MOSCOW (Realist English). The world’s nuclear power industry is undergoing its most profound transformation since Fukushima. After decades of stagnation and a falling share in the global energy mix, 2026 is expected to see a record number of new capacity additions — 15 reactors with a total capacity of nearly 12 GW.
At the same time, uranium prices have hit their highest since 2008, and small modular reactors (SMRs) are attracting the attention of technology giants and governments worldwide.
Nuclear generation to reach historic high
According to the International Energy Agency (IEA), global nuclear electricity generation in 2025 grew by 2.6% year‑on‑year, approaching 2,825 TWh. IEA Executive Director Fatih Birol confirmed that “in 2025 nuclear power will generate a record amount of electricity.” More than 70 GW of new nuclear capacity is under construction worldwide — one of the highest levels in 30 years.
Nuclear share remains below 10%
Despite absolute growth, the relative share of nuclear in the world’s electricity mix fell below 10% for the first time in 40 years in 2022 and remains at that level (just under 10%). The peak share was recorded in 1996 (17.5%). The reasons are the explosive growth of renewables and a significant increase in fossil‑fuel generation.
Notably, in the 1990s and 2000s, Russia, China, India and several other countries pursued nuclear development without interruption, while Western countries moved in the opposite direction — mainly because of the high cost of nuclear power and the availability of cheaper alternatives.
2025: 3 new starts vs. 7 shutdowns
According to Germany’s Gesellschaft für Anlagen- und Reaktorsicherheit (GRS), at the beginning of 2026 there were 413 nuclear reactors in operation worldwide, with an average age of about 32 years. In 2025, three new units were connected to the grid: one each in Russia, India and China.
In Russia, this was the first unit of Kursk‑2 (1,250 MW); in India, the seventh unit of the Rajasthan plant (630 MW); in China, the second unit of Zhangzhou (1,126 MW). At the same time, seven units were permanently shut down: three in Belgium, three in Russia, and one in Taiwan.
As a result, global installed nuclear capacity fell by 1,066 MW in 2025, to 375,980 MW. Five countries — the United States, France, China, Russia and South Korea — account for more than two‑thirds of the world’s nuclear generating potential.
China overtakes France in number of reactors
China has become the world’s second‑largest operator of nuclear reactors, overtaking France. According to the PRIS database at the end of 2025, China operates 58 power units with 28 under construction. France has 57 reactors with a total installed capacity of 63 GW. China is the undisputed global leader in terms of capacity under construction — 28 units.
Earlier this year, the head of the China Nuclear Energy Association stated that China has for the first time become the world leader in the overall scale of nuclear power, and has led in installed capacity of generating units for 18 years.
The United States remains the leader in the number of reactors: 94 units with a total capacity of 102.5 GW. Nuclear provides 19% of U.S. electricity generation, and the U.S. fleet operates with a high capacity factor — 92% in 2024. Fifth place goes to South Korea (26 reactors, 32% of generation). Russia rounds out the top five with 36 reactors.
Construction started on 11 new reactors in 2025
In 2025, “first concrete” was poured for 11 new reactors, all of them large pressurised water reactors (PWRs). The construction sites are in China (9 units), Russia (Leningrad‑2, unit 4) and South Korea (unit 3 at Shin‑Hanul). In China, new units were started at Lufeng (units 1 and 2), Shidaowan (unit 2), Taipingling (unit 3), Jinqimen (unit 1), Zhaoyuan (unit 1), San’ao (unit 3), Ningde (unit 6), and Bailong (unit 1).
According to the World Nuclear Association, at the beginning of 2026 there were 62 reactor units at various stages of construction worldwide, and a total of 110 planned units.
Taiwan becomes fifth country to abandon nuclear
On 17 May 2025, the last operating reactor in Taiwan — unit 2 of the Maanshan plant (PWR, 938 MW) — was permanently shut down. Taiwan thus joined Italy, Kazakhstan, Lithuania and Germany as countries that have completely abandoned nuclear power after having put it into practice. Interestingly, Germany’s share of coal‑fired generation has increased, and previously closed coal plants have been reopened. Belgium, for its part, completed the shutdown of three units in 2025 — two at Doel and one at Tihange.
Reactors in Japan and India partially suspended
PRIS also lists 23 reactors in “long‑term shutdown” (i.e., shut down for an extended period but not yet decommissioned). Of these, 19 are in Japan (consequences of the Fukushima accident) and 4 in India. Japan is gradually restarting units that have passed regulatory inspections, and by 2040 nuclear is to supply about 20% of the country’s electricity. In 2025, Japan had 14 operating reactors, 19 long‑term shut down and 27 permanently closed. The global nuclear revival is prompting Japan to reconsider its energy strategy and accelerate restarts.
2026: 15 reactors expected to start up
According to BloombergNEF, 15 reactors with a total capacity of almost 12 GW are planned to come online worldwide in 2026. This is a sharp reversal after 2025, when global nuclear capacity actually shrank by 1.1 GW. More than 50 new reactors are expected to be commissioned between 2027 and 2030. As BNEF’s lead nuclear analyst Chris Gadomski wrote, “we forecast a steady and gradual growth scenario for nuclear capacity and generation. At the same time, we recognise that such projects are rarely, if ever, delivered on schedule.”
Rosatom maintains global market dominance
According to the World Nuclear Association, Russia accounts for about 44% of global uranium enrichment capacity and roughly 40% of the enriched uranium market, while its share of the global nuclear technology export and reactor construction market exceeds 90%.
As Russian President Vladimir Putin noted, “Russia is the only country in the world with competencies across the entire nuclear energy chain.” The state corporation Rosatom has not only withstood unprecedented sanctions pressure but has also strengthened its position.
In 2026, major foreign projects of Rosatom are expected to start: the first unit of Akkuyu in Turkey, the first unit of Rooppur in Bangladesh, the seventh unit of Tianwan and the third unit of Xudapu in China. The corporation’s foreign order book grew to $206 billion by the end of 2025, and foreign revenue reached $17.2 billion — 5.2% above the target. The company’s total revenue exceeded 3 trillion rubles.
Europe returns to nuclear
European Commission President Ursula von der Leyen called the reduction of nuclear’s share in the EU since the end of the 20th century a “strategic mistake by the authorities.” The World Bank lifted its long‑standing ban on financing nuclear projects, allowing support for life extension of existing reactors and accelerated deployment of SMRs in developing countries.
In September 2025, the European Commission adopted the “SMR‑Roadmap” strategy, which set the goal of launching the first series‑built small modular reactors (PWRs up to 300 MW) by 2030–2031. The planned total SMR capacity in the EU is up to 53 GW by 2050.
The UK signed a contract with Rolls‑Royce for SMR design, allocating £2.6 billion. The first three units on Anglesey are to start operation in the mid‑2030s. The UK is also building eight large nuclear reactors and aims to raise the share of nuclear to 25% by 2050.
France plans to build six new reactors (EPR2) and extend the life of existing ones; however, the start‑up of the first has been delayed to 2038, and construction costs have risen to almost €80 billion.
Small modular reactors — the industry’s new hope
The SMR market was valued at $6.29 billion in 2025 and is forecast to grow to $9.22 billion by 2032 (CAGR 5.61%). Analysts agree that commercially viable SMRs will appear on the market in about ten years, with widespread acceptance expected around 2035. Four new SMR/AMR projects were announced in 2025.
The boom in data centres and AI development is driving interest in nuclear power from IT giants. According to BNEF, U.S. data centres alone could need up to 106 GW of electricity by 2035, compared with 35 GW in 2024. That is why companies such as Google and Amazon are showing keen interest in nuclear power and are willing to build not only small but also large reactors. An additional boost for SMRs is the EU’s recognition of nuclear as “clean” and investments in new nuclear plants as “green” investments.
Uranium market hits highest since 2008
Uranium prices rose to their highest level since 2008, reaching $86 per pound in December 2025, driven by the global trend to restart nuclear plants, climate change mitigation measures and geopolitical risks caused by the war in the Middle East.
Russia remains one of the world’s leading suppliers of enriched uranium. In 2025, Russia set a record for enriched uranium deliveries to China: shipments grew by 40% to $1.19 billion, with Russia accounting for nearly 95% of all Chinese uranium purchases.
At the same time, both the US and the EU are seeking to reduce their dependence on Russian fuel. The US law banning Russian uranium imports takes effect in 2028, with certain temporary exemptions. Russia holds about 25% of the world’s natural uranium market and up to 40% of the enriched fuel market in Europe. According to the World Nuclear Association, world nuclear power plants will need 68,920 tonnes of uranium in 2025.
Under a baseline scenario, demand will grow to just over 150,000 tonnes per year by 2040. Many existing uranium mines will be exhausted in the 2030s, developing new ones takes decades and huge capital investment, and demand growth is outpacing supply.
Experts warn of risks and shortages
Vladimir Chernov, analyst at Freedom Finance Global, forecasts that high uranium prices will persist — in the range of $75 to $90 per pound — with a high probability of consolidation at $80‑85. In the event of a sharp deficit, short‑term price spikes to $95‑100 are possible.
Overall, despite remaining risks (dependence on uranium supplies, high construction costs, the need for radioactive waste management), the industry is entering a new era. As IEA Executive Director Fatih Birol put it, “governments and industry still face some serious hurdles on the road to a new era for nuclear, starting with delivering new projects on time and on budget, as well as financing and supply chains.” Nevertheless, the nuclear revival is accelerating, and 2026 could be a turning point for the industry.
