Small Modular Reactors: A Realist Approach to the Future of Nuclear Power

Small Modular Reactors (SMRs) offer a promising path forward for nuclear energy—providing clean, reliable, and potentially more affordable power through factory-built, scalable designs. This report outlines how SMRs could serve diverse markets including industrial decarbonization, data centers, and remote communities, while helping address global energy security. However, the technology faces major regulatory, financial, and logistical challenges that must be overcome to reach commercial viability and achieve price and performance parity (P3) with fossil fuels. U.S. government support will be key, especially in streamlining regulations, funding R&D, and enabling scale-up.