Nuclear energy could be in for a big decade

Nuclear power looks set for its biggest growth spurt in decades. After years of standing still following the 2011 Fukushima disaster, global nuclear capacity is expected to jump 44 percent by 2036, according to a new forecast from BloombergNEF, rising from 372 gigawatts last year to 535 gigawatts. Right now 76 reactors are under construction worldwide, nearly all of them large conventional plants rather than the smaller "small modular reactors" that have gotten a lot of buzz lately.

The renewed interest comes from countries trying to cut carbon emissions while also meeting fast-rising electricity demand. Nuclear plants provide steady, carbon-free power, and the recent Iran war, which unsettled oil and gas markets, has pushed some countries, including Japan, to take a fresh look at nuclear energy. China is driving most of the current buildout, with nearly half the reactors under construction globally. It could pass the U.S. in total nuclear capacity by 2030.

In the U.S., officials are talking up plans to expand nuclear power, though actual construction remains far behind China's pace. Two smaller advanced reactors are being built, and a nuclear plant in Michigan may restart later this year after missing an earlier 2025 target. Whether this nuclear rebound really delivers depends on cost and timing. U.S. nuclear projects have a history of running over budget and behind schedule, and the industry's growth may hinge on proving it can build reactors faster and cheaper than it has in the past.