Industry explainer · U.S. view · Energy · Fuel supply · Power demand

Nuclear Power and Uranium Industry Explained: The U.S. View

The United States has 94 operating nuclear reactors at 54 plants with about 98 gigawatts of capacity, supplying about 18% of U.S. electricity in 2025 and running 91% of the time on average. The fleet is old, averaging about 44 years, and the newest unit, Vogtle 4 in Georgia, started in April 2024. Demand for reliable power is reviving interest: owners are uprating existing reactors and restarting closed ones such as Palisades in Michigan, which began loading fuel in late August 2026. The fuel chain is the weak point. U.S. reactor operators bought 46.9 million pounds of uranium in 2025, at an average of $58.46 a pound, but U.S.-origin material made up only 7% of deliveries; Canada supplied 32%, Kazakhstan 28% and Australia 15%. Domestic mining is recovering, to about 2.1 million pounds in 2025, the most since 2017. Enrichment is the tighter bottleneck: a 2024 law bans imports of Russian enriched uranium, with waivers allowed only until January 1, 2028.

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Fleet: EIA: 94 U.S. reactors, about 98 GW, about 18% of power in 2025
Fuel imports: U.S.-origin uranium was 7% of 2025 deliveries to U.S. reactors
Russia ban: Waivers for Russian enriched uranium imports end by January 1, 2028

IN ONE LINEU.S. nuclear runs old reactors on imported fuel; enrichment is tight.

How the chain works

Uranium is mined mostly in Canada, Kazakhstan and Australia, then converted and enriched, a step where Russian supply is being phased out. Fuel goes into 94 U.S. reactors that supply about 18% of U.S. power. Restarts and uprates add capacity now; new reactors are years away (dashed line).Swipe sideways on a phone to see the full chart.

Existing reactors, restarts and new builds

	Existing fleet	Restarts and uprates	New reactors
Scale	94 reactors, 98,441 MW (EIA, March 2026)	Palisades in Michigan loading fuel since Aug 2026	Vogtle 4 was the last to start, April 2024
Timeline	Running now	One to a few years	Many years
Main risks	Age, fuel supply	Technical delays	Cost overruns, licensing
What to watch	Capacity factor, license extensions	Restart dates	Orders and NRC approvals

An old fleet running hard

According to the EIA, the U.S. had 54 nuclear plants with 94 operating commercial reactors in 28 states as of March 2026, with net summer capacity of 98,441 megawatts. Nuclear supplied about 18% of U.S. utility-scale generation in 2025, behind natural gas at 41% and ahead of coal at 17%.

The reactors run almost all the time: the average capacity factor was 91% in 2025, higher than any other type of power plant. But the average reactor is about 44 years old, and the EIA projects nuclear's share of generation could fall to 12–15% by 2050 as other sources grow.

Uranium: mostly imported

According to the EIA, U.S. reactor owners and operators bought 46.9 million pounds of uranium (U3O8 equivalent) in 2025, down from 55.9 million in 2024, at a weighted average price of $58.46 a pound, 11% higher. Foreign purchases were 43.5 million pounds. By origin, Canada supplied 32% of deliveries, Kazakhstan 28%, Australia 15% and the U.S. 7%.

Domestic mining is coming back from a very low base. U.S. production of uranium concentrate rose to about 2.1 million pounds in 2025, more than triple 2024 and the most since 2017, and exploratory drilling increased.

Enrichment and restarts

Mined uranium has to be converted and enriched before it becomes fuel. Russia was a notable supplier: about 12% of uranium purchased in the U.S. came from Russia at the time, according to Orrick. The Prohibiting Russian Uranium Imports Act of May 2024 banned imports of Russian low-enriched uranium from August 2024, letting the Energy Secretary grant waivers only until January 1, 2028, and directed $2.72 billion toward U.S. enriched uranium production.

On the reactor side, restarts are the fastest way to add capacity. Holtec began loading fuel at the Palisades plant in Michigan on August 30, 2026, after missing an earlier target of February; it has said it aims to restart in 2026, ahead of a contract to supply power by March 2027. The Energy Department is also lending Vistra about $4.2 billion to upgrade and uprate reactors in Pennsylvania and Ohio.

How the U.S. view differs from the China view

The Chinese version of this page is about the world's fastest-growing nuclear builder: China approves new reactors every year, and its questions are approval pace, equipment makers' order books and securing uranium from Kazakhstan and elsewhere.

The U.S. story is about keeping an old fleet running and rebuilding a fuel chain. New construction is slow and expensive, so restarts and uprates come first, and the urgent supply problem is enrichment once Russian imports end.

2024–2026: replacing Russian fuel, restarting reactors

In 2024 Congress banned Russian enriched uranium imports, with waivers ending by January 2028, and set aside $2.72 billion for domestic enrichment.

Operators kept buying uranium from Canada, Kazakhstan and Australia; U.S. mining tripled in 2025 but still covered only a small share of needs.

Meanwhile restarts moved forward slowly: Palisades missed its February 2026 target and began loading fuel only in late August. Nuclear is valued for reliable power, but every step of the chain takes years.

What this shows

Enrichment, not uranium mining, is the tightest part of the U.S. fuel chain.
Restarts and uprates add capacity faster than new reactors.
Timelines in nuclear slip often; plan for delays.

Common misreadings

MythThe U.S. mines most of its own uranium.

RealityU.S.-origin material was 7% of 2025 deliveries to U.S. reactors.

MythNuclear's share of U.S. power is growing fast.

RealityIt was about 18% in 2025; EIA projects 12–15% by 2050.

MythClosed reactors can restart in a few months.

RealityPalisades missed its February 2026 target and began loading fuel in August.

MythBanning Russian uranium was a simple switch.

RealityWaivers were allowed until 2028 because alternative enrichment takes years to build.

Fuel, policy and power demand: scenarios

Scenario	Main effect	How it passes through
Enrichment capacity lags 2028 deadline	Fuel supply	Higher enrichment prices, tighter supply
More restarts and uprates	Nuclear output	More capacity within a few years
New reactor orders	Long-term capacity	Equipment and fuel demand later
Uranium prices rise	U.S. miners	More domestic output
Reactor outages	Power supply	Gas plants fill the gap
License extensions approved	Existing fleet	Reactors run past 60 years

Supply and demand by segment

Segment	Supply rigidity	Concentration	New demand	Policy role	What to watch
Uranium mining	High (years to permit)	High (Canada, Kazakhstan)	Low	High	U.S. output, prices
Conversion and enrichment	Very high	Very high (few suppliers)	Yes	Very high (Russia ban)	New enrichment capacity
Existing reactors	Fixed fleet	Medium	Yes (power demand)	High (NRC licensing)	Capacity factor
New reactors	Very high (many years)	High	Yes	Very high	Orders, approvals

Supply rigidity: how long new capacity takes and whether money can speed it up. Concentration: whether output sits in a few countries or companies. The more rigid and concentrated, the more prone to shortages.

How to track it

Indicator	What it tells you	Where to find it
Uranium Marketing Annual Report	Purchases, prices and origins	EIA, yearly, free
Domestic Uranium Production Report	U.S. mining output	EIA, quarterly, free
Nuclear generation and capacity	Fleet performance	EIA Electric Power Monthly, free
Reactor licensing and restarts	Capacity additions	U.S. Nuclear Regulatory Commission, free
AI compute	Source of new power demand	U.S. view: AI compute

Sources

Last updated 2026-10-18.

This page explains the structure and supply-demand logic of an industry for educational purposes. It does not refer to any specific security and is not investment advice. Figures are dated and sourced; they may have changed since, so check the latest official data.