Cameco: Delivering the Next Phase of Nuclear Growth
As governments, utilities and major energy users respond to growing electricity demand, nuclear energy is entering a new phase of global growth. Delivering that growth will require investment not only in new reactors, but across the nuclear fuel cycle and supply chain.
Cameco is at the heart of this changing landscape, with activities spanning uranium and nuclear fuel as well as its co-owenership of Westinghouse.
As a platinum sponsor of World Nuclear Symposium 2026, taking place in London from 9–11 September under the theme “From Ambition to Action”, Cameco CEO Tim Gitzel sat down with World Nuclear Association, and shared his perspective on growing electricity demand, the importance of fuel supply, the case for fleet deployment, opportunities for AP1000 deployment and nuclear energy's contribution to energy security.
Watch the interview, or read the full transcript below.
World Nuclear Symposium 2026 will bring together leaders from across the global nuclear industry, governments, finance and technology to examine how the industry can turn growing ambition into tangible progress.
Under the theme “From Ambition to Action”, the Symposium will take place in London from 9–11 September 2026.
Find out more and register for World Nuclear Symposium 2026.
Meeting Future Nuclear Demand
How is Cameco responding to the growing global demand for energy?
“We're really excited about the demand growth we see for electricity around the world. It is enormous. We see reports come out that say the electricity that we have today will have to double by 2050. That's a very exciting prospect for our company and for Westinghouse and for nuclear power. And so we'll be ready. We're working toward that."
Governments, utilities and major energy users are increasingly looking to nuclear energy to meet growing electricity demand. From Cameco's perspective, what is driving this renewed momentum for nuclear?
“We're really excited about the growth prospects for electricity. Obviously, we're going to need to double the electricity grid and the role that nuclear power will play in that. We can't forget is that we need fuel for that. And sometimes we think about building all of these reactors and the last thing we think about is where the fuel is coming from. And so we're trying to put the emphasis on right from the start, the uranium side, and make sure that people treat it as a long lead item when they're thinking about new nuclear.”
From Reactors to Fleets: The AP1000 Opportunity
Cameco's acquisition of Westinghouse marked a major milestone for the company. What was the strategic rationale behind bringing fuel supply and reactor technology closer together?
“It's been two and a half years now since we made our purchase of Westinghouse, along with Brookfield, and we couldn't be happier. Projections we had at the time have been dwarfed by what we're seeing today in the demand for electricity, clean electricity and nuclear electricity. And and so we were thinking at the time, by getting involved building reactors, we would create our own demand for our product, our nuclear fuel. And that's exactly what we've done. So we're super excited about the future.”
There is growing discussion around fleet deployment rather than individual projects. Why is the concept of building fleets of reactors, including AP1000 units, so important for the future of nuclear energy?
“I think this concept of building fleets of nuclear reactors is super important because we have to learn from the past. We've seen what happens when we don't do it, and we try and build one off projects with many, many different types of technologies. We need to really simplify, standardize, and then sequence as we're building. And that at Westinghouse and at Cameco is what we're planning to do. And we think that'll be the successful formula going forward.”
Looking ahead, where do you see the greatest opportunities for AP1000 deployment globally?
“We're really excited about the future of AP1000 deployment around the world. We, as many people know, are working in the US where the President wants 10 new AP1000 started in the next couple of years. He wants 400 new reactors by 2050 up in Canada. We're working in Ontario. The two utilities there are looking at building new nuclear. Bruce Power are very aggressive along with OPG and in Saskatchewan where we live, where Cameco is headquartered. We're also looking at new nuclear, as is our neighbor province, Alberta. So lots of opportunities in North America. And then around the world. We're in Poland, we're in Bulgaria, we're in many Eastern European countries and elsewhere around the world. So the future looks really bright.”
Energy Security and Climate Goals
Around the world, energy security as well as decarbonization is being discussed by countries at a national level. What role do you see nuclear energy playing in helping countries achieve both objectives?
“I think nuclear energy provides a great solution for decarbonization efforts in countries where you want to reduce your dependance on fossil fuels. And it provides energy, energy security and national security. In many countries, you can have five, six, seven years of fuel sitting right at your site. You don't have to pipe it to thousands of kilometers through pipelines or put it on ships and and go through difficult areas of the world. So it really answers both of those questions.”
From Ambition to Action
If you could leave policymakers, investors and industry leaders with one message about the future of nuclear energy, what would it be?
“I think the theme of the conference this year is From ambition to action. That is exactly the message I would leave. We need to get going. We know the ambition. We know the plans. We know the good intentions. We need to move to action. And I promise you, Cameco and Westinghouse are moving into action.”