Nuclear stocks surge on report of Trump executive orders to boost industry

Cooling tower four is seen at the nuclear reactor facility at the Alvin W. Vogtle Electric Generating Plant, Friday, May 31, 2024, in Waynesboro, Ga. (AP Photo/Mike Stewart) (Mike Stewart/AP)

Shares of nuclear power soared in premarket trading after a Reuters report said U.S. President Donald Trump will sign executive orders aimed to jumpstart the nuclear energy industry as soon as Friday.

Trump is expected to streamline the regulatory process for new reactor approvals and enhance fuel supply chains, four sources familiar with the matter told Reuters.

Uranium miners led the gains with Uranium Energy up 11.8 per cent, Energy Fuels climbing 13.2 per cent, and Centrus Energy surging 19.6 per cent.

Nuclear utilities Constellation Energy rose 5.5 per cent, GE Vernova was up 3.3 per cent and Vistra added 4 per cent.

Sam Altman-backed nuclear startup Oklo Inc. jumped 16 per cent, while Nano Nuclear Energy soared 15.8 per cent. NuScale Power, which develops nuclear technology, added 14.1 per cent and Global X Uranium ETF surged 9 per cent.

The United States is facing the first rise in power demand in two decades from the boom in artificial intelligence, Trump declared an energy emergency on his first day in office.

Reporting by Medha Singh in Bengaluru; Editing by Tasim Zahid, Reuters