Uranium and the Nuclear Renaissance

The nuclear renaissance is being driven by an unlikely coalition: technology companies seeking reliable zero-carbon power for AI data centres, governments pursuing energy security and climate commitments, and utilities facing the reality that intermittent renewables cannot provide the baseload power required by modern industrial economies.

Microsoft, Google, Amazon and Meta have all signed long-term power purchase agreements with nuclear operators or committed to funding new nuclear capacity. Microsoft's agreement to restart Three Mile Island Unit 1 is the most visible example of a broader trend: hyperscalers are becoming direct participants in nuclear energy markets.

The uranium supply deficit is structural. The Fukushima disaster in 2011 triggered a decade of underinvestment in uranium mining. Global uranium production currently covers approximately 85% of reactor requirements, with the gap filled by secondary supplies that are being depleted. New mine development requires 10–15 years from discovery to production.

Small modular reactors (SMRs) represent the next phase of nuclear development. Companies including NuScale, Rolls-Royce and TerraPower are developing SMR designs that can be manufactured at scale and deployed in 3–5 years. If SMR technology achieves commercial viability by 2030, uranium demand could increase by 30–50% above current projections.

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