The Nuclear PPA Price Index. Quarterly benchmark for every public nuclear power purchase agreement — synthesized from FERC filings, SEC disclosures, and disclosed deals into the industry's first transparent $/MWh signal.
Peer-reviewed papers, DOE/EIA reports, NRC documents, FERC orders, IAEA studies, university theses, and the Reactor N Weekly analyst note. All citations linkable. Free for everyone. Submissions open to faculty & researchers.
v1.0 baseline release · 5 main-index deals · 7,100 contracted MW
Hyperscalers signed more nuclear deals in the last 18 months than the prior decade combined — and every procurement team is pricing against zero public comparables. NPPI synthesizes public filings into the first transparent $/MWh benchmark for nuclear power contracts.
Wind and solar have LevelTen's quarterly PPA index driving billions in benchmarked transactions. Nuclear has had nothing — until now. We aggregate FERC Form 1, SEC 10-K/10-Q, state PUC filings, DOE/LPO awards, and EIA generator data into a quality-scored ledger. Only deals scoring ≥3 enter the main index. The methodology is public.
Transparent by default · Updated quarterly
Restart fleet · NRC SMR pipeline · PJM capacity gap
17 deals tracked · 5 main index (Q≥3) · 9 watch-list (Q≤2) · 8 visible to public tier
| Date | Buyer | Seller | Plant | Type | MW | Term | $/MWh | Q |
|---|---|---|---|---|---|---|---|---|
| 2024-09-20 | Microsoft | Constellation | TMI / Crane | Restart | 835 | 20yr | $100–112 | A |
| 2024-10-14 | Kairos Power | Master 6-reactor PDA | SMR | 500 | — | n/d | B | |
| 2024-10-16 | Amazon | X-energy | Cascade (Energy NW) | SMR | 320 | — | n/d | B |
| 2025-06-03 | Meta | Constellation | Clinton | Fleet | 1,121 | 20yr | $95–110 | A |
| 2025-06-11 | AWS | Talen Energy | Susquehanna | Fleet | 1,920 | 17yr | $85–95 | A |
| 2025-09 | Confidential IG | Vistra | Comanche Peak | Fleet | 1,200 | 20yr | n/d | B |
| 2025-10-27 | NextEra | Duane Arnold restart | Restart | 615 | 25yr | $95–115 | A | |
| 2026-01-09 | Meta | Vistra | Perry+Davis-Besse+Beaver Valley | Fleet | 2,609 | 20yr | $85–105 | A |
9 additional watch-list deals + back-calculation workpapers + primary source URLs require Enterprise tier
Free public benchmarks · paid intelligence tiers for teams
B2C → Public + Researcher · B2B → Intelligence Pro + Fleet + Strategic + Custom
Headline benchmarks & open-source contract templates. B2C.
Individuals: analysts, students, journalists, retail investors. B2C.
B2B Suite Tiers — bundle Reactor N (operational) + NPPI Intelligence (commercial)
SMR developers, individual analyst desks, mid-market utilities.
Hyperscaler procurement, utility commercial teams, SMR developers.
Top-15 utility, Big-4 hyperscaler, $1B+ industrial offtaker.
Consulting (Bain/McKinsey nuclear), banks (GS/MS power desks).
From procurement to PPA close
Pull current $/MWh by segment (fleet, restart, SMR) and ISO. Compare your draft term sheet against quality-scored comparables.
See capacity, energy, REC, and escalator components separately. Understand how a $97 headline breaks down to negotiable parts.
Restart fleet milestones, NRC SMR application progress, PJM capacity auction signals — all updated within 72 hours of disclosure.
Use open-source PPA templates (FTM, BTM, SMR, restart) as your starting framework. Hand to counsel for review.
Free · MIT-style license · Have counsel review before execution
Grid-connected structure post-FERC's BTM rejection. Becomes the industry template after AWS-Talen restructure (June 2025). For utility-scale operating reactors with multi-state hyperscaler offtakers.
Co-location structure for direct connection between reactor and on-site data center. Pre-FERC-rejection model — useful for ERCOT, MISO outside PJM, or with explicit ISO approval. Higher legal complexity.
Forward-start structure for pre-COD reactors (NuScale, Oklo, X-energy, Kairos, TerraPower, Holtec). Includes development funding clauses, milestone gates, FOAK construction risk allocation, and offtake-vs-development hybrid pricing.
20–25 year structure for restart projects (TMI/Crane, Palisades, Duane Arnold). Capital-recovery-weighted pricing, DOE LPO loan integration, refurbishment milestone payments, and NRC restart-licensing contingencies.
Trailing 12 months · From the Q2 2026 release
Perry + Davis-Besse + Beaver Valley (Jan 9, 2026). Largest uprate-inclusive PPA in US corporate-nuclear history. 2,176 MW operating + 433 MW staged uprates 2031–2034. Plant relicensing extended into 2050s–60s.
Susquehanna grid-connected restructure (Jun 11, 2025). First "IPP model" post-FERC BTM rejection. Inferred ~$89.5/MWh from Talen's $1.4B/yr full-ramp revenue disclosure across 1,920 MW.
Clinton (Jun 3, 2025). First "replace-the-subsidy" template — replaces Illinois ZEC expiring mid-2027 with +30 MW uprate. Establishes the analog comp for fleet PPAs at $95–110/MWh.
TMI / Crane Clean Energy Center restart (Sept 20, 2024). First hyperscaler-nuclear restart PPA. DOE LPO $1B loan closed Nov 2024. Jefferies analyst consensus implies ~$112/MWh on $785M/yr revenue at full ramp.
Duane Arnold restart (Oct 27, 2025). Confirmed restarts have a repeatable economic model beyond TMI. Analyst consensus now treats restart PPAs as a distinct $100–115/MWh segment.
Natrium 8-unit deal (Jan 9, 2026). 2 firm units (690 MW) + option for 6 more (2.1 GW). Meta provides upfront development funding. SMR offtake pricing remains undisclosed.
Join the waitlist for early detail-tier access and the Q3 launch PDF. The Q3 release will include the first SMR offtake $/MWh disclosures and a v2 forward curve.