The nuclear sector is experiencing a resurgence of interest, driven by several factors. The global energy transition, coupled with the increasing demand for reliable and clean power sources, has reignited discussions around nuclear power. AI is soaring and nuclear power through Small Modular Reactors (SMR), Advanced Modular Reactors (AMR), and restarting nuclear power plants are all seen as viable ways to power data centres.
Countries with existing nuclear power plants in operation are increasing efforts to extend lifetime with some expected to operate for 80 years. Some countries are exploring nuclear power for the first time, like Rwanda who recently signed an agreement with Holtec to explore deployment of their SMR-300, with some nations looking to reintroduce nuclear power, like Italy, who extend to see their Nuclear Reintroduction Bill passed by the Senate in 2026. Germany, on the other hand, has moved away from conventional nuclear power, with all plants now set for decommissioning, and are focusing on nuclear fusion instead as the next step in the energy transition.
SMR demand is increasing due to their modular and safer design, lower capital cost and their potential to support the decarbonisation of heavy industry and Europe is establishing itself as an attractive market for the technology. 57 SMR/AMR projects are currently proposed for development in Europe with significant development being made so far in 2026. Rolls Royce singed the formal contract with GBE-Nuclear to commence technology design activities for the Wylfa project, signed the Early Works Agreement for their Temelin project in the Czech Republic and more recently were chosen to supply their SMR technology for Vattenfall's SMR project in Sweden.
To successfully realize the potential of nuclear power, especially SMRs, financial mechanisms must be established, and a robust supply chain is key to support commercialisation and large-scale deployment. Collaboration is vital to getting SMR technologies past the first-of-a-kind towards fleet delivery and with targeted finical support, nuclear innovation and deployment can be accelerated.