核能迈向新时代之路：2025年第四季度核电市场更新

T H E PAT H T O A N E W ER A F O R N U C L E A R EN E R G Y R E P O R T | Q 4 2 0 2 5 What’s Included: Insights:Insert 1-2 lines of text here describing the content in the section. Get specific! You cantease trends, call out significant drivers in the sector, etc. We want to hook the reader.History & Overview of U.S. Nuclear Power: Gain a clear understanding of the history,characteristics, and trends of the nuclear power sector 02Nuclear Market Tailwinds: Examine the demand, power considerations, and technology driversfueling a resurgence in nuclear energy Connect With Us:Insert 1-2 lines of text here describing the content in the section. Youmight call out recent deal closings or conferences your group is attending.03Nuclear Market Participants and M&A Activity: Connect with our team to explore recent sectoractivity and key investment opportunities N U C L E A R P O W E RM A R K E T U P D AT EQ 4 2 0 2 5 History & Overviewof Nuclear Power Forward: Evolution of the Nuclear Market (Then vs. Now) The ongoing surge in global power demand is opening nuclear sector investment opportunities that were not contemplated threeyears ago ›Major policy moves (IRA, ADVANCE Act, and 2025 executive orders) have beenreinforced by a clear commitment from the current administration to deployhundreds of billions in DOE lending authority for new nuclear builds›Grid demand is accelerating due to EV adoption, grid hardening, AI, and industrialonshoring, increasing the need for reliable, round-the-clock clean energy generation›Rising grid demand is driving nuclear plant restarts including Palisades, Crane CleanEnergy Center (formerly known as Three Mile Island), and Duane Arnold, andpositioning uprates as a fast, cost-effective way to add carbon-neutral capacity (30NRC-reported applications expected by 2030)›Seven subsequent license renewals have been issued since 2022, with 12 under NRCreview and 23 expected to be submitted within the next five years›Small modular reactors and microreactors are rapidly moving to commercialization ›The 2021 Infrastructure Investment and Jobs Act established a regulatory precedentto provide financial support to existing nuclear reactors and slow decommissioning›By 2022, a consensus was formed that intermittent renewables alone wereinsufficient for decarbonization›Reactor restarts were not considered to be economically feasible›Subsequent license renewals (SLRs) of nuclear plants were anticipated to drivesignificant activity for service providers across the nuclear landscape›Small modular reactors (SMRs) remained in pilot phase, with timing ofcommercialization unclear Read more on Harris Williams’ prior insights of the market: “US partners with Westinghouse,Cameco and Brookfield on $80Bnuclear deployment.” “Three Mile Island nuclear plant isreopening and selling its power toMicrosoft.” “SC has signed a letter ofintent with Brookfield to buildtwo [AP1000 reactors at theVC Summer site].” “Trump ordered the DefenseDepartment to have [an advanced]reactor no later than Sept. 30, 2028.” The History and Essential Role of Nuclear Energy While nuclear power has been a critical energy input for 80+ years, there has been a recent resurgence driven by growing needfor high-capacity, low-emissions power Nuclear Has Powered the U.S. for 80+ Years… With Surging Demand Igniting the Next Era of Nuclear Growth And Remains the Nation’s Most Reliable Source of Power… ›Policy Support:IRA (2022) provides long-term economic certaintywhile the ADVANCE Act (2024) streamlines NRC licensing and reducesregulatory risk›Electrification Surge:EVs, industrial loads, and building electrificationare driving unprecedented demand for firm power›Data Center Boom:Hyperscalersare turning to nuclear to secure24/7 carbon-free power for AI and cloud growth›SMR Adoption:Projected factory-built, modular reactors arereshaping deployment calculation with anticipated faster, lower-riskdevelopment from economies of scale The U.S. operates the world’s largest, most resilient nuclear fleetpowering nearly one-fifth of the nation’s electricity 1940s-1950s: Origins of Nuclear Power›Born out of the Manhattan Project, nuclear moved to civilian control in 1946 and produced its first electricity in 1951›Early milestones: first nuclear sub (1954) and first U.S.commercial plant (1958) ›94 reactors at 54 sites form the backbone of U.S. nuclear power›The nuclear fleet produced 779 TWh in 2023–19% of U.S. electricity and~30% of global nuclear output at a >90% capacity factor›Nuclear power plants provide nearly 50% of U.S. carbon-freeelectricity, operating at full power almost 95% of the time›With an average age of >40 years, most plants are planning tocontinue operations for 80+ years 1960s-1970s: Rapid Nuclear Power Expansion›Cold War made nuclear a strategic and economic asset ›Oyster Creek’s 1969 turnkey plant proved cost-competitive andtriggered hundreds of orders›Energy crisis of 1970s reinforced nuclear as a critical domesticen