The Nuclear Debate: Who, What, When, & Why? Sector Risk Everyone is Discussing

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The Nuclear Debate: Who, What, When, & Why? Sector Risk Everyone is Discussing

NORTH AMERICA | Power & Utilities EquityJuneResearch22, 2026

The Nuclear Debate: Who, What, When, & Why? With traditional solar/storage and even

natural gas plus carbon capture offeringSector Risk Everyone is Discussing lower risk, we see very significant hesitations

We see momentum on AP1000 large scale nuclear utility consortium among management teams, regulators, and

investors. With the US utility industry on the

announcement, a negative for the sector. Vast majority of utility investors best footing in decades, we worry that a large

we speak to are cautious given the challenging track record of new nuclear nuclear consortium could be the straw that

construction. Utilities are expected to have 'skin in the game' on new breaks the camel's back.

nuclear, despite significant Federal support. We are watching DUK the most Exhibit 1 - US Nuclear Capacity (MW)

closely. Natural gas, smaller nuclear, enhanced geothermal, & solar/storage all Gray = Unregulated operations. NEE / D is pro-

forma and mostly regulated.

25,000advantaged.

20,000

15,000

Investors are debating when, not if, AP1000 progress materializes for large-cap utilities: we 10,0005,000

-remain skeptical. We continue to receive inbounds from mostly cautious utility investors and

CEG D/ DUK SO TVA VST ETR PNW PEG TLN PCG AEP MUNI XEL AEE EVRG DTE NEE .bullish nuclear fuel chain investors related to the oft-discussed Westinghouse AP1000 new nuclear

Source: Nuclear Regulatory Commission, Bloomberg,

consortium. The US government has been engaged with regulated utilities for at least two years Company Filings, and Jefferies LLC

on a consolidated effort for new nuclear development.