{ "report_id": "theme_nuclear_power", "report_type": "theme_signal", "site_path": "themes/nuclear-power/index.html", "title": "Nuclear Power", "as_of": "2026-06-14", "generated_at": "2026-06-14T07:17:17Z", "categories": [ "Nuclear power", "Power scarcity", "Utilities", "Energy", "Industrials", "Fuel security", "AI infrastructure", "Discovery-backed" ], "links": { "parents": [ "themes_index" ], "related": [ "reports_home", "theme_power_scarcity_and_grid_load", "theme_ai_capex_cycle", "theme_nuclear_power_node_existing_nuclear_fleet_and_premium_contracts", "theme_nuclear_power_node_uranium_fuel_feedstock", "theme_nuclear_power_node_conversion_enrichment_haleu_fuel_fabrication", "theme_nuclear_power_node_reactor_equipment_and_nuclear_services", "theme_nuclear_power_node_nuclear_construction_and_grid_delivery", "theme_nuclear_power_node_regulated_nuclear_recovery_and_host_utilities", "theme_nuclear_power_node_advanced_reactor_developers_and_smr_optionality", "sector_utilities", "sector_energy", "sector_industrials", "portfolio_index" ], "backlinks": [ "themes_index" ] }, "discovery_sources": [ { "kind": "report_api", "label": "Nuclear power parent node return buckets", "query_ref": "report-api:/api/themes/nuclear-power/node-return-buckets?as_of=latest;resolved_as_of:2026-06-12;source_table:reports.daily_security_return_buckets;coverage:28/28;missing:none" }, { "kind": "report_api", "label": "Representative selected-security right-rail chart route", "query_ref": "report-api:/api/securities/CEG/chart?frequency=daily&window=9m&as_of=latest;resolved_as_of:2026-06-12;source_table:discovery.daily_ohlc" }, { "kind": "status", "label": "Selected local ticker coverage used by parent cards", "query_ref": "discovery:status:CEG|VST|TLN|NRG|CCJ|URG|UUUU|UEC|DNN|NXE|EU|LEU|BWXT|ASPI|GEV|MIR|PWR|ETN|J|FLR|PEG|SO|ETR|DUK|D|OKLO|SMR|NNE" } ], "knowledge_sources": [ "../../../knowledge/wiki/concepts/themes/power-scarcity-and-grid-load.md", "../../../knowledge/wiki/concepts/themes/ai-capex-cycle.md", "../../../knowledge/wiki/concepts/risks/energy-inflation-policy-repricing.md", "../../../knowledge/wiki/lanes/sector/utilities.md", "../../../knowledge/wiki/lanes/sector/energy.md", "../../../knowledge/wiki/lanes/sector/industrials.md", "../../../knowledge/wiki/lanes/security/ceg.md", "../../../knowledge/wiki/lanes/security/vst.md", "../../../knowledge/wiki/lanes/security/tln.md", "../../../knowledge/wiki/lanes/security/nrg.md", "../../../knowledge/wiki/lanes/security/ccj.md", "../../../knowledge/wiki/lanes/security/uuuu.md", "../../../knowledge/wiki/lanes/security/uec.md", "../../../knowledge/wiki/lanes/security/dnn.md", "../../../knowledge/wiki/lanes/security/nxe.md", "../../../knowledge/wiki/lanes/security/leu.md", "../../../knowledge/wiki/lanes/security/bwxt.md", "../../../knowledge/wiki/lanes/security/gev.md", "../../../knowledge/wiki/lanes/security/pwr.md", "../../../knowledge/wiki/lanes/security/etn.md", "../../../knowledge/wiki/lanes/security/j.md", "../../../knowledge/wiki/lanes/security/peg.md", "../../../knowledge/wiki/lanes/security/so.md", "../../../knowledge/wiki/lanes/security/etr.md", "../../../knowledge/wiki/lanes/security/duk.md", "../../../knowledge/wiki/lanes/security/d.md" ], "external_sources": [ "https://www.iea.org/reports/energy-and-ai", "https://www.iea.org/reports/the-path-to-a-new-era-for-nuclear-energy", "https://www.energy.gov/articles/doe-releases-new-report-evaluating-increase-electricity-demand-data-centers", "https://www.eia.gov/uranium/marketing/", "https://www.energy.gov/ne/haleu-availability-program", "https://www.congress.gov/bill/118th-congress/house-bill/1042", "https://www.nrc.gov/reactors/new-reactors/advanced", "https://www.constellationenergy.com/newsroom/2024/Constellation-to-Launch-Crane-Clean-Energy-Center-Restoring-Jobs-and-Carbon-Free-Power-to-The-Grid.html", "https://blog.google/company-news/outreach-and-initiatives/sustainability/google-kairos-power-nuclear-energy-agreement/", "https://www.aboutamazon.com/news/sustainability/amazon-nuclear-small-modular-reactor-net-carbon-zero" ], "ticker_basket": [ "CEG", "VST", "TLN", "NRG", "CCJ", "URG", "UUUU", "UEC", "DNN", "NXE", "EU", "LEU", "BWXT", "ASPI", "GEV", "MIR", "PWR", "ETN", "J", "FLR", "PEG", "SO", "ETR", "DUK", "D", "OKLO", "SMR", "NNE" ], "freshness": { "price_data_as_of": "2026-06-12", "knowledge_reviewed_as_of": "2026-06-13", "parent_format_reviewed_as_of": "2026-06-14", "node_price_data_as_of": "2026-06-12", "node_chart_interval": "weekly", "value_chain_card_count": 7, "node_page_count": 7, "local_coverage_note": "The parent return-grid API resolved 28 of 28 chart-basket tickers through 2026-06-12 with no missing-data notes. URG, EU, ASPI, MIR, FLR, OKLO, SMR, and NNE have local price coverage but no maintained local security lanes; GEV, OKLO, and NNE have shortened public-company trading histories in node caveats. ETF wrappers, foreign lines, and Silex/GLE remain outside parent return grids until local coverage exists." }, "revision": { "updated_label": "Parent theme format refresh with mental model, ranked basket cards, evidence-board watch items, routed source trail, and verified report API provenance", "metadata_path": "themes/nuclear-power/report.json", "version": 3, "metadata_coordinator": true, "metadata_coordinator_as_of": "2026-06-14" }, "value_chain_nodes": [ { "id": "theme_nuclear_power_node_existing_nuclear_fleet_and_premium_contracts", "page_id": "theme_nuclear_power_node_existing_nuclear_fleet_and_premium_contracts", "title": "Existing Nuclear Fleet And Premium Contracts", "slug": "existing-nuclear-fleet-and-premium-contracts", "status": "active", "site_path": "themes/nuclear-power/nodes/existing-nuclear-fleet-and-premium-contracts/index.html", "level": "L3 operating cash-flow node", "core_count": 4, "option_count": 0, "watch_count": 0, "chart_count": 4, "price_data_as_of": "2026-06-12", "weekly_setup_as_of": "2026-06-12", "ticker_baskets": { "core": [ "CEG", "VST", "TLN", "NRG" ], "option": [], "watch": [], "related_tail": [ "PEG" ] }, "role": "Ranks existing nuclear fleet owners and adjacent dispatchable power platforms by contract evidence, cash-flow conversion, regulatory gates, valuation burden, and chart setup.", "description": "This node covers operating nuclear megawatts and adjacent power platforms that can sell reliable power into markets, capacity auctions, retail books, hedges, or long-duration clean-firm contracts. CEG ranks first for the broadest direct nuclear fleet and contracting surface; VST ranks second as the relative-value challenger with signed Meta nuclear agreements; TLN ranks third for concentrated AWS/Susquehanna torque with more execution risk; NRG ranks fourth as an adjacent merchant, retail, gas, VPP, and data-center power comparator after selling its South Texas Project stake in 2023." }, { "id": "theme_nuclear_power_node_uranium_fuel_feedstock", "title": "Uranium Fuel Feedstock", "slug": "uranium-fuel-feedstock", "site_path": "themes/nuclear-power/nodes/uranium-fuel-feedstock/index.html", "level": "L2 fuel-feedstock node", "role": "Ranks mined or processed U3O8 feedstock exposure before conversion, enrichment, and fuel fabrication.", "status": "active", "core_count": 7, "option_count": 0, "watch_count": 0, "chart_count": 7, "price_data_as_of": "2026-06-12", "completed_weekly_setup_as_of": "2026-06-12", "source_gap_tickers": [ "URG", "EU" ], "ticker_baskets": { "core": [ "CCJ", "URG", "UUUU", "UEC", "DNN", "NXE", "EU" ], "source_gap_core": [ "URG", "EU" ], "adjacent_fuel_cycle": [ "LEU", "BWXT" ], "sidecar_only": [ "U.UN/SRUUF", "YCA/YLLXF", "UROY", "URNM", "URNJ", "URA", "KAP", "PDN/PALAF", "BMN", "DYL", "GLO/GLATF", "LOT" ] }, "description": "Uranium Fuel Feedstock ranks uranium producers and developers where utility term contracts, delivered pounds, realized price, production cost, mine restart cadence, construction execution, and funding terms decide whether nuclear fuel-security demand becomes company cash flow. The final basket is CCJ, URG, UUUU, UEC, DNN, NXE, and EU. URG and EU have official-source operating evidence and local chart coverage but no filed local security lanes." }, { "id": "theme_nuclear_power_node_conversion_enrichment_haleu_fuel_fabrication", "page_id": "theme_nuclear_power_node_conversion_enrichment_haleu_fuel_fabrication", "title": "Conversion, Enrichment, HALEU, And Fuel Fabrication", "slug": "conversion-enrichment-haleu-fuel-fabrication", "status": "active", "site_path": "themes/nuclear-power/nodes/conversion-enrichment-haleu-fuel-fabrication/index.html", "level": "L2 fuel-cycle bottleneck node", "role": "Converts uranium feedstock into usable reactor fuel through conversion, enrichment, HALEU supply, and fuel fabrication.", "core_count": 4, "option_count": 0, "watch_count": 2, "chart_count": 4, "price_data_as_of": "2026-06-12", "weekly_setup_as_of": "2026-06-12", "source_gap_tickers": [ "SILXY", "SLX.AX" ], "ticker_baskets": { "core": [ "LEU", "CCJ", "BWXT", "ASPI" ], "option": [], "watch": [ "ASPI", "SILXY" ], "source_gap_core": [ "ASPI" ] }, "description": "This node ranks public exposure to conversion, enrichment, HALEU, and fuel fabrication by direct node economics first, source-backed funding and contracts second, relative value drivers third, and technical timing last. LEU is the cleanest direct public enrichment and HALEU exposure, CCJ is the scaled conversion and fuel-services platform, BWXT is the fuel-adjacent nuclear manufacturing and fabrication route, and ASPI is chartable but remains source-gap until a maintained local security lane is filed." }, { "id": "theme_nuclear_power_node_reactor_equipment_and_nuclear_services", "title": "Reactor Equipment And Nuclear Services", "slug": "reactor-equipment-and-nuclear-services", "site_path": "themes/nuclear-power/nodes/reactor-equipment-and-nuclear-services/index.html", "level": "L3 nuclear services node", "role": "Converts funded nuclear equipment, component, service, naval, and specialized manufacturing demand into backlog, margin, free cash flow, and ROIC.", "status": "active", "core_count": 3, "option_count": 0, "watch_count": 0, "chart_count": 3, "price_data_as_of": "2026-06-12", "completed_weekly_setup_as_of": "2026-06-12", "source_gap_tickers": [ "MIR" ], "ticker_baskets": { "core": [ "BWXT", "GEV", "MIR" ], "source_gap": [ "MIR" ], "watch": [] }, "description": "This node ranks parent-inherited reactor equipment and nuclear services exposure by direct node economics first, source-backed exposure second, and technical timing third. BWXT is the clearest source-backed nuclear equipment and services name; GEV is a broader power and grid infrastructure crossover; MIR remains chartable and has official Q1 2026 revenue support, but it is source-thin until a maintained security lane is filed." }, { "id": "theme_nuclear_power_node_nuclear_construction_and_grid_delivery", "page_id": "theme_nuclear_power_node_nuclear_construction_and_grid_delivery", "title": "Nuclear Construction And Grid Delivery", "slug": "nuclear-construction-and-grid-delivery", "status": "active", "site_path": "themes/nuclear-power/nodes/nuclear-construction-and-grid-delivery/index.html", "level": "L3 construction and delivery node", "role": "Converts funded nuclear, large-load, and grid plans into site engineering, EPC scope, substations, transmission, switchgear, turbines, controls, project management, margin, free cash flow, and usable capacity.", "core_count": 5, "option_count": 0, "watch_count": 0, "chart_count": 5, "price_data_as_of": "2026-06-12", "completed_weekly_setup_as_of": "2026-06-12", "source_gap_tickers": [ "FLR" ], "ticker_baskets": { "core": [ "PWR", "ETN", "GEV", "J", "FLR" ], "option": [], "watch": [] }, "description": "This node ranks construction, engineering, electrical equipment, and power-equipment exposure by direct node economics first, source-backed exposure second, relative value third, and technical timing fourth. PWR is the cleanest construction and grid-delivery route; ETN and GEV are higher-quality equipment bottleneck routes; J is the relative-value engineering and program-management route; FLR is the nuclear-EPC candidate but remains source-thin until a maintained local lane is filed." }, { "id": "theme_nuclear_power_node_regulated_nuclear_recovery_and_host_utilities", "page_id": "theme_nuclear_power_node_regulated_nuclear_recovery_and_host_utilities", "title": "Regulated Nuclear Recovery And Host Utilities", "slug": "regulated-nuclear-recovery-and-host-utilities", "site_path": "themes/nuclear-power/nodes/regulated-nuclear-recovery-and-host-utilities/index.html", "level": "L3 regulated recovery node", "role": "Ranks regulated utilities that own nuclear plants or host large loads where nuclear, generation, grid, reliability, and customer-specific infrastructure spending can become approved rate base, tariffs, capacity revenue, or customer-backed cash flow.", "status": "active", "core_count": 5, "option_count": 0, "watch_count": 0, "chart_count": 5, "price_data_as_of": "2026-06-12", "completed_weekly_setup_as_of": "2026-06-12", "ticker_baskets": { "core": [ "PEG", "SO", "ETR", "DUK", "D" ], "option": [], "watch": [] }, "description": "This node covers regulated utilities that can turn nuclear availability, uprates, license extensions, large-load service, and grid reliability spending into shareholder economics only if regulators approve recovery and funding holds. The final tournament ranking is PEG, SO, ETR, DUK, and D. PEG ranks first for relative value and nuclear/PJM optionality; SO ranks second for the clearest regulated nuclear mechanism; ETR ranks third for current Gulf South load evidence; DUK ranks fourth for scale with thinner current nuclear-load proof; D ranks fifth because Virginia host value is now mixed with the pending NextEra transaction." }, { "id": "theme_nuclear_power_node_advanced_reactor_developers_and_smr_optionality", "page_id": "theme_nuclear_power_node_advanced_reactor_developers_and_smr_optionality", "title": "Advanced Reactor Developers And SMR Optionality", "slug": "advanced-reactor-developers-and-smr-optionality", "site_path": "themes/nuclear-power/nodes/advanced-reactor-developers-and-smr-optionality/index.html", "level": "L3 speculative option node", "role": "Tracks public pure-play advanced reactor and SMR developers whose equity value depends on customer funding, NRC progress, fuel access, project cost, manufacturing readiness, and financing.", "status": "active", "core_count": 3, "option_count": 0, "watch_count": 0, "chart_count": 3, "price_data_as_of": "2026-06-12", "completed_weekly_setup_as_of": "2026-06-12", "source_gap_tickers": [ "OKLO", "SMR", "NNE" ], "ticker_baskets": { "core": [ "OKLO", "SMR", "NNE" ], "option": [], "watch": [] }, "description": "This node explains the advanced-reactor stack before the equity setup, then ranks the parent-inherited developer basket by relative value to the node first, direct project-value drivers second, and technical timing third. OKLO has the best customer-funded path but no NRC license; SMR has the strongest public design-approval evidence but needs binding project economics; NNE has KRONOS and logistics optionality but remains earlier-stage and more MOU-heavy." } ], "excluded_from_api_grids": [ { "tickers": [ "URA", "URNM", "URNJ", "NLR", "RYCEY", "SRUUF", "U.UN/SRUUF", "YCA/YLLXF", "SILXY", "SLX.AX" ], "reason": "ETF wrappers, uncovered foreign or OTC lines, trust wrappers, and Silex/GLE were excluded from parent API-backed return grids until local discovery coverage is added." } ], "value_chain_screen": { "method": "Local report API node-return-buckets. The API reads reports.daily_security_return_buckets and renders 5, 21, 63, and 252 trading-session average and median returns sourced from discovery.daily_ohlc.", "minimum_daily_bars": 252, "price_data_as_of": "2026-06-12", "coverage": { "total_tickers": 28, "week_covered": 28, "month_covered": 28, "quarter_covered": 28, "year_covered": 28, "stale_tickers": [], "missing_tickers": [], "short_history_or_source_gap_tickers": [ "URG", "EU", "ASPI", "MIR", "FLR", "OKLO", "SMR", "NNE" ] }, "groups": [ { "name": "Existing Nuclear Fleet And Premium Contracts", "sample_size": 4, "tickers": [ "CEG", "VST", "TLN", "NRG" ] }, { "name": "Uranium Fuel Feedstock", "sample_size": 7, "tickers": [ "CCJ", "URG", "UUUU", "UEC", "DNN", "NXE", "EU" ] }, { "name": "Conversion, Enrichment, HALEU, And Fuel Fabrication", "sample_size": 4, "tickers": [ "LEU", "CCJ", "BWXT", "ASPI" ] }, { "name": "Reactor Equipment And Nuclear Services", "sample_size": 3, "tickers": [ "BWXT", "GEV", "MIR" ] }, { "name": "Nuclear Construction And Grid Delivery", "sample_size": 5, "tickers": [ "PWR", "ETN", "GEV", "J", "FLR" ] }, { "name": "Regulated Nuclear Recovery And Host Utilities", "sample_size": 5, "tickers": [ "PEG", "SO", "ETR", "DUK", "D" ] }, { "name": "Advanced Reactor Developers And SMR Optionality", "sample_size": 3, "tickers": [ "OKLO", "SMR", "NNE" ] } ] } }