Summary of Key Points from the Global Reactor Tracker - January Edition Industry Overview - The report focuses on the nuclear energy sector, highlighting developments in North America, Europe, and Asia, along with year-end trends in uranium prices and new reactor constructions in China [1] North America - **New Nuclear Capacity Exploration**: The Great Plains New Nuclear Consortium in the United States is exploring the feasibility of deploying 1,000 to 2,000 MW of new nuclear capacity, including small modular reactors, in Nebraska [2] - **License Extensions**: The US Nuclear Regulatory Commission granted 20-year license extensions for Constellation's Clinton unit 1 and Dresden units 2 and 3, supported by over $370 million in upgrades, ensuring continued carbon-free electricity generation [3] Europe - **Nuclear Phase-Out in Belgium**: Unit 2 of Belgium's Doel nuclear power plant has been permanently taken offline after 50 years, aligning with the country's nuclear phase-out policy. However, Doel 4 and Tihange 3 have had their operations extended to 2035 [4] - **New Reactor Developments**: A consortium has secured a contract to oversee the development of two new Westinghouse AP1000 units at Bulgaria's Kozloduy Nuclear Power Plant, aiming for operation by 2035 and 2037 [5] - **State Aid Approval in Poland**: The European Union approved state aid for a Polish nuclear station estimated at ~$16.5 billion, which will feature three Westinghouse AP1000 reactors, with construction expected to start in 2028 [8] Asia - **India-Russia Cooperation**: India and Russia are advancing their nuclear energy cooperation, focusing on a second Russian nuclear power plant and exploring small modular reactors and localized fuel supply [9] - **New Reactor Construction in China**: - Xudabao Nuclear Power Plant's unit 3 has completed cold functional testing, with commissioning scheduled for 2027 [10] - Construction has begun for Ningde Nuclear Power Plant's unit 6, expected to enter operation in 2030 [11] - China has also commenced construction on two new CAP1000 nuclear power units, with an estimated cost of ~$5.6 billion [13] Africa - **Ethiopia-Russia Nuclear Negotiations**: Ethiopia and Russia are negotiating a gigawatt-scale nuclear power plant project, driven by Ethiopia's growing electricity demand [14] Uranium Market Insights - **Spot Price Trends**: Uranium spot prices have shown strength, climbing above $80/lb and reaching close to $82/lb by the end of December, with a $5 increase in December alone [31] - **Term Pricing Stability**: Term uranium pricing remained stable at $86/lb throughout December, with year-to-date term volume for 2025 reaching over 104.0 million lbs across 78 contract awards [32] - **Section 232 Investigation**: An update on the Section 232 investigation regarding uranium imports is anticipated by the end of January [33] Additional Insights - **Investment Considerations**: The report includes disclosures regarding potential conflicts of interest and emphasizes that investors should consider this report as one factor in their investment decisions [6][46] This summary encapsulates the key developments and insights from the Global Reactor Tracker, providing a comprehensive overview of the nuclear energy sector's current landscape and market dynamics.

Financial Data and Key Metrics Changes - The company generated $302 million of funds from operations (FFO) during the quarter, or $0.46 per unit, representing a 10% year-over-year increase [3][22] - The hydroelectric segment delivered FFO of $119 million, up over 20% from the prior year, driven by solid generation and higher pricing [22] - The wind and solar segments generated a combined $177 million of FFO, supported by acquisitions, although offset by the sale of certain wind assets [22] Business Line Data and Key Metrics Changes - The hydroelectric segment's strong performance reflects growing demand for scale base load power and improved pricing [22] - The distributed energy, storage, and sustainable solutions segments generated FFO of $127 million, up from the prior year, supported by growth from acquisitions [22] - The company signed contracts to deliver approximately 4,000 gigawatt-hours per year, including a significant 20-year contract with Microsoft [25] Market Data and Key Metrics Changes - There is accelerating demand for power across nearly all markets, driven by electrification, reindustrialization, and energy demand from hyperscalers [4][5] - The company is well-positioned to capture increasing demand for hydro capacity, with approximately five terawatt hours of generation coming up for recontracting [9] - The battery storage market is seeing costs decrease by over 50% in the past year, with increased interest in long-term capacity contracts [10] Company Strategy and Development Direction - The company is focusing on strategic investments in critical technologies to support energy demand and grid reliability [3] - A strategic partnership with the U.S. government aims to support the deployment of new Westinghouse nuclear reactors, with an investment value of at least $80 billion [5][13] - The company is committed to maintaining high levels of liquidity and access to capital to capitalize on growth opportunities [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects of the business, driven by strong demand for clean, dispatchable base load power [12][79] - The partnership with the U.S. government is expected to catalyze growth in the nuclear sector and enhance the value of Westinghouse [19][62] - Management noted that while permitting processes are improving, execution on the ground remains a bottleneck to growth [31][32] Other Important Information - The company has a sector-leading balance sheet with strong liquidity of $4.7 billion and a BBB Plus investment-grade rating [24] - The company executed $7.7 billion in financings during the quarter, with total financings over the last 12 months reaching $38 billion [24] - The company is actively pursuing capital recycling opportunities, having closed sales expected to generate $2.8 billion [26] Q&A Session Summary Question: Improvements in permitting pace in the U.S. - Management noted that while there is intent to accelerate permitting, progress has been incremental rather than dramatic [31][32] Question: Data center power discussions outside the U.S. - Management indicated that discussions about power for data centers are occurring globally, with significant activity in Western Europe, Australia, India, and South America [33] Question: Timeline for U.S. buildout associated with the Westinghouse agreement - Management expects the first projects to begin development in the next quarter or two, with revenues starting relatively quickly [38][41] Question: Capital investment in the Santee Cooper project - Management stated that any investment would require appropriate protections around cost overruns and risks [42][43] Question: Potential for Brookfield to be a source of capital for nuclear projects - Management expressed confidence in Brookfield's position to play a significant role in nuclear power growth, contingent on appropriate risk protections [46][48] Question: Federal tax credits eligibility for U.S. development pipeline - Management confirmed that the entire U.S. development pipeline has been safe-harbored through 2029, with ongoing monitoring of federal tax credit definitions [67][69] Question: Valuations in private markets versus public markets - Management noted that valuations for high-quality operating cash-generative renewables assets are significantly higher in private markets than in public markets [70][72] Question: Nuclear deployment strategy and potential growth - Management indicated that nuclear currently represents about 5% of the business and is expected to grow over time, with no internal constraints on capital allocation [77][78]