Nuclear Nuggets Global reactor tracker September edition

Equity Research 13 September 2026 | 11:44PM EDT

Nuclear Nuggets: Global reactor tracker - September edition; Takeaways from World Nuclear Symposium in London

In the September edition of the Global Reactor Tracker, we highlight the most recent Brian Lee, CFA | developments, data points, and progress across North America, Europe and Asia. Goldman Sachs & Co. LLC

Additionally, we touch upon the volatility in spot prices and an uptick of term pricing Tyler Bisset, CFA | in the month of August, while also highlighting takeaways from several days of Goldman Sachs & Co. LLC

meetings at the 2026 World Nuclear Symposium hosted in London last week by Keshav Choudhary | WNA. Goldman Sachs India SPL

Takeaways from WNA — World Nuclear Symposium 2026

Last week, we spent several days attending World Nuclear Symposium in London - the industry’s flagship conference - and highlight our key takeaways from several days of meetings and presentations from companies up and down the supply chain as well as policymakers and various other industry constituents. In sum, the conference highlighted a growing chorus of global optimism around nuclear fundamentals, in our view, with signs of progress around demand, construction and de-risking of operational progress around multiple areas of the supply chain evident, with supply-side arguments being more mixed around the prospects for the upstream portion of the nuclear fuel supply chain ramping in a sufficient trajectory to meet growing downstream technology and power demand trends. Key takeaways include:

Gaps remain in nuclear fuel and uranium supply chain. In the fuel supply chain, our conversations with multiple uranium producers suggests the structural deficit in uranium will continue to persist, with many pointing to U3O8 pricing trends throughout this year, and in particular over the past several months of muted activity, showing a real structural price floor starting to emerge. At the same time, conversations suggest large incumbent producers remain more disciplined, or potentially constrained by supply chain issues (e.g. sulfuric acid), than ever on production with bias likely to be toward cuts in production (e.g. Kazatomprom) while feedback around new suppliers was mixed, at best, with questions around timing and ramp-up ability. Amongst buyers, feedback also appeared more mixed, with some continuing to argue for ample supply over time while others suggested a more wait-and-see approach with respect to new suppliers.

Moving toward more development in the US. Following news last week that the US and South Korea were moving toward a framework to construct 8 new large nuclear

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reactors in the US, potentially inclusive of Korean technology as well, there appeared to be considerable buzz around the development progress for large reactors in the US at the conference. Our discussions suggest some EPC’s have been offering 25-40% scope of work at fixed price, though full construction wraps and insurance products to mitigate cost risks are still fleeting for now. In Korea, both KHNP and KEPCO are being discussed as aggressively pursuing options to access the US market, in bids to export their nuclear business models into the US, similar to their approaches in other parts of the world (e.g. Eastern Europe, Middle East). Japan is also invested in accessing the US market, but appeared to be highly focused on re-positioning and re-igniting the domestic Japanese nuclear market, where over 50% of the operable nuclear fleet still remains offline at present.

Gen III vs. Gen-IV debate. Consistent with the above, our discussions suggest the ability to move forward commercialization of Gen-III reactors…