With energy demand surging globally, nuclear power is one energy source that checks all of the boxes. That’s because it provides reliable, carbon-free power, providing consistent baseload energy around the clock — making it an ideal solution to meet growing energy demand and carbon-neutral goals.
The industry is also riding a wave of political support. At COP 23, numerous countries pledged to triple their nuclear energy capacity by 2050. In the United States, nuclear capacity would need to grow to 200 gigawatts (GW) by then to meet this goal.
Advanced technologies, such as small modular reactors, could forge a new path for the industry. Meanwhile, miners and other utility providers should benefit from the tailwinds of high demand and improving optics around nuclear. If you’re intrigued by the story surrounding nuclear energy, here are three stocks to scoop up today.
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Cameco Corporation(NYSE: CCJ) is a top provider of uranium and nuclear infrastructure in North America. The company controls significant assets in key high-grade uranium mines in Canada, as well as ownership stakes in mines located in Kazakhstan and mining rights to uranium deposits in Australia.
In addition, Cameco offers processing services, refining uranium concentrates into uranium trioxide, the purified intermediate product, which is then converted into the final form required for reactor fuel. Cameco operates both a refinery and a conversion facility in Ontario, Canada.
In addition, Cameco owns 49% of Westinghouse, a nuclear reactor technology original equipment manufacturer (OEM) and provider of aftermarket products and services to commercial utilities. Brookfield Renewable Partners owns the other 51%.
Cameco is well diversified, with assets spanning the entire uranium value chain, from mining to refining and enrichment, as well as reactor design and services, making it a top nuclear stock to own today.
Centrus Energy(NYSEMKT: LEU) provides nuclear fuel components, including low-enriched uranium (LEU), the fissile component of most nuclear fuel used worldwide. Additionally, it offers enrichment and technical services to the industry and the U.S. government, encompassing manufacturing, engineering, and other specialized technical services.
Centrus currently sources its uranium from global suppliers, including the Russian entity TENEX. It currently has a waiver that allows it to import this LEU through 2027. However, the Russian LEU ban will be fully phased in by 2028, creating an immediate need to replace 25% of enriched uranium imported from Russia.
In the long term, Centrus aims to produce LEU and high-assay, low-enriched uranium (HALEU) in-house using its advanced centrifuge technology. LEU is commonly used today, but HALEU could be the nuclear fuel for tomorrow’s advanced nuclear reactors. That’s because it enables compact reactor cores, improved efficiency, longer refueling cycles, and greater design flexibility compared to today’s standard LEU.
Centrus will need to expand the uranium enrichment capacity at its Piketon, Ohio plant. This hinges on Department of Energy funding, private investment, and long-term customer commitments. It enjoys a unique position as the only producer of HALEU for both commercial and national security applications licensed by the Nuclear Regulatory Commission (NRC).
Centrus is a top uranium procurer, but the real upside is in its transition to produce LEU and HALEU for tomorrow’s advanced reactors.
Constellation Energy(NASDAQ: CEG) provides utilities and is the largest nuclear operator in the United States, with a fleet capacity of 22 GW. The company also operates its plants with an average nuclear capacity factor of 94.6% over the past few years, beating the industry average and resulting in higher revenue per reactor for Constellation.
What makes Constellation appealing is its energy assets across key regions in the U.S. This includes the western half of the PJM region (a major U.S. electricity market and transmission system covering 13 states and Washington, D.C., serving over 65 million people) and the MISO region (which spans the Midwest and Plains regions and parts of the South). It recently expanded its presence in California with its $27 billion acquisition of Calpine.
With its slew of assets, it’s no surprise that hyperscalers are turning to Constellation to secure long-term power purchase agreements (PPAs). Last year, it locked in a 20-year PPA with Microsoft and is restarting Three Mile Island Unit 1 (renamed the Crane Clean Energy Center). It also agreed to a 20-year PPA with Meta Platforms for energy from its Clinton Clean Energy facility in Illinois.
Constellation has a diverse portfolio of energy assets, including the largest nuclear fleet in the United States, which positions the company to benefit from rising energy demand in the coming years.
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Courtney Carlsen has positions in Cameco, Centrus Energy, Constellation Energy, and Microsoft. The Motley Fool has positions in and recommends Cameco, Constellation Energy, Meta Platforms, and Microsoft. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
