clears the competitive negotiation ends up being a full two-reactor plant once the federal financing package and execution commitments are locked in.

Cameco and Brookfield bring distinct advantages into the New Jersey process. Their controlling stake in Westinghouse, combined with direct involvement in the federal large-reactor program and Brookfield's separate partnership with The Nuclear Company to scale deployments, positions them to handle the capital intensity and leverage federal backstops at scale. 

The state's preference for proven large-reactor execution over unproven SMR designs at this stage further aligns with their strengths.

Cameco shares have posted gains of roughly 24% over the past year as the nuclear investment case gained traction. Near-term trading has been more mixed, with some pullbacks coinciding with the momentum trade that nuclear has trended with over the past couple years.