• Global Overview
• North America
• Europe
• Asia and Oceania
• Middle East and Africa
• Technology and Innovation
• Fusion Research
• Market and Economic News
• Sources

§Global Overview

Nuclear energy showed unprecedented dynamism in the first quarter of 2026. In March, the Nuclear Energy Summit in Paris formalized a commitment to triple global nuclear capacity by 2050 [1]. Behind the declaration lies the rapidly growing electricity demand from AI infrastructure and data centers, which current renewable sources would struggle to meet. China leads the expansion with thirty-three reactors under construction, while Japan restarted the world’s largest nuclear plant for the first time in fifteen years. SMR and AMR development has moved to the center: both the European Union and the United States treat the technology as a strategic priority, and market players are announcing milestone after milestone. Uranium prices are holding up better than expected despite supply tensions.

§North America

TerraPower received a historic permit in early March: the NRC approved the construction permit for the Natrium reactor being built in Kemmerer, Wyoming [2]. This is the first commercial-scale advanced nuclear plant to receive such approval in the United States in nearly a decade. The Bill Gates-backed project plans approximately three thousand five hundred megawatts of capacity and could become one of the flagship technologies replacing coal plants [3].

The United States and Japan signed a forty-billion-dollar strategic agreement for SMR development and export [4]. The deal is part of a five hundred fifty-billion-dollar trade package, and the two countries aim to jointly support the global spread of small modular reactors. Northeastern Alabama is planning new reactors under the framework [5].

The market side was also active. X-Energy, the Maryland-based advanced SMR developer, submitted its IPO registration documents for a public listing [6]. The company plans to raise approximately three hundred million dollars and is targeting the Nasdaq Global Select Market under the ticker symbol XE. This is the first major nuclear startup public offering in recent years.

NuScale Power signed a collaborative agreement with Ebara Elliott Energy to develop high-temperature steam compressors [7]. The technology could be critical for SMR industrial heat applications. As part of the development, integrated systems are being tested in commercial environments.

The fuel supply chain is also expanding. FluxPoint Energy announced at the end of March that it will build the first new American uranium conversion facility in nearly seven decades [8]. The Houston and McLean-based company will produce uranium hexafluoride (UF₆) from uranium dioxide, a critical step toward domestic fuel cycle security.

§Europe

The European Commission adopted a strategic document in early March for the accelerated development of SMRs and AMRs [9]. According to the plan, the continent’s first small modular reactors could come online in the early 2030s. Ursula von der Leyen announced the two hundred million euro guarantee fund at the Nuclear Energy Summit in Paris, financed through the EU emissions trading system [10].

The Commission document highlights that SMRs and AMRs can contribute to EU climate targets, energy independence, and industrial competitiveness. Technology supporters see potential in decentralized power generation, shorter construction times, and lower capital requirements. Critics, however, point to costs and unproven nature [11].

Some SMR developers are betting on Low Enriched Uranium Plus fuel to avoid potential supply bottlenecks for more advanced fuels [12]. This approach enables faster deployment, though it may raise longer-term efficiency questions.

§Asia and Oceania

China reaffirmed continued nuclear expansion in its 15th Five-Year Plan [13]. The plan covers the 2026-2030 period and supports increasing nuclear power capacity as part of energy structure transformation. Currently 58 reactors operate in the country with approximately 56.4 GW installed capacity, with another 33 units under construction [14]. This is the second largest operating reactor park after the United States.

China joined the global declaration aiming to triple nuclear capacity by 2050 [15]. The country has already introduced the world’s first commercial fourth-generation high-temperature gas-cooled reactor and is building the first land-based small modular reactor, expected to come online this year [16].

Japan restarted Unit 6 of the Kashiwazaki-Kariwa nuclear power plant in February [17]. The facility in Niigata Prefecture is the world’s largest nuclear plant by nominal capacity and had been idle for fifteen years following the 2011 Fukushima disaster. The restart marks a milestone in Japan’s energy policy, which is returning to nuclear power to reduce fossil fuel imports and meet climate goals [18]. At full capacity, the reactor is expected to displace natural gas-based electricity generation [19].

§Middle East and Africa

Vietnam and Russia signed an intergovernmental agreement to build the Ninh Thuan 1 nuclear power plant [20]. Southeast Asia’s first nuclear facility would receive two VVER-1200 reactors, modeled after the new units at Russia’s Leningrad plant [21]. The contract is part of Hanoi’s strategy to increase energy security amid Middle East conflict disruptions [22].

Uzbekistan aims to increase localization in its nuclear plant project [23]. According to the Uzatom director, the current domestic share is about 29-30 percent, with plans to increase this in coming years. The planned Uzbek nuclear plant would be the Central Asian country’s first nuclear capacity.

Construction of new units at Iran’s Bushehr nuclear plant has stopped due to the Middle East conflict [24]. Russian Rosatom announced that work has been suspended due to the security situation.

§Technology and Innovation

TerraPower’s Natrium reactor is the first American commercial-scale advanced reactor to receive a construction permit [2]. The technology uses liquid sodium as coolant and operates at higher temperatures than conventional pressurized water reactors, increasing efficiency. The Bill Gates-backed project is being built on the site of a closed coal plant in Kemmerer, Wyoming.

Some SMR developers are betting on Low Enriched Uranium Plus fuel [12]. This fuel type uses a lower enrichment level than the HA-LEU required for advanced reactors, potentially avoiding supply bottlenecks for more sophisticated fuels. The approach represents a trade-off in efficiency but enables faster market entry.

§Fusion Research

British company Pulsar Fusion announced on March 25 that it successfully achieved first plasma in its Sunbird experimental nuclear fusion rocket system [25]. The breakthrough brings scientists closer to fusion propulsion, which mimics the Sun’s energy production process. The technology could open a new era in deep space exploration.

In Japan, the Large Helical Device completed its final experimental campaign after nearly three decades [26]. The device set world records and demonstrated that stellarators offer a stable and reliable path to fusion energy. Research conducted in collaboration with the Princeton Plasma Physics Laboratory contributed to technology development.

The United Kingdom allocated 2.5 billion pounds for fusion research [27]. The investment is part of a strategy for the country to take a leading role in commercial fusion energy development.

§Market and Economic News

Uranium prices stood at 84.05 USD/lbs at the end of March, 30.61 percent higher than a year earlier [28]. The price fell 2.78 percent during the month, but the longer-term trend remains upward. Industry experts cite growing demand, supply tensions, and geopolitical competition for fuel as drivers pushing prices higher [29].

At the March Nuclear Energy Summit, participants formally committed to tripling global nuclear capacity by 2050 [1]. The declaration is reshaping uranium markets and supply chain strategies, signaling long-term demand growth.

X-Energy’s IPO announcement shows market interest in nuclear startups [6]. The company develops advanced SMRs and fuel technology, and the public offering could bring new capital to the sector.

§Sources

1. Crux Investor – Nuclear Energy Summit Signals Long-Term Demand Growth, March 2026
2. SVI News – Kemmerer Nuclear Plant Granted Construction Permit by NRC, March 4, 2026
3. New York Times – TerraPower Nuclear Reactor in Wyoming Gets Federal Permit, March 4, 2026
4. Nuclear Engineering International – US, Japan in SMR Deal, March 23, 2026
5. Birmingham Free Press – New Nuclear Reactors Planned for North Alabama, March 25, 2026
6. Grey Journal – Nuclear Reactor Startup X-Energy Files for $300 Million IPO on Nasdaq, March 20, 2026
7. Yahoo Finance – NuScale Power SMR Partnership with Ebara Elliott Energy, March 2026
8. Energy People Group – FluxPoint Energy Launches First New U.S. Uranium Conversion Facility, March 26, 2026
9. European Commission – EU SMR Strategy, March 10, 2026
10. NucNet – Von Der Leyen Sets Out EU SMR Strategy With €200M Guarantee, March 2026
11. Euronews – Brussels Backs Mini-Nuclear Power Plants, March 10, 2026
12. Reuters – Low Enriched Uranium Could Offer Faster Deployment of Small Reactors, March 24, 2026
13. NucNet – China Draft Five-Year Plan Signals Continued Nuclear Build Programme, March 2026
14. Power Magazine – China’s Advanced Nuclear Efforts Are Pushing Frontiers, March 2026
15. Columbia Energy Policy – China Briefing 19 March 2026: China Joins Nuclear Pledge
16. Beijing Post – China Aims for Nuclear Expansion with Approval of 10 New Reactors, 2026
17. EIA – Nuclear Reactor Restart in Japan Will Likely Displace Natural Gas, February 9, 2026
18. BBC – Japan Restarts World’s Largest Nuclear Plant, 2026
19. Guardian – Japan Prepares to Restart World’s Biggest Nuclear Plant, January 2026
20. Reuters – Russia, Vietnam Agree Deal on Nuclear Power Plant Construction, March 23, 2026
21. World Nuclear News – Vietnam, Russia Sign Agreement on New Nuclear Plant, March 2026
22. Bloomberg – Vietnam, Russia Sign Nuclear Power Deal Amid Energy Pressure, March 24, 2026
23. Kun.uz – Uzatom: Safety Remains Top Priority in Nuclear Plant Construction, March 25, 2026
24. US News – Russia Halts Construction Work at Bushehr Nuclear Plant, March 3, 2026
25. Euronews – UK Startup Ignites Plasma Inside Nuclear Fusion Rocket, March 26, 2026
26. PPPL – After Record-Breaking Results in Fusion Research, March 2026
27. The Fusion Report – UK Commits £2.5B to Fusion, March 20, 2026
28. Trading Economics – Uranium Price, March 27, 2026
29. Trading Century – Uranium Market Facing Supply Crunch as Nuclear Fleet Grows, March 12, 2026