A utility supplying a region, a manufacturer needing high-temperature heat, and a remote operation replacing diesel generators face different energy problems.
That distinction matters when evaluating nuclear power. A reactor’s generating capacity tells a business how much electricity it might supply. Its technology, fuel requirements, and development stage help determine whether it can serve that business—and when.
Bank of America Institute’s September 29 report, “Nuclear energy: One industry, many reactors,” examines those differences. The private-sector research describes a market spanning established large reactors, small modular reactors, and microreactors, with newer designs facing significant commercial hurdles.
Large Reactors: Power at Utility Scale
Large reactors can serve substantial electricity demand through the grid. This is an operating technology: Georgia’s Vogtle Unit 4 entered commercial operation in April 2024, adding approximately 1,114 megawatts of generating capacity, according to the Energy Information Administration.
For a business considering expansion, the practical question is how generation connects to its location. A regional nuclear plant does not, by itself, establish that a particular site has sufficient transmission capacity or an affordable electricity contract.
Bank of America Institute identifies construction costs, project execution, specialized suppliers, and skilled workers as important constraints on additional large-reactor deployment. Operating examples demonstrate technical capability; they do not guarantee that the next project will meet its budget or schedule.
Small Modular Reactors: Capacity and Technology Are Different Choices
Small modular reactors, or SMRs, are intended to offer smaller capacity increments and greater deployment flexibility. The Department of Energy identifies potential applications including electricity generation, industrial process heat, and desalination.
But “SMR” does not identify one reactor technology. Designs can use water, gas, liquid metal, or molten salt as coolant. Those differences affect operating characteristics and suitability for particular applications.
For a manufacturer, the first question should be what energy the process requires. Electricity and high-temperature heat are different products. DOE’s research into high-temperature gas-cooled reactors specifically addresses supplying both electricity and industrial heat, including potential uses in refining and chemical production.
Modular construction could support repeatable manufacturing and staged investment. The Bank of America Institute presents these as potential advantages, not proof that every smaller reactor will produce cheaper electricity.
Microreactors: A Different Case for Remote Locations
Microreactors are being developed for applications where access to dependable energy is difficult, including remote commercial locations and military facilities.
DOE describes many designs as producing 1–20 megawatts of thermal energy, which can be used as heat or converted to electricity. Thermal output should not be mistaken for an equal amount of electrical output.
For a remote operator, the relevant comparison would include the cost and reliability of existing fuel deliveries, backup equipment, and available alternatives. A compact reactor’s value would depend on the particular site and operating requirements.
What Still Limits Deployment
Fuel is one constraint. Many advanced designs require high-assay low-enriched uranium, known as HALEU. DOE identifies supply gaps as a possible cause of deployment delays. Fuel availability therefore needs to be evaluated for the specific design, alongside construction readiness.
Licensing milestones also require careful interpretation. The Nuclear Regulatory Commission issued standard design approval for NuScale’s US460 design in May 2025. That permits applicants to reference the design in applications for construction permits and operating or combined licenses. It is not evidence that a particular plant is operating.
For communities evaluating a proposed project, the useful questions are concrete: Who will buy its energy? What approvals remain? How will it obtain fuel? Who carries construction risk? And what evidence supports its proposed operating date?
The business opportunity extends beyond electricity generation. Whether it becomes commercially useful depends on matching a specific energy need with a project that can deliver it.
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Sources
Bank of America Institute: Nuclear energy—One industry, many reactors, September 29, 2026. Private-sector research.
EIA: U.S. power grid added 20.2 GW of generating capacity in the first half of 2024.