In this commentary, we discuss the range of opportunities and challenges presented by the resurgence of interest in nuclear power generation in North America.

The key highlights include:
— Nuclear energy is regaining policy momentum across North America as governments pursue firm, low-carbon capacity to meet rising data centre and electrification demand

— Policy evolutions provide support in both the U.S. and Canada, lowering the levelized cost of electricity, however fuel cycle constraints remain, exposing the sector to price volatility and dependency on imported supplies.

— Regulated utilities with transparent cost recovery and policy support are better positioned to manage leverage and execution risks, while merchant or uncontracted projects face greater volatility.

“Nuclear power’s role as a dispatchable and low-carbon baseload resource has gained greater appreciation in 2025 as North American grids grapple with peak load growth projected to rise 15% to 20% annually in key regions because of artificial intelligence and industrial electrification,” said Karan Gupta, Assistant Vice President, Energy, Utilities & Natural Resources.