Nuclear financing and long-term power purchase agreements gain momentum; China accounts for more than half of global nuclear capacity under construction
US nuclear operators are advancing reactor upgrades through financing and long-term power supply agreements; China continues to approve new reactors, while analysts see long-term opportunities from demand for dispatchable power.
Original source：财联社First published on Unhidea：Original source date：
Key takeaway
Analysts believe fuel prices, capital investment and electricity demand together support growth across the nuclear power supply chain, but the realization of additional capacity still depends on the progress of reactor upgrades and construction.
What changes have US nuclear financing and power purchase agreements brought?
According to reports, the US provided its largest nuclear power operator, Constellation, with 5 billion dollars in nuclear reactor financing to support investment in nuclear facilities.
Constellation signed long-term power supply agreements with Google totaling 3.59 gigawatts. A 20-year agreement supports upgrades to 11 nuclear reactors, adding 890 megawatts of capacity, with the first capacity additions expected in 2028. A separate 15-year agreement covers 2.7 gigawatts of existing power supply. Constellation plans to invest more than 4.3 billion dollars to upgrade the relevant facilities.
The US Department of Energy also provided Vistra with a conditional loan commitment of up to 4.2 billion dollars to support upgrades at three nuclear power plants. The project is expected to maintain nearly 4 gigawatts of existing capacity and plans to add 433 megawatts, while also supporting a further 20-year extension of the reactors’ operating lives beyond the expiry of their current licenses.
What stage has China’s nuclear power construction reached?
China resumed approving nuclear power projects in 2019. It approved 10, 10, 11 and 10 reactors respectively in each year from 2022 to 2025, and approved another 8 at the end of July 2026.
As of April 2026, the National Nuclear Safety Administration had issued operating licenses for 62 reactors and construction licenses for 39 reactors. China accounted for more than half of global nuclear power capacity under construction.
Independently developed third-generation designs, including Hualong One and Guohe One, have entered serial construction, with domestic equipment accounting for more than 90%. Among fourth-generation reactors, the high-temperature gas-cooled reactor has entered commercial operation, while other technology routes continue to advance.
Why are analysts optimistic about the nuclear power supply chain?
Pacific Securities believes that a rising share of renewable energy is diluting the proportion of dispatchable power, while demand from AI computing, charging and other loads is growing. Nuclear power has long-term growth potential because it is dispatchable and continues to expand.
Huayuan Securities believes that rising uranium and long-term contract prices, accelerating US nuclear fuel self-sufficiency and financing for small modular reactors, together with additional electricity demand from AI data centers, are jointly supporting the nuclear power supply chain.
At the company level, XD Testing has achieved a technological breakthrough in its high-voltage current-limiting fuses for nuclear power. Zhongmi Holdings said its overall nuclear sealing business performance was stable in 2026, with growth in spare-parts orders from end users. Supporting orders were concentrated mainly in mechanical seals for nuclear class II pumps, nuclear class III pumps and conventional islands.
