Goldman Sachs has formally incorporated small modular reactors into its uranium supply and demand framework for the first time, with the bank now projecting cumulative SMR deployments of nearly 46 gigawatts by 2045. The addition lifts Goldman’s 2045 nuclear generation forecast by approximately 6% and adds an estimated 62 million pounds of additional uranium demand, representing a 17% upside compared to its prior long-term estimates.
The updated model, part of Goldman’s Nuclear Nuggets: Global Reactor Tracker series authored by analyst Brian Lee, arrives as nuclear power generation is expanding across both traditional large-scale reactor programs and the emerging SMR sector. Lee warns that the combination of conventional reactor expansion and the SMR buildout is likely to produce a cumulative uranium supply deficit of approximately 2.3 billion pounds between 2025 and 2045, a figure that places structural upward pressure on both spot and term uranium pricing for the foreseeable future.
Uranium spot prices have stabilised in the mid-to-high $80s per pound following a rebound in April, supported in part by buying activity from the Sprott Physical Uranium Trust. Term pricing is holding near $90 per pound, with utilities continuing to accept elevated long-term contract prices as security of supply takes precedence over short-term cost optimisation.
Recent North American reactor developments underscore the momentum. Duke Energy’s Robinson nuclear plant received approval for extended operation to 80 years, following the U.S. Nuclear Regulatory Commission’s fastest-ever license renewal review. Florida Power and Light’s St. Lucie Units 1 and 2 were also cleared to operate for up to 80 years. In Canada, Bruce Power signed an agreement with SaskPower to share expertise on large-scale reactor programs as Saskatchewan evaluates both large reactor and SMR technologies. Brookfield and The Nuclear Company also formed a joint venture to evaluate completing two previously abandoned AP1000 reactor units in South Carolina.
The cumulative weight of these announcements reinforces the argument that nuclear is shifting from a politically contested energy source into a broadly accepted pillar of clean baseload power, particularly as AI data centres, electrification, and energy security concerns drive electricity demand higher across multiple geographies simultaneously.
