In the next five years, the nuclear energy sector is expected to experience significant changes as countries seek reliable and clean sources of electricity. According to Randy Wolken, President & CEO of the Manufacturers Association Of Central New York, “After decades of uneven progress, the world is experiencing a renewed recognition that nuclear power is essential for meeting rising electricity demand, achieving deep decarbonization, and strengthening energy security.” He highlights ongoing investment and international cooperation in the field.
Wolken was part of a delegation from New York and Pennsylvania that visited Ontario’s Darlington New Nuclear Project. This project is notable for being the first grid-connected commercial small modular reactor (SMR) in the Western world. “Ontario’s leadership demonstrates that advanced nuclear can be licensed, financed, and built on practical timelines,” Wolken said. He noted that this development could serve as a model for other countries interested in SMR technology.
SMRs are attracting attention due to their shorter construction schedules, factory-based manufacturing processes, lower upfront capital requirements, and flexible plant sizes. These characteristics may allow countries without large-scale nuclear infrastructure to deploy nuclear power for the first time. Between 2025 and 2030, key questions will include which SMR designs become operational and how quickly production can scale up.
Wolken emphasized Canada’s position as an early leader in SMRs and suggested that this sets the stage for greater U.S.–Canadian collaboration. He also noted ongoing developments with large reactors in China, India, South Korea, Russia, France, and Central and Eastern Europe.
The increasing demand for electricity from sectors such as advanced manufacturing and data centers is contributing to renewed interest in nuclear energy. Companies like Amazon, Microsoft, and Google are exploring partnerships involving advanced nuclear technologies to meet climate goals while ensuring reliable power supplies.
Wolken pointed out that “the U.S. is uniquely positioned to become the global leader in advanced-reactor design, fuel supply, and large-scale deployment.” American companies are already working internationally on SMR projects and modernizing supply chains.
Financing remains a critical issue for new nuclear projects. Innovative approaches such as regulated asset base frameworks and federal loan guarantees are helping secure investment for both SMRs and larger reactors. Ontario’s approach to financing its SMR project is drawing interest from U.S. utilities seeking more predictable models.
Regulatory reform is also underway in several countries to streamline licensing processes for new reactors. Faster approvals could reduce construction times significantly if nations align their regulatory frameworks around similar technologies.
Public confidence in safety standards and workforce readiness will play important roles in determining how broadly nuclear energy expands over the coming years. Projects like Ontario’s SMR initiative are contributing to workforce development efforts by training new specialists who could support further expansion across North America.
“Over the next five years, nuclear energy will shift from a legacy industry to a central pillar of a resilient, abundant, and clean energy future,” Wolken concluded. He described his visit to Darlington as evidence of what he sees as “the future of new nuclear power abundance.”
