Full Fuel Cycle Cost Stack · Uranium Price Sensitivity · Nuclear vs Gas · Per-Plant Rankings
Updated May 2026 Sources: EIA-923 Sch2+3 · FERC Form 1 ← All Reports
⚠ Data currency notice (as of May 2026): Per-plant delivered costs reflect FY 2024 EIA-923 Schedule 2 filings (released September 2025). FY 2025 annual data will be available approximately September 2026. Spot price reference: $85.60/lb (May 2026, UxC). Fleet-average delivered cost ($3.40/MWh) is based on contracted prices and will not change materially until 2027–2028 roll-off.
$3.40
Fleet avg fuel cost/MWh
$2.59
Cheapest plant (Braidwood 1)
$4.42
Most expensive (Susquehanna 1)
$4.24
Fleet avg at spot (~$85.60/lb May 2026)
$26.90
Natural gas fuel cost/MWh
$10.10
Full fuel cycle/MWh (FERC Form 1)
62%
Full-cycle advantage vs gas
What this report tracks: EIA-923 Schedule 2 captures the delivered uranium (U₃O₈) cost per plant — $3.40/MWh fleet average. This is the uranium piece only. The full nuclear fuel cycle adds conversion ($0.90/MWh), enrichment ($3.50/MWh), and fabrication ($1.50/MWh) for a total of approximately $10.10/MWh — sourced from FERC Form 1 Account 518 utility filings. See the FERC Form 1 Fuel Expense report for the full-cycle breakdown by utility.
Even on a full-cycle basis, nuclear fuel ($10.10/MWh) is 62% cheaper than natural gas fuel ($26.90/MWh). At current spot (~$85.60/lb, May 2026), the uranium component would be ~$4.24/MWh and total fuel cycle reaches ~$10.14/MWh — still 62% cheaper than gas. The contracted fleet average ($3.40/MWh) reflects legacy contracts signed at prices well below current spot; as these roll off, the cost step-up will be modest in $/MWh terms. The contracting urgency isn't about plant economics — it's about locking in cost certainty before the 2028 forced-buy window.
Fuel Cost per MWh — Nuclear vs. Alternatives
$/MWh of fuel cost by generation source (2026 estimates)
Per-Plant Fuel Cost Ranking — 20 Plants (cheapest to most expensive) · FY 2024 data
#
Plant / Utility
Type
Delivered $/lb
lbs U₃O₈/MWh
Fuel Cost $/MWh
Cost bar
Rating
1
Braidwood 1Constellation · Braidwood, IL
PWR
$54
0.048
$2.59
Best
2
Byron 1Constellation · Byron, IL
PWR
$55
0.048
$2.64
Best
3
St. Lucie 1NextEra Energy · Jensen Beach, FL
PWR
$61
0.049
$2.99
Best
4
Limerick 1Constellation · Limerick, PA
BWR
$58
0.054
$3.13
Good
5
Turkey Point 3NextEra Energy · Homestead, FL
PWR
$63
0.050
$3.15
Good
6
Oconee 1Duke Energy · Seneca, SC
PWR
$65
0.049
$3.19
Good
7
Calvert Cliffs 1Constellation · Lusby, MD
PWR
$66
0.049
$3.23
Good
8
Quad Cities 1Constellation · Cordova, IL
BWR
$58
0.056
$3.25
Good
9
Salem 1PSEG / Constellation · Hancocks Bridge, NJ
PWR
$65
0.050
$3.25
Good
10
McGuire 1Duke Energy · Huntersville, NC
PWR
$67
0.050
$3.35
Avg
11
Surry 1Dominion Energy · Surry, VA
PWR
$69
0.049
$3.38
Avg
12
Watts Bar 1TVA · Spring City, TN← fleet avg
PWR
$68
0.050
$3.40
Avg
13
Peach Bottom 2Constellation · Delta, PA
BWR
$62
0.055
$3.41
Avg
14
Diablo Canyon 1PG&E · Avila Beach, CA
PWR
$71
0.050
$3.55
Watch
15
Palo Verde 1APS · Tonopah, AZ
PWR
$72
0.050
$3.60
Watch
16
Millstone 3Dominion Energy · Waterford, CT
PWR
$73
0.050
$3.65
Watch
17
Comanche Peak 1Vistra Energy · Glen Rose, TX
PWR
$74
0.051
$3.77
Watch
18
Browns Ferry 1TVA · Athens, AL
BWR
$71
0.055
$3.91
Watch
19
Vogtle 3Georgia Power · Waynesboro, GA
AP1000
$88
0.047
$4.14
High
20
Susquehanna 1PPL Corp · Berwick, PA
BWR
$79
0.056
$4.42
High
Uranium Intensity by Reactor Design (lbs U₃O₈/MWh)
BWRs burn ~10–15% more uranium per MWh than PWRs due to lower thermal efficiency and fuel assembly geometry.
AP1000 (Vogtle 3&4) uses high-burnup fuel and achieves the best intensity in the fleet — but pays spot price,
erasing the efficiency advantage.
Even at full roll-off to spot prices by 2030, nuclear fuel cost ($4.45/MWh) remains
6× cheaper than natural gas fuel. The 2028 inflection
reflects PURA removing Russian contracted supply — utilities must replace ~6M lbs/yr at market prices.
Average Fuel Cost by Operator
Constellation Energy
$3.01/MWh avg
7 plants in sample · best-in-class procurement
Braidwood, Byron, Limerick, Calvert Cliffs, Quad Cities, Peach Bottom, Salem
Aggressive long-term contracting in 2012–2018 cycle locking in $54–66/lb
NextEra Energy
$3.07/MWh avg
2 plants in sample
St. Lucie 1, Turkey Point 3
Strong contract discipline, Florida plants benefit from stable long-term utility model
Duke Energy
$3.27/MWh avg
2 plants in sample · Oconee, McGuire
Regulated utility model, cost pass-through, moderate urgency on re-contracting
Dominion Energy
$3.52/MWh avg
2 plants in sample · Surry 1, Millstone 3
Mid-cycle contracts expiring 2027–2028; re-contracting exposure building
TVA
$3.66/MWh avg
2 plants in sample · Watts Bar 1, Browns Ferry 1
BWR fleet drags cost; Watts Bar at fleet avg but Browns Ferry BWR pulls higher
1 plant · Vogtle 3 (AP1000, online 2023)
New build — fuel contracts signed 2018–2022 at near-spot prices. Most efficient
reactor design in US fleet (0.047 lbs/MWh) but highest delivered cost erases advantage.
PPL Corp
$4.42/MWh
1 plant · Susquehanna 1 (BWR)
Worst in sample. High delivered cost ($79/lb) combined with BWR inefficiency
(0.056 lbs/MWh). Significant re-contracting need before 2028.
Full Nuclear Fuel Cycle — Beyond Uranium (FERC Form 1 basis)
Nuclear fuel cycle cost components · fleet average $/MWh · EIA-923 captures U₃O₈ only
Full fuel cycle breakdown sourced from FERC Form 1 Account 518 utility filings and EIA Electric Power Annual Table 8.4.
Open FERC Form 1 report →
Investment Implications
Why fuel cost per MWh matters for the uranium thesis:
1. Nuclear plants cannot be economically shut by rising uranium prices.
Even at $150/lb U₃O₈ — fuel cost per MWh reaches only ~$7.50/MWh.
Natural gas stays at $25–35/MWh. The math makes premature nuclear closure essentially impossible
for grid operators with nuclear in the mix.
2. Contracting urgency is driven by cost certainty, not plant viability.
Utilities re-contract to lock in known fuel cost for their rate cases and earnings guidance —
not because they fear plant shutdowns. The 2028 forced-buy window exists because delayed
contracting means accepting spot price volatility, not because $85/lb is unaffordable.
3. Operator cost structure reveals re-contracting order.
Plants in the lower half of this table (Diablo Canyon, Palo Verde, Millstone, Comanche Peak,
Browns Ferry, Susquehanna) are paying above-fleet-average and face the largest cost step-ups
at contract roll-off. These are the utilities most likely to re-contract first — and at volume.
Scope: This report tracks the uranium (U₃O₈) component only, as reported in EIA-923 Schedule 2. It does not include conversion, enrichment, fabrication, or waste disposal fees. For the complete nuclear fuel cycle cost by utility (FERC Form 1 Account 518 basis, ~$10.10/MWh fleet average), see the FERC Form 1 Nuclear Fuel Expense report.
Methodology: Fuel cost per MWh = delivered cost ($/lb U₃O₈) × uranium intensity (lbs U₃O₈/MWh).
Delivered cost sourced from EIA-923 Schedule 2 (fuel receipts and costs, weighted average per plant, FY2024; released Sep 2025). FY2025 annual data expected September 2026.
Uranium intensity derived from EIA-923 Schedule 2 quantity received ÷ Schedule 3 net generation, per plant.
Fleet average intensity: 0.050 lbs U₃O₈/MWh (EIA conversion standard). BWR average: 0.054–0.056 lbs/MWh.
PWR average: 0.048–0.051 lbs/MWh. AP1000 (Vogtle): 0.047 lbs/MWh (high-burnup fuel design).
Natural gas fuel cost benchmark: Henry Hub $3.50/MMBtu × fleet average heat rate 7.7 MMBtu/MWh = $26.95/MWh.
Coal benchmark: $2.50/MMBtu × 10.0 MMBtu/MWh = $25.00/MWh. These are fuel-only costs, not total LCOE.
Contract roll-off projection based on EIA-858 FY2024 forward delivery commitment profile (Table 5),
Uranium Marketing Annual Report 2024 (released Sep 30, 2025; next edition expected June 2026). 2028 step reflects Public Law 118-67 (PURA)
Russian uranium import ban removing ~6M lbs/yr of contracted supply from the forward book.
⚡ Full Fuel Cost Intelligence — Pro
Per-plant $/MWh for all 93 units · operator cost rankings · contract roll-off curve · 2018–2025 trend · $150/lb stress scenario · investment signal framework