Goldman Sachs Adds SMRs to Nuclear Model, Sees 17% Rise in Uranium Demand
Goldman Sachs updated its nuclear power model to include small modular reactors, adding about 46 GW of deployments by 2045. The change lifts the bank's nuclear generation forecast by 6% and increases projected uranium demand by 62 million pounds, a 17% upside to prior estimates. Goldman Sachs also projected a cumulative 2.3 billion pound uranium supply deficit between 2025 and 2045.
americanbanker.comThe revision adds roughly 46 GW of SMR deployments by 2045. This change raises the bank's forecast for nuclear generation by 6% and adds 62 million pounds of uranium demand, representing a 17% increase over previous long-term estimates. Uranium spot prices are holding in the mid-to-high $80s per pound, with term pricing near $90 per pound.
Utilities continue to secure long-term contracts at these elevated levels.
Sachs warned of a cumulative 2.3 billion pound uranium supply deficit between 2025 and 2045. The projection comes as both large-scale reactors and small modular reactors advance globally. The bank's report noted that nuclear power buildouts have gained momentum since a theme first outlined in December 2020.
Construction activity is accelerating across both reactor types even as the potential supply shortfall grows.
16, 2026, Canada's Bruce Power signed a memorandum of understanding with SaskPower. The agreement covers sharing experience in large-scale nuclear reactor project development and long-term operations as Saskatchewan evaluates its options. com reported that the updated model reinforces continued expansion in nuclear capacity.
The bank tracks progress across multiple regions, with the latest North American announcements adding to the global picture.
