A New Era of Nuclear Power Powered by U.S. Investment
Randy Wolken, President & CEO
The next five years will mark one of the most pivotal periods in modern nuclear energy history. After decades of uneven progress, the world is experiencing a renewed recognition that nuclear power is essential for meeting rising electricity demand, achieving deep decarbonization, and strengthening energy security. A new wave of construction, investment, and international collaboration is now underway—and two countries stand out as shaping this moment more than any others: Canada, with Ontario leading the world’s first commercial small modular reactor (SMR) build, and the U.S., whose technological and industrial capacity will be critical to scaling nuclear energy worldwide.
This week, I was part of a small delegation of New York and Pennsylvania officials who visited the Darlington New Nuclear Project. At the center of this transformation is the rapid rise of SMRs. Once viewed as a distant concept, SMRs are now moving into real projects, with Ontario’s Darlington New Nuclear Project becoming the first grid-connected commercial SMR in the Western world. This milestone is more than a Canadian achievement—it’s a global proof point. Ontario’s leadership demonstrates that advanced nuclear can be licensed, financed, and built on practical timelines. As the project moves through construction, the world will be watching its progress, cost profile, and ability to serve as a repeatable model. Its success will strengthen confidence in SMRs across the U.S., Europe, and emerging markets.
SMRs are appealing because they offer shorter construction schedules, factory-based manufacturing, lower upfront capital requirements, and greater flexibility in plant size and site. Countries that historically lacked the capacity to host large reactors may now be able to deploy nuclear power for the first time. Between 2025 and 2030, the most significant questions will be which SMR designs reach operation, how quickly factories scale up, and how governments streamline regulation to meet surging demand for clean, reliable electricity. Ontario’s early lead positions Canada as a global demonstration partner—and it sets the stage for U.S.–Canadian cooperation that can accelerate deployment across North America.
Large reactors will also continue expanding. China remains the construction leader, while India, South Korea, and Russia are accelerating domestic and export programs. The U.S. must become a major player in this area as well. Europe, after years of hesitation, is now recommitting to nuclear through new builds in France and a growing pipeline in Central and Eastern Europe. The late 2020s will show whether these gigawatt-scale plants can be delivered more efficiently. Their performance will increase global confidence in nuclear energy as a foundation for a long-term clean-energy strategy.
A major force behind renewed nuclear interest is the dramatic increase in electricity demand. Advanced manufacturing, data centers, artificial intelligence, and electrification are straining grid capacity worldwide. In some regions, data-center electricity consumption may double by the end of the decade. Companies such as Amazon, Microsoft, and Google are exploring partnerships around advanced nuclear power to meet climate commitments while ensuring 24/7 power availability.
This is where the U.S. plays an essential role. With its vast manufacturing base, national laboratories, engineering talent, and private-sector innovation, the U.S. is uniquely positioned to become the global leader in advanced-reactor design, fuel supply, and large-scale deployment. American companies are already partnering internationally to build SMRs, export advanced fuels, and modernize nuclear supply chains. Over the next five years, U.S. leadership will be critical to ensuring that Western nuclear technology remains competitive with Russian and Chinese offerings.
Financing will be another decisive factor. New models such as regulated asset base frameworks, clean-power purchase agreements, and federal loan guarantees are unlocking billions in capital for SMR and large-reactor projects. Ontario’s SMR financing structure is already being studied by U.S. utilities and policymakers looking to replicate its credibility and predictability.
Regulatory reform is also gaining momentum. Many countries are updating their licensing frameworks to support SMRs and advanced reactors better. International alignment, once slow and fragmented, now appears more achievable as more nations adopt similar technologies. Faster, modernized licensing could shorten construction timelines by years.
Finally, public confidence and workforce readiness will determine nuclear’s long-term success. Nations that maintain strong safety records, communicate transparently, and develop skilled labor pipelines will be poised to expand nuclear energy at scale. Ontario’s SMR project, for example, is already helping build a new generation of nuclear workers whose expertise will benefit both Canada and the U.S.
Over the next five years, nuclear energy will shift from a legacy industry to a central pillar of a resilient, abundant, and clean energy future. Ontario’s leadership in delivering the first SMR and America’s essential role in global deployment will help define this new era—one in which nuclear power becomes faster to build, more affordable, and more widely adopted than ever before. I left Darlington convinced I had seen the future of new nuclear power abundance.