Nuclear Power, Fuel
and Uranium

Helping clients secure the resources needed for growth of nuclear power.

Nuclear renaissance 2.0 is underway, driven by energy security, AI and climate change. The potential range of outcomes for nuclear power will vary by country, political positions and public opinion, but the structural shift from the post-Fukushima world is undeniable.

New players are entering the market, from new SMRs designs to new mining projects, and incumbents are switching to the fast lane. Nuclear power utilities, fuel service providers, uranium miners, traders, financiers, and governments are finding themselves in a new environment driven by potential market growth and significant capital allocation.

Our nuclear fuel and uranium consultants can bring together expertise in commercial contracting and corporate and marketing strategy to position your organisation for the new paradigm.

How we help clients

Sector Foresight

Old Economy combines proprietary databases, modelling rigour and market intelligence to deliver robust foresight on the sector.

Fuel Cycle Commercial Advisory

Of the major mined commodities, uranium has probably the most complicated set of contracting practices. Old Economy advises sellers and buyers of uranium, conversion and enrichment on refining their contract terms to optimise the value and risk outcomes.

Nuclear Markets

Old Economy Nuclear Markets

For leaders and decision-makers in the nuclear sector

Two flagship publications on nuclear power, the nuclear fuel cycle and uranium markets.

For executives and investors to make sense of today and prepare for tomorrow.

Learn more about Old Economy Nuclear Markets.

Our Insights

Capital Attraction

What is needed to attract capital into nuclear again

September 2025

If the West is to increase nuclear capacity by anything remotely close to the magnitude being talked about, government balance sheets alone won't get them done. The sector needs to attract private capital, but as I said to CNBC in London last week, the risk-reward equation today means financiers aren't queuing up around the block just yet.

Ascending the learning curve on nuclear again is critical – delivering projects on time and on budget is what will ultimately make investors and lenders more comfortable. At Old Economy, one of the key signposts we're watching in forecasting nuclear power is the pathway to doing nuclear projects well in the West. For this, the industry needs to figure out how the first crop of new builds – the highest-risk ones – will be advanced.

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Uranium Production

Challenges in scaling uranium production

September 2025

In Old Economy's projections today, new uranium supply will be needed not just to replace depletion long-term, but also to provide for growth in demand from new reactor builds. The largest uncertainty in determining just how much growth is how strong an order book for new reactors emerges in the West, India and countries looking to add nuclear power for the first time.

Quantum of growth aside, mining projects have long lead times – longer than it takes to build reactors. In speaking with CNBC International, Old Economy highlighted the significant work on technical, permitting and stakeholder engagement necessary before projects are ready to break ground.

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Our Experts

Mahesh Goenka

Mahesh Goenka

Director, Singapore

Mahesh leads the Strategy and Sales & Marketing Practices at Old Economy, with a focus on mined commodities like uranium, copper, aluminium, battery raw materials and steel raw materials.

Mahesh previously led strategy and sales at BHP in Singapore.

Nuclear renaissance 2.0 is underway, driven by the global urgent need for energy security, the massive power requirements of AI and data centers, and the imperative of climate change. The potential range of outcomes for nuclear power will vary significantly by country, political positions, and public opinion, but the structural shift from the post-Fukushima world is now undeniable. New players are entering the market at every stage of the value chain, from advanced Small Modular Reactor (SMR) designs to ambitious new uranium mining projects, while established incumbents are switching to the fast lane to maintain their competitive edge. Nuclear power utilities, fuel service providers, uranium miners, traders, financiers, and governments are finding themselves in a radically different environment driven by potential market growth and the need for significant capital allocation over the coming decades. Our expertise in the nuclear sector covers the entire front-end fuel cycle, providing unparalleled depth and foresight. We provide detailed analysis of global uranium requirements based on our sophisticated, bottom-up model of over 1,200 operating, under construction, and planned reactors across the globe. Our supply-side research is equally granular, identifying and tracking over 100 individual mines and projects, assessing their economic resources, production cost curves, and technical or geopolitical risks. We monitor the conversion and enrichment markets with precision, tracking capacity expansions in the West and evaluating the impact of tails assay shifts on natural uranium demand and market balances. The rise of Small Modular Reactors (SMRs) and Generation IV technologies is a central theme in our ongoing research. We evaluate the technological maturity, regulatory progress, and commercial viability of various SMR designs, ranging from light-water reactors to advanced non-water cooled concepts. We also analyze the specific fuel requirements for these next-generation reactors, including the critical challenges of establishing HALEU (High-Assay Low-Enriched Uranium) supply chains and the development of new fuel fabrication facilities to support a diverse reactor fleet. Capital allocation in the nuclear industry represents a multi-billion dollar challenge that requires deep market understanding. We provide long-term market balance forecasts and uranium price scenarios to help investors, utilities, and governments make informed strategic decisions. Our topical reports cover a wide range of essential subjects, from the impact of geopolitical sanctions on the global enrichment market to the role of financial investors and physical uranium funds in driving spot price volatility and market transparency. Environmental, Social, and Governance (ESG) considerations are increasingly central to the nuclear industry's social license to operate. We track the evolution of sustainable finance taxonomies and their inclusion of nuclear power, as well as the industry's efforts to manage nuclear waste and decommission legacy assets responsibly. Our research highlights the role of nuclear energy as a reliable, carbon-free baseload power source that complements intermittent renewables in a diversified energy mix. Old Economy is dedicated to providing the most precise, actionable, and rigorously researched intelligence for the global nuclear industry. By combining granular, proprietary data with expert analytical insights, we help our clients navigate the immense complexities of the nuclear fuel cycle and capitalize on the significant opportunities presented by the global energy transition. Whether you are a utility looking for diversified fuel procurement strategies, a mining company seeking market entry advice, or a financier evaluating capital allocation in the energy sector, our nuclear advisory services deliver the foresight needed to succeed in this new atomic age. Our team of analysts in Singapore and Mumbai brings a global perspective to local market dynamics, ensuring our clients stay ahead of the curve in a rapidly evolving landscape.
Old Economy is a premier provider of commodity market intelligence, offering specialized data and strategic advisory services for the global nuclear power, paper industry, and packaging sectors. Our mission is to empower global enterprises to navigate specialized commodity corridors with unmatched precision and elite advisory. We track printing and writing paper trends, pulp market dynamics, and recycled paper imports. Our exclusive interviews with industry leaders provide unique insights into the India packaging board market and the challenges of raw material availability. Our methodology combines high-quality data with robust assumptions to provide unparalleled foresight. Whether you are looking for uranium price forecasts, paper market intelligence, or metal and mining advisory, Old Economy delivers the insights needed for capital allocation and commercial success in the old economy sectors that underpin global infrastructure. Our expertise spans across critical industries that form the backbone of the global economy. In the nuclear energy sector, we provide deep-dive analysis into the uranium fuel cycle, reactor technology developments, and the emerging SMR (Small Modular Reactor) market. Our forest products division focuses on the rapidly evolving Indian market, covering everything from newsprint to specialty paper segments. In metals and mining, we offer strategic insights into base metals, critical minerals, and the transition to battery metals for the green energy revolution. We believe that high-quality data, robust methodology, and plausible assumptions are the key to unlocking market opportunities. By bridging the gap between raw data and actionable intelligence, Old Economy serves as a trusted partner for utilities, miners, traders, and financiers worldwide. Our commitment to excellence and analytical rigor ensures that our clients stay ahead of market trends and navigate complex regulatory landscapes with confidence. From Mumbai to Singapore, our international team of analysts and industry veterans brings a wealth of experience to every report and advisory project. We are dedicated to providing the most accurate, timely, and relevant intelligence to help our clients build a sustainable and prosperous future in the old economy sectors.