Baseload Nuclear Decade
cpdis@cpdis
−3.0%
since Oct 7
The idea
I believe nuclear is the only carbon-free power source that runs around the clock, and demand for it keeps rising as AI data centers sign decade-long deals to lock in supply. The basket centers on merchant operators already paid by hyperscalers, balanced by regulated utilities with large reactor fleets, plus the companies that restart and service reactors and the fuel suppliers behind them. I keep a cash cushion and spread weight across the ecosystem rather than betting on one name, built to hold for years and to be rethought if long-term power demand growth stalls.
What it owns
- These companies own operating reactors and are signing long-term power contracts with major technology companies at premium prices. · Constellation EnergyIt operates the largest U.S. reactor fleet and earns premium prices for around-the-clock power from data center customers., VistraIt owns operating reactors and supplies nuclear power to major technology companies under long-term agreements., Talen EnergyIt supplies nuclear power to a major hyperscaler, demonstrating that large technology buyers will pay premium prices for reliable carbon-free electricity., Public Service Enterprise GroupIts New Jersey reactors sell steady, weather-independent power that only nuclear can provide carbon-free.33%
- Restarting, upgrading and maintaining reactors generates recurring revenue regardless of which utility owns the fleet. · GE VernovaIt provides upgrades and maintenance services to operating reactors, earning revenue from every restart and power increase., BWX TechnologiesIt manufactures components that operating reactors need to keep running, generating orders from fleet maintenance and restarts., Curtiss-WrightIt manufactures coolant pumps and critical parts that operating reactors replace and maintain throughout their lives., Mirion TechnologiesIt supplies radiation monitoring equipment that every operating reactor is required to maintain, tracking revenue to the size of the active fleet.25%
- Large utilities with reactor fleets in regulated markets earn steady returns from carbon-free baseload power. · Southern CompanyIt owns some of the newest reactors in the country, positioned to produce reliable baseload power for a decade., NextEra EnergyIt is restarting a shutdown reactor and acquiring a major fleet, adding nuclear capacity to serve growing baseload demand., EntergyIts Gulf Coast reactors serve a region adding industrial and data center demand, earning from the same baseload power growth this take targets., Duke EnergyIts Carolinas nuclear fleet generates steady regulated earnings from carbon-free baseload power.24%
- Every operating reactor purchases uranium and enriched fuel on long-term contracts, so more running reactors means more fuel demand. · CamecoIt mines uranium and holds a stake in a reactor services company, earning revenue from both fuel supply and maintenance of every operating reactor., Centrus EnergyIt is the domestic source for enriched uranium fuel, positioning it to supply reactors as the U.S. prioritizes fuel independence.11%
- Cash8%