Goldman Adds SMRs to Nuclear Model, Sees 17% Upside in Uranium Demand
Tyler Durden
 Goldman’s latest edition of Nuclear Nuggets: Global Reactor Tracker reinforces that the buildout of the cleanest and most reliable form of so-called “green” energy, nuclear power, continues to gain momentum. The theme we first laid out in December 2020 continues to broaden, with buildouts accelerating across both large-scale and small modular reactors, even as the growing risk of a massive uranium supply deficit emerges.
Focusing on the latest North American reactor progress and announcements:
4/16/2026 – Canada – Bruce Power has signed an MoU with SaskPower to share its experience in large-scale nuclear reactors, including project development and long-term operations, as Saskatchewan evaluates large reactor technologies alongside its SMR program. The agreement formalizes information-sharing and aligns provincial and federal nuclear strategies.
4/24/2026 – United States – Duke Energy’s Robinson nuclear power plant has been cleared for extended operation to 80 years, after the U.S. Nuclear Regulatory Commission completed its fastest-ever subsequent license renewal review. The approval allows the 759 MW Robinson Unit 2 in South Carolina to operate until 2050 under new accelerated federal timelines.
4/29/2026 – United States – The U.S. NRC has approved subsequent license renewals for St. Lucie Units 1 and 2, clearing the Florida Power & Light plant to operate for up to 80 years, with Unit 1 licensed to 2056 and Unit 2 to 2063. The decision follows aging-management reviews for the extended operating period and secures the long-term operation of the two pressurized water reactors.
5/5/2026 – United States – Brookfield and The Nuclear Company have formed a JV to manage the potential completion of the two VC Summer AP1000 units in South Carolina, supporting due diligence and execution if the project proceeds, subject to approvals and a final investment decision.
One of the biggest shifts in the note penned by analyst Brian Lee is the addition of small modular reactors to Goldman’s uranium supply-and-demand model, which forecasts cumulative SMR deployments of nearly 46 GW by 2045.
In turn, this would lift its 2045 nuclear generation forecast by about 6% and create an additional 62 million pounds of uranium demand, or a 17% upside to its prior long-term demand estimate.
Years under construction, by country:
Chinese reactors, years under construction:
Lee said uranium spot prices stabilized in the mid-to-high $80s per pound after rebounding in April, supported by buying activity in the Sprott Physical Uranium Trust. Term pricing held near $90 per pound, signaling that utilities continue to accept higher long-term pricing deals.
As new reactors come online, Lee warns of a cumulative uranium supply deficit of 2.3 billion pounds between 2025 and 2045.
As new reactors come online, Lee warns of a cumulative uranium supply deficit of 2.3 billion pounds between 2025 and 2045.
Uranium prices will be up and to the right for quite some time...
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