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Power-hungry artificial intelligence technologies and data centers are fueling an electricity boom. Much of that new demand must be served by clean, always-on energy. Nuclear power is uniquely suited to the task, but today, the US has zero new nuclear projects under construction.
Furthermore, the planned projects announced so far by US utilities, tech companies, and industrial firms—totaling around 13 gigawatts of new nuclear energy capacity by 2040—barely scratch the surface of the domestic market opportunity. Nuclear power could play a critical role in meeting the projected 180 gigawatts of electricity demand by 2040 from AI data centers in the US, as well as the estimated 120 gigawatts of incremental electricity demand from other domestic consumers and businesses.
In short, the potential upside for nuclear plant operators and investors is huge, but they’ll have to work hard to earn the right to serve the growing electricity demand.
Steep upfront costs, long project timelines, and an atrophied domestic supply chain are real obstacles to increasing nuclear capacity, but they’re not insurmountable. While the US paused nuclear plant construction for decades, other countries such as South Korea and France built up industrial expertise and drove costs down. They’ve shown what’s possible when policy, capital, and industrial muscle align.
The US nuclear industry faces an experience gap, and the only way out is through. To close it, utilities, tech companies, and policymakers must partner to mitigate risks in the first wave of projects, creating the foundation for scaling up an efficient, cost-effective ecosystem.
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First published in maggio 2025