THE NEWS

The world of nuclear energy and small modular reactors – which we believe is the next obvious secular bull market in energy – keeps moving forward. 

Ontario officials have granted final approval for the construction of a small modular reactor (SMR) developed by GE Vernova Hitachi Nuclear Energy, according to new reporting from Axios.

This reactor, known as the BWRX-300, is anticipated to be the first SMR to become operational in the Western world. The 300-megawatt unit will be located next to the existing Darlington Nuclear Station, operated by Ontario Power Generation. Once completed, it will generate enough electricity to power approximately 300,000 homes.

The successful implementation of this reactor at the Darlington site is expected to serve as a model for the feasibility and benefits of SMR technology.

Ontario’s energy ministry emphasized the significance of the project, noting that it will be the first SMR of its kind among G7 nations. GE has stated that early site preparations have been completed and full construction will commence soon, with the reactor projected to begin operations by 2030, the report says. 

The Darlington site is planned to host a total of four SMR units, all of which are expected to be operational by 2035. The entire project is estimated to cost 20.9 billion Canadian dollars, which is about 15.06 billion USD. According to Stephen Lecce, Ontario’s energy minister, this initiative is a crucial part of the province’s strategy to meet an anticipated 75% increase in electricity demand by 2050.

“Ensuring that we have reliable, affordable energy is essential to the economic sovereignty of our province and country,” Lecce said. 

Recall just days ago nuclear names popped on news that The White House is poised to issue executive orders aimed at accelerating the deployment of nuclear reactors across the United States.

The White House actions are expected to leverage the Departments of Defense and Energy to expedite reactor deployment, potentially circumventing delays from the Nuclear Regulatory Commission (NRC).

This initiative aligns with the administration’s strategy to meet the surging energy demands driven by sectors like artificial intelligence and advanced manufacturing.

Publicly traded companies positioned to benefit from this nuclear expansion include our favorite, Oklo, formerly backed by OpenAI CEO Sam Altman. The company is among eight companies selected to provide microreactors for U.S. military bases, aiming to supply 100% of critical energy needs at these sites.

The ADVANCE Act of 2024, signed into law in July, aims to streamline the licensing process for advanced nuclear technologies, reduce regulatory costs, and promote the development of next-generation reactors.

Additionally, in a rare show of bipartisan agreement, the Biden administration had formerly expressed intentions to triple the nation’s nuclear power capacity by 2050, recognizing nuclear energy’s role in achieving carbon-free electricity goals.

For those who missed it, in our note “The Next AI Trade” from April 2024, more than one year ago, we outlined various investment opportunities for powering up America, most of which have dramatically outperformed the market since then.

Authored by Nancy Brinker via RealClearPolitics,

DOGE is saving billions and it’s doing what voters asked for.

As someone who has represented the United States abroad, first as ambassador to Hungary and later as U.S. chief of protocol, I’ve seen how American leadership is measured not just by strength or ideals, but by functionality. Our allies watch how we govern ourselves. And too often, what they’ve seen in recent decades is an increasingly bloated federal government, mired in duplication, inefficiency, and bureaucratic inertia.

That’s why the work of the Department of Government Efficiency, or DOGE, deserves serious consideration. Led by Elon Musk, DOGE has taken on a task that most administrations have promised but failed to achieve: modernizing how our federal government operates. It has consolidated overlapping offices, canceled wasteful contracts, sold underutilized properties, and implemented data-driven reforms, all aimed at reducing cost, improving performance, and saving taxpayer money. 

Since it began in January, DOGE has either cut or reduced grants, leases, and contracts in over 176 departments or agencies. On its website the department reports saving $160 billion. For comparison, that’s more than the entire annual budget of the Department of Transportation. Even according to independent data and analysis, DOGE efforts have already generated billions in savings. This is not a theoretical exercise in reform. It is tangible, measurable, and aligned with what the American people have repeatedly said they want: a government that delivers more by doing less.

Polling backs this up. A February Harvard CAPS/Harris poll found that 72% of Americans support the existence of an agency focused solely on eliminating waste and inefficiency in government. A clear majority (60%) said they believe DOGE is helping to rein in unnecessary federal spending. That’s not a left-wing or right-wing perspective; that’s a mainstream one.

DOGE’s creation may have sparked controversy, particularly among those uncomfortable with Musk’s unconventional approach and public persona. But we shouldn’t allow style to eclipse substance. If government is functioning more effectively and at a lower cost to taxpayers, then we must look seriously at how those outcomes are being achieved, and what lessons can be responsibly applied more broadly.

Having served in federal roles that demand strict compliance with law, protocol, and tradition, I know firsthand that reform must operate within the boundaries of our values. Rule of law and adherence to institutional norms are non-negotiable. Yet so, too, is the need for honest appraisal: Much of our federal bureaucracy has become outdated, sprawling, and resistant to change. Streamlining is not an assault on government. It is, in fact, an affirmation of it – an attempt to make public institutions worthy of public trust.

Of course, DOGE’s approach is not without flaws. Musk himself has candidly admitted as much. Critics have questioned whether all reported savings are fully verified, and transparency around decision-making needs improvement. Oversight is not only appropriate – it’s essential. But the existence of imperfections should not be a pretext for dismissing a bold, productive effort to modernize government. We cannot let perfect be the enemy of progress.

It’s a time-honored tradition in Washington for good ideas to wither under partisan suspicion. But government reform should not be the property of any one party. For decades, both Republicans and Democrats have campaigned on promises to cut waste, modernize services, and rein in unnecessary spending. 

DOGE is doing what many in both parties have failed to do: take those promises seriously.

The real question is not whether DOGE is controversial – it is. The real question is whether it is effective. So far, the evidence suggests that it is. The challenge ahead is to preserve that momentum, institutionalize the best of what DOGE is doing, fix mistakes, and ensure it is guided by transparency, accountability, and legal rigor.

This moment presents a rare opportunity: the chance to reshape how government operates in a way that is more responsive to the people it serves. Instead of vilifying reformers, we should come together around a shared goal that transcends politics: building a government that works.

If DOGE continues to help us get there, it deserves not derision, but support.

Nancy Brinker served as U.S. ambassador to Hungary and as chief of protocol during the George W. Bush administration. She is the founder of the Susan G. Komen Race for the Cure and the Promise Fund.