New York has revealed plans to build a substantial nuclear power plant, the first significant U.S. project of this nature in over a decade and a half.
What Happened: New York Governor Kathy Hochul has instructed the state’s public electric utility to expand its nuclear power capacity by at least 1 gigawatt—enough to supply electricity to around one million homes, as reported by The Wall Street Journal on Monday.
The New York Power Authority, established by former Gov. Franklin D. Roosevelt almost a century ago to oversee hydropower production, will select a location in upstate New York and decide on the reactor’s design. The utility may undertake the project independently or in collaboration with private entities, as per Hochul.
This project will also serve as a practical assessment of the executive orders signed by President Donald Trump in May, which aim to accelerate the development of nuclear-power projects. These orders include plans to revamp the U.S. nuclear regulator, expedite licenses for new projects, increase domestic fuel supplies, and utilize federal lands for reactors.
Last month, Hochul and President Trump held talks that resulted in the removal of a stop-work order on a large offshore wind project and the resuscitation of two natural-gas pipeline projects, as per the publication
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Why It Matters: This decision comes in the wake of President Trump’s executive orders in May 2025, aimed at expediting the development of nuclear energy sites. These orders included directives to cut down the licensing approval process to 18 months and permit new construction on federal land.
For more than 30 years, the nuclear industry has primarily concentrated on operating and preserving existing plants, held back by safety concerns, significant cost overruns, and lengthy permitting delays.
Amid this backdrop, the construction of a new nuclear plant in New York could potentially have a significant impact on the energy landscape, both in the state and across the nation.
Notably, nuclear stocks, Oklo Inc. (NYSE:OKLO), Nuscale Power Corp (NYSE:SMR) and Canadian uranium company, Cameco Corp (NYSE:CCJ) surged 478.89%, 264.27% and 38.22%, respectively, over the past year.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
