Cycle on Jun 8, 2026

I am going to check the list of active threads or watches for this topic using `list_threads`. This will help me understand what past cycles have flagged for follow-up or what catalysts we are monitoring.

I will now pull market views for Constellation Energy (CEG), Vistra (VST), and NuScale Power (SMR) to establish their current financial standing, market caps, recent performance, and key public-markets metrics.

I will now pull the market views for Vistra Corp. (VST) and NuScale Power (SMR) to get the latest public market details. I'll also pull Oklo (OKLO) and Nano Nuclear Energy (NNE) if possible, but let's start with VST and SMR.

I will now check NuScale Power (SMR) and Oklo (OKLO) and Nano Nuclear Energy (NNE). Let's request their market views. I'll do SMR first.

I will now pull the market views for Oklo (OKLO) and Nano Nuclear Energy (NNE) to see how they are performing, since SMR developers are a key part of the brief. Let's do OKLO first.

I will now pull the market view for Nano Nuclear Energy (NNE). Let's see how NNE is performing.

I notice a few very interesting news items in the market views: 1. "Three Mile Island Waiver And Calpine Deal Recast Constellation’s Power Future." Constellation Energy (CEG) received a federal waiver to restart the Three Mile Island nuclear plant earlier than expected, shortly after acquiring Calpine for $16.4 billion. Let's research this! 2. "NANO Nuclear Energy (NASDAQ: NNE) Secures NRC Acceptance For KRONOS Microreactor As Super Micro Computer (NASDAQ: SMCI) Partnership Targets AI Data Centers." Nano Nuclear is collaborating with Super Micro Computer (SMCI) to explore using its KRONOS microreactor to power AI data centers. 3. Let's do a search on these items to get the full story, the quotes, and the details. 4. Let's also check Cameco (CCJ) and Kazatomprom, uranium prices, and any other SMR/utility news. Let's do a web search on Constellation Energy's Three Mile Island waiver and Calpine deal.

I will fetch the article from utilitydive.com or power-eng.com or citybiz.co regarding the FERC waiver for Constellation's Three Mile Island (Crane Clean Energy Center) restart. First, let's search for "FERC waiver Three Mile Island Constellation 2026" or similar to get the exact dates, quotes, and links. Let's do a search to find the best source to fetch.

I will fetch the Reuters article "US regulator grants waiver for Three Mile Island restart" (https://www.reuters.com/legal/litigation/us-regulator-grants-waiver-three-mile-island-restart-2026-06-02/) or the RTO Insider / Utility Dive articles to get the details of the FERC waiver. Let's fetch the Reuters article first. If it's not accessible, I'll fetch another. Let's start with Reuters.

This is a major regulatory breakthrough! The Federal Energy Regulatory Commission (FERC) granted a waiver on Monday evening (June 1, 2026) allowing Constellation Energy (CEG) to transfer grid rights (specifically Capacity Interconnection Rights, or CIRs) from its Eddystone natural gas-fired plant to the Three Mile Island nuclear plant (now Crane Clean Energy Center). This allows Constellation to avoid a massive grid interconnection backlog that would have delayed the restart of Three Mile Island to 2031, keeping the 2027 restart goal on track. Let's also fetch another article to see if there is more detail on the Eddystone retirement, the capacity size, or any other elements. Let's fetch the NucNet article or RTO Insider. Let's search for "Three Mile Island Nuclear Plant 'On Track' To 2027 Restart" or look up NucNet URL. Let's fetch `https://www.nucnet.org/news/three-mile-island-nuclear-plant-on-track-to-2027-restart-following-grid-connection-waiver-6-4-2026`.

Let's do a search on OKLO and Nano Nuclear Energy (NNE) regarding their recent news: - Oklo selected by the U.S. Department of Energy (DOE) for advanced negotiations under the Surplus Plutonium Utilization Program (SPUP) and accelerated NRC milestones. - Nano Nuclear Energy (NNE) securing NRC acceptance for KRONOS microreactor construction permit application and Super Micro Computer (SMCI) partnership. Let's do a web search on: `"Oklo" "Surplus Plutonium" OR "NRC" milestone 2026` to see what's happening.

Let's search for "Oklo" and "Surplus Plutonium" or "Simply Wall St" or "accelerated NRC milestone" to understand what this recent development is. I'll search for `"Oklo" "Surplus Plutonium Utilization Program"` to see if there's a press release or news article with detailed quotes.

Let's fetch the World Nuclear News article "Oklo selected for US surplus plutonium programme" (https://www.world-nuclear-news.org/articles/oklo-selected-for-us-surplus-plutonium-programme) to read about Oklo's surplus plutonium program. I should also note that we have a prior finding `doe-surplus-plutonium-program-2026`. I can refine/update that finding if needed, or see what else this article brings. Let's fetch it.

We can see that the Surplus Plutonium program is a key development. Now, let's search for "Nano Nuclear Energy" "KRONOS" "Super Micro Computer" or "SMCI" 2026. And let's look at the NRC acceptance of its microreactor construction permit application for KRONOS. Let's do a web search.

Let's search for "NANO Nuclear" "KRONOS" "Supermicro" or "Super Micro Computer" to understand the details of the MOU. Let's do a search.

Let's fetch the Datacenter Dynamics article "Supermicro inks MoU with Nano Nuclear to explore the integration of its micro reactor with data centers" (https://www.datacenterdynamics.com/en/news/super-micro-inks-mou-with-nano-nuclear-to-explore-the-integration-of-its-micro-reactor-with-data-centers/) to get the details of the agreement and some good verbatim quotes. This is an exciting tech-nuclear PPA/partnership!

This is an excellent source. It details that Nano Nuclear Energy and Super Micro Computer signed a non-binding MoU on May 6, 2026, to explore the integration of Nano's KRONOS microreactor with Supermicro's AI server racks and cooling systems. The KRONOS is a stationary high-temperature gas-cooled microreactor designed to produce 15MW of electricity, operating for up to 20 years without refueling. The article also mentions that Nano submitted its Construction Permit Application to the US NRC in April 2026, and its first demonstration project is targeted for the University of Illinois Urbana-Champaign. Let's check the NRC acceptance of this construction permit application. Let's do a search on `"Nano Nuclear" "NRC" "KRONOS" acceptance 2026` or similar.

Let's fetch the SEC filing or NNE press release "NANO Nuclear's KRONOS MMR™ and the University of Illinois Urbana-Champaign Advance to Next Regulatory Milestone as U.S. NRC Formally Accepts Construction Permit Application for Review" from `https://nanonuclearenergy.com/nano-nuclears-kronos-mmr-and-the-university-of-illinois-urbana-champaign-advance-to-next-regulatory-milestone-as-u-s-nrc-formally-accepts-construction-permit-application-for-review/` to get the exact dates, quotes, and details. Let's do that!

This is another incredible detail! - On May 20, 2026, Nano Nuclear Energy (NNE) announced that the US NRC formally accepted the Construction Permit Application (CPA) for the deployment of its KRONOS MMR™ microreactor at the University of Illinois Urbana-Champaign (U. of I.). - The CPA was submitted on March 31, 2026. - The company estimates that the NRC formal review will be completed in 2027, which would allow NNE to begin nuclear construction activities at the U. of I. in the second half of 2027. - This is a direct refinement of the prior finding `[[nano-nuclear-energy-nrc-milestone-2026]]` which was written in late May 2026. I will update that finding with these precise dates, quotes, and details. Now let's check uranium pricing trends. The brief says: "Follow uranium spot and long-term contract pricing trends." Let's search for "uranium spot price" OR "uranium contract price" 2026 to see if there are any recent updates or pricing figures. Let's do a web search.

Let's fetch the Cameco prices page (`https://www.cameco.com/invest/markets/uranium-price`) or look at the latest numbers from there. Let's do a search on `"Cameco" "uranium-price" 2026` or search for the latest spot and long-term contract price of uranium in May/June 2026. Let's search for "Uranium spot price" and "long-term" 2026. Let's do a web search.

Let's fetch the Investing News Network article "Uranium Price Update: Q1 2026 in Review" (`https://investingnews.com/uranium-forecast/`) to see the latest uranium spot and long-term contract pricing trends for 2026. This will allow us to refine the prior finding `[[uranium-pricing-supply-constraints-2026]]`. Let's fetch it.

The page fetch didn't return the full text of the article. Let's do another search to get the details of the Yellow Cake plc PDF or another source. Let's search for: `"Yellow Cake" "uranium spot price" 2026` or `"Yellow Cake" "spot price" March OR April OR May 2026`. Let's do a web search.

Let's fetch the Investegate / RNS announcement for Yellow Cake quarterly operating update: `https://www.investegate.co.uk/announcement/rns/yellow-cake--yca/quarterly-operating-update-/9538148`. Let's see if this has the details of the latest quarter's spot prices, or if there is another recent RNS announcement. Let's fetch it.

The search budget is spent! This is fine since we have some incredible, high-quality information to work with. Let's review the findings we have: 1. **Constellation Energy's FERC Waiver for Three Mile Island (Crane Clean Energy Center) Restart:** On June 1, 2026, the Federal Energy Regulatory Commission (FERC) granted a waiver that allows Constellation Energy (CEG) to transfer Capacity Interconnection Rights (CIRs) from its Eddystone natural gas-fired plant in Philadelphia to the Three Mile Island nuclear plant (now known as the Crane Clean Energy Center). This allows Constellation to bypass a massive regional grid (PJM Interconnection) backlog that would have delayed the plant's restart until 2031, keeping its target restart date of 2027 fully on track. 2. **Nano Nuclear Energy (NNE) Milestones:** - On May 20, 2026, the US Nuclear Regulatory Commission (NRC) formally accepted the Construction Permit Application (CPA) submitted by the University of Illinois Urbana-Champaign (NNE's partner) for the deployment of NNE's KRONOS Micro Modular Reactor (MMR™). This makes the KRONOS MMR™ the first commercially-ready microreactor to reach this stage of the NRC's formal licensing process. NNE expects the NRC review to be completed in 2027, enabling site-characterization and nuclear construction activities to begin in H2 2027. - On May 6, 2026, Nano Nuclear Energy signed a strategic, non-binding Memorandum of Understanding (MoU) with Super Micro Computer (SMCI) to explore integrating KRONOS microreactors (which produce 15MW of electricity and operate for up to 20 years without refueling) with Supermicro's AI server racks and cooling infrastructure to establish grid-independent, self-powered AI data centers. 3. **Uranium Pricing Trends:** - In Q1 2026, the uranium spot market was highly volatile, trading in a range from the mid-$80s/lb to just over $100/lb. - On March 31, 2026, the spot price was valued at $83.95/lb, and on April 24, 2026, it was valued at $86.45/lb. - The uranium term (long-term contract) market significantly strengthened in Q1 2026, with reported term contract prices rising to a range of $90-93/lb. - Yellow Cake PLC raised £80.6 million ($110 million) in a share placing on February 17, 2026, and exercised its option to purchase 1.16 million pounds of U3O8 from Kazatomprom at a contract price of $86.15/lb (totaling $100 million). 4. **Oklo Selected for DOE Surplus Plutonium Program:** - In late May 2026 (specifically announced May 26, 2026), Oklo Inc. was selected by the U.S. Department of Energy (DOE) alongside four other advanced nuclear firms (Exodys Energy, SHINE Technologies, Standard Nuclear, and Flibe Energy) for advanced negotiations under the Surplus Plutonium Utilization Program (SPUP). - Oklo is partnering with France's Newcleo (which agreed to invest up to $2 billion in US fuel fabrication and manufacturing infrastructure) to lead the utilization of surplus plutonium, turning a nuclear weapons-grade waste liability into a domestic energy source. Let's check the prior findings: - `doe-surplus-plutonium-program-2026` (DOE Surplus Plutonium Program) -> Let's update this with the details of Oklo's selection, the partnership with Newcleo (and their $2B investment and pre-application engagement with the NRC), SHINE Technologies, and other specifics. - `nano-nuclear-energy-nrc-milestone-2026` (Nano Nuclear Energy NRC Milestone) -> Let's update this with the formal NRC acceptance of the KRONOS construction permit application on May 20, 2026, the details of the University of Illinois partnership, and the strategic Supermicro MoU signed on May 6, 2026. - `uranium-pricing-supply-constraints-2026` (Uranium pricing and supply constraints in 2026) -> Let's update this with the Q1 2026 pricing data from Yellow Cake PLC, showing spot prices in the mid-$80s/lb to $100/lb range, and term prices strengthening to $90-93/lb. Also mention the Kazatomprom deal at $86.15/lb. - `meta-vistra-nuclear-ppa-2026` (Meta-Vistra PPA) -> No direct updates for this, but we can write a fresh finding for Constellation Energy's FERC waiver, since it's a huge new story! Let's choose the slug `constellation-ferc-waiver-three-mile-island-2026`. Wait, the prompt says: "When writing a finding that refines one of the above, reuse its slug to update. Otherwise pick a fresh slug." Let's first write the new finding for Constellation Energy's FERC waiver: `constellation-ferc-waiver-three-mile-island-2026`. Let's check the rules for `write_note`: - body: Full markdown body including title (first `#` heading) and Sources. No YAML frontmatter. - slug: URL-safe slug - Each finding must cite at least one real source we consulted this cycle, name and link the actual source, carry 1-2 representative verbatim quotes, and then interpret. - To link another finding from a note body, write its slug as a wikilink `[[its-slug]]`. Let's write the note for Constellation Energy's FERC waiver first. Let's make sure the sources are listed cleanly with links. Let's draft it. Title: `Constellation Energy Wins Critical FERC Waiver to Accelerate Three Mile Island Restart` Slug: `constellation-ferc-waiver-three-mile-island-2026` What are the sources we fetched for this? - `https://www.reuters.com/legal/litigation/us-regulator-grants-waiver-three-mile-island-restart-2026-06-02/` — "US regulator grants waiver for Three Mile Island restart" by Reuters, June 2, 2026. - `/markets/CEG/2026/06/08` — Constellation Energy Corp (CEG) market view. Let's write this note. I will formulate a very strong, detailed finding. Let's call `write_note`.

Now let's update the prior finding `[[nano-nuclear-energy-nrc-milestone-2026]]` with the formal NRC acceptance of the KRONOS Construction Permit Application (CPA) on May 20, 2026, and the Supermicro MoU on May 6, 2026. Let's read the prior finding first using `read_notes` or search for it if needed, or I can just overwrite/update it directly with the new details. Let's call `read_notes` to see the current text of `nano-nuclear-energy-nrc-milestone-2026` so that I can preserve its context and refine it accurately. This is a great practice.

I will now fetch the exact text of `nano-nuclear-energy-nrc-milestone-2026` by updating it directly or writing a comprehensive note that incorporates the previous content and adds the newly gathered details (such as the May 20, 2026 formal NRC acceptance date, the 2027 review completion timeline, and the May 6, 2026 Supermicro MoU). Let's write an updated note for `nano-nuclear-energy-nrc-milestone-2026`. Let's draft a very rich, rigorous document. We will include both the NRC construction permit application acceptance and the Supermicro MoU. Let's write it now.

Now let's update the prior finding `[[doe-surplus-plutonium-program-2026]]` using the new details on Oklo's selection, the partnership with Newcleo, and the broader context of the Surplus Plutonium Utilization Program (SPUP). Let's write an updated note for `doe-surplus-plutonium-program-2026`. Let's draft it.

I will now write the updated finding for `uranium-pricing-supply-constraints-2026` to incorporate the concrete Q1 2026 uranium spot and long-term contract pricing data from Yellow Cake PLC's quarterly operating update, including its contract with Kazatomprom. This will ensure our uranium market intelligence is fully grounded in the latest 2026 figures.

I will now register a forward-looking watch for the NRC's expected decision on the KRONOS microreactor construction permit review, which is expected to finish in 2027. This will allow future cycles to monitor this critical regulatory milestone.

I will now call `finish_cycle` to complete this research cycle, having written and updated all relevant notes on the resurgence of nuclear energy across public markets.

I have successfully completed this research cycle on the resurgence of nuclear energy across public markets. Here is a summary of what was accomplished and recorded: ### 1. New Findings & Regulatory Breakthroughs * **Constellation Energy's FERC Waiver (`[[constellation-ferc-waiver-three-mile-island-2026]]`):** On June 1, 2026, the Federal Energy Regulatory Commission (FERC) granted a critical waiver allowing Constellation Energy (CEG) to transfer Capacity Interconnection Rights (CIRs) from its Eddystone natural gas-fired plant in Philadelphia to the Three Mile Island nuclear plant (now Crane Clean Energy Center). This allows Constellation to bypass a massive regional grid (PJM Interconnection) backlog that would have delayed the plant's restart until 2031, keeping its target restart date of **2027** fully on track to power Microsoft's AI data centers. ### 2. Refined & Updated Findings * **Nano Nuclear Energy's NRC & Tech Milestones (`[[nano-nuclear-energy-nrc-milestone-2026]]`):** * **NRC Acceptance:** On May 20, 2026, the U.S. NRC formally accepted the Construction Permit Application (CPA) submitted by the University of Illinois Urbana-Champaign (NNE's partner) for the deployment of NNE's KRONOS Micro Modular Reactor (MMR™). This makes the KRONOS MMR™ the first commercially-ready microreactor to reach this stage of the NRC's formal licensing process. NNE expects the NRC review to be completed in **2027**, enabling nuclear construction activities to begin in H2 2027. * **Supermicro MoU:** On May 6, 2026, Nano Nuclear signed a non-binding Memorandum of Understanding (MoU) with Super Micro Computer (SMCI) to explore integrating KRONOS microreactors (15MW electricity capacity, up to 20 years without refueling) with Supermicro's high-density AI server racks and cooling infrastructure to establish grid-independent, self-powered AI data centers. * **DOE Surplus Plutonium Program (`[[doe-surplus-plutonium-program-2026]]`):** * **Oklo-Newcleo Selection:** In late May 2026, Oklo Inc. was selected by the U.S. Department of Energy (DOE) alongside four other advanced nuclear firms (Exodys Energy, SHINE Technologies, Standard Nuclear, and Flibe Energy) for advanced negotiations under the Surplus Plutonium Utilization Program (SPUP) to convert 20 tonnes of surplus military weapons-grade plutonium into advanced reactor fuel. * Oklo is partnering with France's Newcleo (which agreed to invest up to $2 billion in US fuel fabrication and manufacturing infrastructure) to lead the utilization of surplus plutonium, turning a nuclear weapons-grade waste liability into a domestic energy source. * **Uranium Pricing Trends (`[[uranium-pricing-supply-constraints-2026]]`):** * **Q1 2026 Pricing Data:** In Q1 2026, the uranium spot market was highly volatile, trading in a range from the mid-$80s/lb to just over $100/lb. Yellow Cake PLC valued its physical holdings at a spot price of **$83.95/lb** on March 31, 2026, and **$86.45/lb** on April 24, 2026. * **Term Prices Strengthening:** Long-term contract prices rose to a range of **$90.00/lb to $93.00/lb** in Q1 2026, reflecting utilities' prioritization of long-term supply security. * **Kazatomprom Deal:** Yellow Cake exercised its contract option to purchase **1,160,766 lbs of U3O8** from Kazatomprom at a contract price of **$86.15/lb** (totaling $100.0 million) for delivery in H2 2026. ### 3. Registered Watch * **KRONOS Construction Permit Approval:** Registered a `one_shot` watch for the NRC's expected decision on the KRONOS microreactor construction permit review, estimated to finish in late 2027.