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Key Policy Moves Are Powering Nuclear Growth
As Admiral Hyman Rickover, known as the father of the nuclear navy, told a Columbia University audience in 1982: "Deciding what needs to be done is easy; getting it done is more difficult."
In 2025, the U.S. apparently decided that nuclear power was something that needed to happen. Now comes the difficult part: making sure that this momentum for nuclear continues to run at a sustained pace.
Below we examine both recent and anticipated U.S. policy developments that are likely to encourage this progress.
Executive Orders
One of the key moments demonstrating support for additional U.S. nuclear generation was the May 23, 2025, issuance by President Donald Trump of four executive orders aimed at accelerating the growth of U.S. nuclear energy.
The four orders directed action from the U.S. Department of Defense, the U.S. Department of Energy, the U.S. Nuclear Regulatory Commission, the U.S. Department of Commerce and other government agencies.
One of the orders, No. 14300, directed the reform of the NRC. Another, No. 14301, directed the reform of nuclear reactor testing at the DOE. They build on the reforms included in the ADVANCE Act, passed by Congress with strong bipartisan support in 2024.
Together, the orders call for a cohesive, revitalized strategy centered on leveraging fast-developing nuclear technology to position the U.S. as the premier choice in the international energy marketplace. Since issuance of the four executive orders, the DOE and the DOD have issued requests for proposals, entered into agreements to allow the initial deployment of new reactor designs at DOE and DOD sites, and made funding awards to participants in the nuclear fuel supply chain.
Changes at the NRC
The NRC has also acted in response to these recent executive and congressional directions. On Nov. 26, the NRC published a direct final rule, immediately effective, which rescinded a number of regulations related to agency rules of practice and procedure.
For example, the NRC revoked several of its out-of-date adjudicatory rules of practice, such as Title 10 of the Code of Federal Regulations, Sections 2.301 and 2.711(e) — (j).
According to the NRC's rulemaking website, this is the first of 28 rulemakings to be completed in response to Section 5 of Executive Order No. 14300, which calls for a wholesale review of NRC regulations.
The commission has indicated that action on the remaining 27 rulemakings — a mixture of direct final rules and proposed rules — will occur by mid-2026.
2025 also saw several new faces assume key positions within the ranks of the NRC, including the installation of three new commissioners. Matthew Mazzaro was sworn in as commissioner in January, with a term lasting through June 30, 2028.
Trump then removed Commissioner Christopher Hanson in June, an action closely followed by the resignation of Commissioner Annie Caputo in July. In conjunction, Trump appointed Ho Nieh and Douglas Weaver — both former NRC staffers with subsequent industry experience — as commissioners, with terms running through June 30, 2029, and June 30, 2026, respectively.
Trump also nominated David Wright to a third term on the commission, and reappointed him as chair. Nieh subsequently replaced Wright as chair of the NRC, effective Jan. 8 of this year.
The NRC also announced changes in its senior leadership team, including the appointment of Mike King as executive director for operations, Andrea Kock as director of the Office of Nuclear Materials Safety and Safeguards, John Tappert as director of the Office of Nuclear Regulatory Research, and Catherine Kanatas as director of the Office of Commission Appellate Adjudication.
Since the former general counsel's departure from the NRC in August, it has had an acting general counsel, David Taggart.
Nuclear Reactor Development and Deployment
Advanced nuclear reactor designs, such as small modular reactors and microreactors, have been a recent focus of U.S. policy developments.
The NRC approved the NuScale US460 small modular reactor design in June 2025 — the first NRC-approved small modular reactor design. Other small modular reactor designs are
in preapplication review at the NRC, including the BWRX-300, SMR300 and XE-100.
Executive Order No. 14301 calls for three advanced reactors to achieve criticality by July 4, 2026. The DOE announced initial selections in August 2025 of 11 separate projects for its Nuclear Reactor Pilot Program that could meet the deadline.
The selected developers have made progress in the subsequent months, with three of the projects breaking ground on their initial reactor designs, and others anticipating groundbreaking later this year.
Similarly, the commission has acted on three policy matters applicable to microreactors. These include direction that a factory-fabricated microreactor loaded with fuel is not considered to be "in operation" if it has features to prevent a nuclear chain reaction, and may be loaded with fuel at a factory, so long as the applicable NRC license allows possession of fuel.
And the commission concluded that factory testing of a microreactor can be done under regulations applicable for nonpower reactors prior to shipment to the ultimate operating site.
Private investors have followed the NRC's lead in supporting the development of advanced nuclear reactor technology. Public reports indicate that nuclear fission companies raised over $1.3 billion in the first half of 2025.
And in December alone, there were three announcements of fundraising closings eclipsing $400 million in total.
Meanwhile, large light water reactors received a needed boost in October, when Brookfield Partners, Westinghouse and the DOE announced $80 billion in federal financial support for Westinghouse's AP1000 reactors, which are currently in use at Vogtle 3 and 4 in Georgia.
Major DOE Financing Awards for Nuclear Projects
The DOE continues to show support for nuclear project development. Late last year, DOE's Energy Infrastructure Reinvestment Program within its Loan Program Office was rebranded as the Energy Dominance Financing Program.
Revitalized lending authority accompanies the program's new moniker, with the One Big Beautiful Bill Act expanding the definition of "energy infrastructure," and authorizing the DOE to guarantee loans totaling up to $250 billion through Sept. 30, 2028.
Together with the OBBBA's other pro-nuclear mandates, such as easing the burden for advanced nuclear facilities to qualify for certain tax credits, the commitment of the DOE to bolster nuclear growth moving forward remains substantial.
The DOE also has made substantial disbursements under existing loan funding agreements with nuclear companies, even while pausing, or at least slowing, disbursements to other forms of energy.
For instance, in September, the department announced continued funding support for the restart of the Palisades Nuclear Plant in Michigan. This will be the first restart of a U.S. commercial nuclear reactor after decommissioning, with commercial operation anticipated in the first quarter of 2026.
And in November, the DOE announced entry into a new $1 billion loan guarantee to restart Three Mile Island Nuclear Generating Station's Unit 1 reactor, renamed the Crane Clean Energy Center, on the Susquehanna River in Pennsylvania.
The same commitment can be observed in the advanced nuclear reactor space as well. In December, the DOE announced up to $800 million in federal cost-shared funding to support early deployments of advanced light-water small modular reactors in the U.S.
And earlier this month, the department announced commitments of $2.7 billion to three awardees to increase U.S. domestic enrichment capacity.
What to Watch For
The NRC recently announced that it had completed its safety review of TerraPower LLC's construction permit to build a new reactor in Wyoming, with permit issuance awaiting only a noncontested hearing before the commissioners.
An additional three separate construction permits have been accepted for full NRC review, with another submitted just before the new year and now in preacceptance review. A separate applicant submitted an early site permit application for a new reactor just before the new year, which is also now in preacceptance review.
All of these applications will be under review, with at least one permit, and maybe two additional permits, likely to be issued this year. These are in addition to the two construction permits that the NRC issued in prior years.
On the DOE front, as mentioned above, Executive Order No. 14301 sets a goal of having at least three nuclear reactors critical by July 4 of this year. With at least 11 applicants selected, we expect that several these reactor developers are likely to obtain the necessary permits and licenses, and start constructing demonstration projects that will be ready to achieve criticality this year.
The rest of the industry and potential investors will be closely watching the progress of these projects for lessons that may be learned, and ways to follow the same path.
Department of Energy and Nuclear Regulatory Commission Coordination on Licensing Projects
The May 2025 executive orders encouraged a new pathway to license and demonstrate a new commercial nuclear reactor design at a DOE laboratory or site.
The orders also directed the NRC and the DOE to determine how licensing work that leads to a successful demonstration design under DOE's licensing authority can be modified for use by applicants for an NRC license without revisiting risks that have already been addressed in the DOE or DOD processes.
Given the licenses and authorizations that we expect to be issued by both the NRC and the DOE in 2026, we also expect that the agencies will take steps to determine how best to
implement this portion of the executive order.
implement this portion of the executive order.
Earlier this month, the NRC staff made public a guidance document laying out expectations for NRC staff on interacting with applicants seeking an NRC license to use a design that has been approved by the DOE or the DOD.
Regulatory Reform at the NRC
As we mentioned, last year was a year of profound change at the NRC. Driven by both congressional direction and the executive orders, there will be more changes coming to the NRC. Implementation of the ADVANCE Act will continue, as will the reorganization of the NRC as directed by Section 4 of Executive Order No. 14300.
The wholesale revision of NRC regulations directed by that order will advance under a mixture of direct final rules and proposed rules. At least 26 discrete rulemakings to revise existing regulations — either as proposed rules for public comment or as direct final rules — are expected by mid-2026.
The impact of those regulatory changes is expected to be significant. As an example, the new regulations could change the fundamental baseline for understanding how much radioation is safe for individuals.
Details of the regulations will be carefully watched by the nuclear industry and the public.
Possible New and Restarted Large Light Water Reactor Projects
Of the three existing nuclear power plants mentioned above that are looking to restart operations after previously announcing permanent shutdown, one is expected to reconnect to the grid in early 2026, and two others in 2027 or 2028.
Other utilities have announced, or are reportedly considering, restarting large light water reactor projects that they previously abandoned. And as previously mentioned, in November, the Trump administration announced a binding term sheet with Westinghouse to build new AP1000s in the U.S.
Utilities and hyperscalers have also reportedly been exploring building new nuclear projects.
There are multiple details and agreements that remain to be resolved, including, in almost every case, actual site selection.
But could 2026 be the year that a truly new large light water reactor project that leverages the standardization principle embodied in Part 52 — i.e., expedited licensing of subsequent AP1000 reactors — is publicly announced? Time will tell.