Will TVA’s 6-GW Initiative Drive Sustained Expansion for NuScale Power?

NuScale Power Advances with Major TVA Partnership

NuScale Power is making significant progress on a large-scale deployment opportunity in collaboration with ENTRA1 Energy and the Tennessee Valley Authority (TVA). TVA has agreed to purchase electricity from ENTRA1 as part of an ambitious 6-gigawatt nuclear initiative. This project could see the installation of 72 NuScale Power Modules across six different facilities within TVA’s seven-state service area.

This initiative stands as one of the most extensive nuclear development efforts in the U.S., aiming to meet the growing energy needs of sectors like artificial intelligence data centers and advanced manufacturing. ENTRA1 and TVA are actively negotiating a final power purchase agreement (PPA). Project teams have already conducted site assessments and engineering studies, and several candidate sites for the initial plant have been identified.

In the fourth quarter, NuScale’s management reported that ENTRA1 is building a comprehensive project team, bringing together engineering experts, construction partners, investors, and legal counsel to ensure successful execution. Financing discussions are underway, with multiple major financial institutions involved in structuring the project’s funding. Notably, one leading institution has already committed to a multibillion-dollar term sheet, supporting the capital needed to develop the small modular reactor plants under the TVA program.

NuScale Power anticipates generating revenue once the PPA is finalized. The company expects to begin earning service fees from activities such as operating license applications and front-end engineering and design (FEED) services for ENTRA1’s plants. With signed PPAs and secured financing, the 6 GW TVA project could become a significant revenue stream for NuScale Power.

Competitive Landscape: NuScale Power and Its Rivals

Although NuScale Power has made notable strides in small modular reactor technology, it faces strong competition from other major players in the nuclear energy sector, including Constellation Energy and GE Vernova.

• In February 2026, GE Vernova entered into a long-term strategic alliance with Xcel Energy to support Xcel’s power generation and grid modernization projects. Under this agreement, GE Vernova will provide gas turbines, wind turbines, and grid infrastructure, helping Xcel ensure a stable supply chain, manage costs, and deliver reliable electricity to its customers.
• In January 2026, Constellation Energy received approval from the U.S. Nuclear Regulatory Commission to upgrade control systems at the Limerick Clean Energy Center. This $167 million project is part of a broader $5.1 billion investment in Pennsylvania, aimed at maintaining 5,100 MW of existing capacity and adding 1,200 MW, thereby supporting energy price stability.

NuScale Power: Stock Performance, Valuation, and Outlook

Over the past six months, NuScale Power’s share price has dropped by 66.7%, a steeper decline compared to the 57.2% decrease seen in the broader Electronics - Power Generation industry.

NuScale Power Six-Month Stock Performance

Image Source: Zacks Investment Research

When looking at the trailing 12-month Price-to-Book ratio, NuScale Power is trading at 2.23 times book value, which is significantly below the industry average of 9.69 times.

NuScale Power TTM 12-Month Price/Book Ratio

Image Source: Zacks Investment Research

The current Zacks Consensus Estimate projects NuScale Power to report a loss of $0.59 per share in 2026, a slight improvement from the $0.62 per share loss estimated just a month prior.

Image Source: Zacks Investment Research

NuScale Power currently holds a Zacks Rank #3 (Hold).

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