Nuclear Baseload: Fuel and Fleet
webthe3rd.eth@webthe3rd
The idea
I believe nuclear is the only credible answer to round-the-clock power demand, and that the market hasn't caught up yet: long-term uranium contracts just hit a record price while nuclear stocks slid this year. This basket leans hardest into the fuel chain, uranium miners plus enrichment and fabrication, where that gap looks widest, while also owning today's reactor operators and the suppliers that service them. I left out small modular reactor developers since they won't be producing power in the next two to three years, which is my window for this to play out.
What it owns
- Companies that own reactors already running sell round-the-clock power today and benefit as long contracts get repriced higher. · Constellation Energy CorporationIt runs the largest nuclear fleet in the US and sells round-the-clock power to major buyers, earning more as existing contracts reprice upward., Vistra Corp.It owns nuclear plants and sells power at market prices, benefiting now from rising demand for reliable electricity alongside its other generation sources., Talen Energy CorporationIt owns a big Pennsylvania nuclear plant and sells power directly to data center buyers, a live example of tech relying on round-the-clock nuclear power., Public Service Enterprise GroupIt is a New Jersey utility that owns a share of several nuclear plants, offering a steadier, dividend-paying way to own today's reactors., The Southern CompanyIt owns the Vogtle plant in Georgia, home to the newest large reactors running in the US, and serves a fast-growing region., Entergy CorporationIt runs several nuclear plants across the South, where industrial and data center demand for power is growing fast.35%
- Miners earn more when utilities sign long-term contracts at today's record uranium prices. · Cameco CorporationIt mines some of the world's highest-grade uranium and sells most on long-term contracts, offering a direct way to own the view that nuclear wins baseload power., NexGen Energy Ltd.It is building what could become one of the biggest uranium mines in Canada's Athabasca Basin, positioned to supply utilities betting on nuclear demand., Uranium Energy Corp.It sells uranium into the market without locking in prices ahead of time, capturing the full upside if uranium prices keep climbing., Denison Mines Corp.It is developing a low-cost uranium mine in Saskatchewan, a bet that higher uranium prices make new supply worth building and operating., Energy Fuels Inc.It owns the only working conventional uranium mill in the US, a hard-to-copy asset if American utilities want domestic fuel supply.30%
- The US is rebuilding its own ability to turn uranium into reactor fuel, and only a few companies can do it. · Centrus Energy Corp.It is one of the few US companies that can enrich uranium into reactor fuel, filling the gap as the country reduces reliance on Russian supply., BWX Technologies, Inc.It makes nuclear fuel and reactor parts, mostly for the US Navy and existing plants, generating steady earnings from maintenance and upgrades.16%
- Every running reactor needs parts, upgrades and safety equipment, whoever ends up buying the power. · Curtiss-Wright CorporationIt makes pumps, valves and other parts that today's reactors need to keep running and to extend their operating licenses., Mirion Technologies, Inc.It makes the radiation detection and safety equipment every nuclear plant needs, so more reactor hours means more orders for its products.11%
- Cash8%