European Utilities & Clean Energy: On the Road at UK Nuclear Fusion Sites: The future of power generation?

Research evidence excerpt

European Utilities & Clean Energy: On the Road at UK Nuclear Fusion Sites: The future of power generation?

Equity Research

European Utilities & Clean Energy

22 July 2026

On the Road at UK Nuclear Fusion

Sites: The future of power Industry Update

European Utilities & Clean Energygeneration?

POSITIVE

Over the last 12-24 months, nuclear fusion has gained European Utilities & Clean Energy

Laura Marconimomentum and attracted record-levels of funding. The

technology is often hailed as the "holy grain of energy". As +44laura.marconi@barclays.com(0)20 3555 0762

commerciality seems to inch closer and power needs are Barclays, UK

growing, we provide a brief fusion overview, informed by our Dominic Nash, PhD

+44 (0)20 3134 2364

site visits. dominic.nash@barclays.com

Barclays, UK

Last week’s site visits to UKAEA and First Light Fusion (private, not covered) gave us direct Peter Crampton

access to two of the UK’s leading fusion systems, offering a more tangible view of where +44 (0)20 3555 0125

the technology sits on the path to commercialisation. The trip provided first-hand insight peter.crampton2@barclays.com

Barclays, UKinto competing fusion technologies, R&D progress and the emerging commercial opportunities

around a sector attracting growing strategic and investor attention. We hosted the visits

together with our Sustainable Investing team, which has written extensively about the fusion's

potential commercial opportunities in Fusion: Tomorrow's solution to today's problem (20

July 2026).

All currently operational nuclear plants use nuclear fission (splitting heavy atoms into smaller

fragments). Nuclear fusion (combining light atoms into heavier ones, releasing massive amounts

of energy) is not yet commercial but is often discussed as "the holy grain of clean power