Atomic Power Plays: A Fool’s Errand?

Right, settle in, folks. We’re talking nuclear energy. Not since Three Mile Island has this sector been so…well, interesting. After Fukushima in 2011, everyone ran screaming for the hills, convinced we’d all be glowing in the dark. A decade of decline, I tell ya! But hold onto your hats, because suddenly, everyone’s decided we need this stuff again. Decarbonization, safer reactors, the insatiable hunger of data centers…it’s a perfect storm, a beautiful, slightly terrifying, power-hungry mess. And where there’s mess, there’s opportunity…and possibly, a very large bill. The International Atomic Energy Agency – those busybodies – predict nuclear capacity could grow two-and-a-half times by 2050. Two-and-a-half! That’s a lot of atoms splitting. So, let’s take a look at two companies hoping to cash in. Don’t worry, I’ve brought my Geiger counter…just in case.

NuScale Power

Now, NuScale. These folks are building…get this…small nuclear reactors. Tiny! Like, fit-in-a-slightly-larger-than-average-garage tiny. 65 feet high, nine feet wide. It’s like they’re trying to build a nuclear power plant for your suburban bungalow. Prefabricated, assembled on site…it’s the IKEA of nuclear energy. And, bless their hearts, they’ve actually gotten the U.S. Nuclear Regulatory Commission to sign off on the designs. That’s a feat, folks, a genuine accomplishment. They approved a 50 MWe reactor in 2023, and another, slightly larger one, is coming down the pike in 2025. Progress! Or is it?

They had a grand plan for Idaho – six of these little reactors, enough to power a small city. But, alas, costs soared faster than a rogue uranium isotope. The project collapsed. A cautionary tale, wouldn’t you say? Now, they’re subcontractors to Fluor – a much larger, more established player – building a similar plant in Romania. RoPower, it’s called. Sounds like a superhero, doesn’t it? The final investment decision is approved, which is good. But don’t expect power to be flowing anytime soon. We’re talking early 2030s, minimum. For now, they’re mostly doing feasibility studies. Front-end engineering and design, they call it. Fancy talk for “drawing pictures and hoping someone pays us.”

They’ve also landed a deal with the Tennessee Valley Authority – a whopping six gigawatts of capacity across seven states. Ambitious! But again, the first reactors won’t be online until 2032. They’re good at making promises, these folks. Whether they can deliver is another matter. The market cap is $4 billion. That’s…optimistic, shall we say? 45 times this year’s sales? They’re banking on revenue tripling by 2028. That’s a lot of hoping, a lot of praying to the fission gods. But if they actually deploy these reactors…well, then things could get interesting. Nibble on the stock today, they say. A nibble, mind you. Don’t go betting the farm.

GE Vernova

Now, GE Vernova. This is the old energy division of General Electric, spun off in 2024. A bit more…sensible, shall we say? Less pie-in-the-sky, more nuts and bolts. Last year, over half their orders came from power generation – gas turbines, steam turbines, services for nuclear plants. The other third came from electrification – transformers, substations, all that good stuff. They’re not just betting on nuclear; they’re betting on everything that requires electricity. Smart move.

They’ve benefited nicely from the cloud, data centers, and the AI craze. Everyone needs power, and GE Vernova is happy to provide it. Their wind business is a bit sluggish, but hey, you can’t win ’em all. They’re planning to expand their power and electrification businesses and right-size the wind operation. A sensible strategy. It’s not a “pure play” nuclear stock like NuScale, but it’s bigger, better diversified, and, crucially, profitable.

Analysts expect revenue and earnings to grow at a healthy clip – 15% and 54% respectively – between now and 2028. The enterprise value is a hefty $217 billion. A bit pricey? Perhaps. But their core strengths should justify it. It’s not a wild gamble like NuScale; it’s a solid, reliable, slightly boring investment. And sometimes, folks, that’s exactly what you need.

So, there you have it. Two companies, two approaches to the nuclear future. Will they succeed? Will they fail? Only time will tell. But one thing’s for sure: it’s going to be an interesting ride. Now, if you’ll excuse me, I need to check my Geiger counter. Just to be safe.

2026-03-04 20:13

NuScale Power

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