Don't call it a comeback: Nuclear's been here for years (Ep. 245)

Nuclear energy is undergoing a quiet but profound revival—not as a sudden renaissance, but as a second look driven by climate urgency, energy security, and surging power demand from data centers. Despite the industry’s long history of stalled projects and high costs, this time feels different: bipartisan political support in the U.S., new financing models involving hyperscalers like Microsoft, and streamlined regulatory pathways are shifting the calculus. Bill Freebarron, an S&P Global nuclear expert, explains that while no new small modular reactors are yet operational, the momentum is building—especially in Texas, Wyoming, and Eastern Europe—where communities are embracing nuclear as a replacement for retiring coal plants. The geopolitical dimension is also rising, with countries like Armenia choosing between Western and Russian suppliers, underscoring nuclear’s role beyond energy. The real test now isn’t public fear or licensing delays, but whether private capital can scale up without massive government backing—and whether the U.S. will follow through on its $80 billion pledge to build 10 new reactors. The episode reveals that nuclear’s biggest advantage isn’t just low emissions or baseload reliability—it’s energy independence. With uranium prices up and supply chains restructured post-Ukraine invasion, Western nations are investing billions to bring enrichment and fuel production home.