Title: Haymaker Daily — The Power Shortfall's Powerful Solution Show: Haymaker (Substack) Author: David Hay / The Haymaker Team Date: 2026-09-09 (SEP 09, 2026) URL: https://haymaker.substack.com/p/haymaker-daily-ca1 Note: Written post — no timestamps; text verbatim from the paid post (captured via Stephen's logged-in session). Two images accompany the post, both credited to Uranium Insider (Justin Huhn) in the original; they are described below as bracketed placeholders. Disclosures omitted.
Hello, Haymakers:
One would have to be virtually brain-dead, similar to the condition of most U.S. politicians, not to realize the U.S. is facing a mammoth deficit of electricity over the next decade. The most effective ways to cope with this looming crisis are natural gas, nuclear, and coal. While natural gas' share of the USA's overall electricity output has been steadily increasing, nuclear and, particularly, coal have been shrinking. Nuclear, of course, is the emission-free solution.
[Chart image — credited "Uranium Insider". EIA area chart, "U.S. electricity generation by major energy source, 1950-2025," in billion kilowatthours (0–5,000). Five stacked bands: coal, natural gas, nuclear, renewables, petroleum and other. Total generation rises from ~350 in 1950 to a plateau of ~4,100 around 2007, runs flat for roughly 15 years (a horizontal arrow is drawn across that plateau) and then turns up at the far right to ~4,400 in 2025 (an upward arrow marks the inflection). Composition inside the flat total: coal collapses from a ~2,000 peak around 2007 to roughly 650 by 2025; natural gas rises from under 500 in 2000 to roughly 1,900 by 2025; nuclear is broadly flat at ~800 since the early 1990s; renewables grow from a thin band to roughly 1,100. Data source: U.S. Energy Information Administration, Monthly Energy Review, March 2026, and Electric Power Monthly, January 2026, preliminary data for 2025.]
Russia and China are taking a radically different tack. Both are aggressively expanding their nuclear-generation footprints. In China's case, it is also dramatically ramping up coal-fired plants with more under development than the rest of the world combined.
When it comes to nuclear, China also has the most atomic energy plants under construction, at 36, approximately half of all the new atomic energy facilities being developed globally. As we've often noted, that's in stark contrast to the U.S., which has precisely none. (This is exclusive of smaller nuclear reactors, which are still in the proof-of-concept phase.)
When it comes to nuke energy, Russia is no slouch. It is the planet's largest exporter of atomic power plants, with 21 of its designs currently in the build-out process, per industry authority Justin Huhn of Uranium Insider. It has another six in the planning stage. The collective capacity of these total 40 gigawatts. To put this in context, the entire existing U.S. nuclear power fleet sums to 97 gigawatts.
Additionally, Russia has an intimidating share of the overall nuclear fuel cycle as shown in the following graphic, also from Justin Huhn. Its enrichment market-share is particularly impressive, more than twice that of the second-largest, which is, unsurprisingly, China.
[Chart image — credited "Uranium Insider". Titled "RUSSIA'S SHARE OF THE NUCLEAR FUEL CYCLE — 2024, including Uranium One equity production in Kazakhstan." Three donut gauges: URANIUM MINING 14% (equity output; ARMZ Russia 2,738 tU + Uranium One Kazakhstan 5,829 tU = 8,567 tU of 60,213 tU world); CONVERSION (UF6) 20% (Seversk production, 11,375 tU of 56,259 tU world primary UF6); ENRICHMENT (SWU) 43% (Rosatom 27.1 million SWU of 62.6 million world capacity). Sources: WNA World Nuclear Fuel Report 2025; WNA Uranium Production by Country / Company 2024. Footnote: mining = attributable equity, not 100% of Kazakh JV output; after 2025 U1 sales of Zarechnoye and part of Khorasan, mining share ~13%.]
Publicly traded investment options in the conversion and enrichment cycle are extremely limited. However, the number of new nuclear facilities under construction globally, along with a double-digit number of restarts of previously mothballed plants, does paint a very bullish picture for future uranium demand.
One of the few vehicles available for U.S. investors to participate in this nuclear renaissance, other than mostly profitless (for now) U-92 miners, is the Sprott Physical Uranium Trust (SRUUF).
The Haymaker Team