The owners and operators of commercial reactors in the U.S. are planning for a larger and longer-lasting fleet. A recent survey of utility companies from the Nuclear Energy Institute (NEI) highlights rising interest in new reactors and expectations for operating lives beyond 80 years. The survey’s results point to opportunities across utilities and the companies that build and maintain reactor plants.
Key Takeaways
- Reactor-owning utilities benefit from rising electricity demand and investments in existing and new generation.
- Capacity expansion plans and longer reactor operating lives create opportunities for construction companies and service providers.
- Investors seeking to benefit from the nuclear renaissance may prefer exposure across the broader nuclear value chain.
Utilities Offer Long-term Revenue From Nuclear Demand
In its 2026 update, NEI surveyed more than 20 utility companies in the U.S., covering over 90 commercial reactors. Respondents identified plans for more than 30 gigawatts (GW) of additional nuclear generation through 2039. Both large and small reactors are featured in the outlook.
Reactor-owning utilities, such as those included in the VettaFi Nuclear Renaissance Index (NUKZX), are among the survey’s respondents. Companies including Constellation Energy (CEG), Vistra (VST), and Dominion Energy (D) own and operate nuclear assets.
Long-term power purchase agreements (PPAs) with hyperscalers illustrate customer demand supporting nuclear capacity investment. Constellation signed a 20-year agreement with Meta (META) to support the continued operation of a reactor plant and increase its output. Vistra also signed a 20-year agreement with Meta to cover over 2 GW of nuclear capacity, along with 400 megawatts (MW) of planned output increases.
See more: Utilities Pivot to Hyperscaler Partnerships for Nuclear Expansion
New and Older Plants Expand Construction and Services Opportunities
This survey from NEI reports that more than 97% of the reactor plant owners surveyed are considering, or actively working towards approval, to operate for at least 80 years.
Reactor life extensions require more inspections, increased maintenance, and additional upgrades and refits. Several NUKZX constituents already demonstrate the impact of these long reactor lives on the supply chain.
Companies such as Fluor (FLR) are working on increasing the amount of nuclear generation capacity. Fluor is working with reactor developers, including X-energy (XE), for initial project engineering and planning. Other engineering and services companies, such as Amentum (AMTM), are working with nuclear companies in Europe for operating existing reactors and planning life extensions.
NUKZX Captures More of the Nuclear Value Chain
The structure of the NUKZX index reflects the opportunities of today’s nuclear renaissance. Constituents are diversified across four major categories: utilities, construction and services, nuclear fuel, and reactor development. NUKZX serves as the underlying index for the Range Nuclear Renaissance Index ETF (NUKZ ).
Some other nuclear-themed indexes concentrate heavily on uranium mining, which comes with different risks. The approach captures an important part of the nuclear industry, but can potentially overexpose investors to commodity prices and volatility.
The NUKZX index more closely reflects the investment opportunity described in the NEI survey. Utilities are able to monetize the demand for reliable electricity. Construction and services companies will see additional contracting from plant life extensions.
Related Research:
Construction Firms Powering the Nuclear Renaissance
DOE’s $17.5B Loan Boosts Nuclear Supply Chain
Utilities Pivot to Hyperscaler Partnerships for Nuclear Expansion
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vettafi.com is owned by VettaFi LLC (“VettaFi”). VettaFi is the index provider for NUKZ, for which it receives an index licensing fee. However, NUKZ is not issued, sponsored, endorsed, or sold by VettaFi. VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of NUKZ.
