New Jersey’s newly signed Power New Jersey Act has ignited a nuclear stock showdown, positioning Westinghouse co-owners Cameco Corp. (NYSE:CCJ) and Brookfield Asset Management Ltd. (NYSE:BAM) to lead a buildout the state estimates could cost roughly $24 billion — leaving small modular reactor startups on the outside looking in.
Betting on Shovel-Ready Infrastructure
Gov. Mikie Sherrill (D) signed the historic legislation Monday following unanimous votes in the state Assembly and Senate. The law launches a competitive procurement process targeting at least 1,100 megawatts of new nuclear generation — roughly the output of a single Westinghouse AP1000 — and builds on separate legislation Sherrill signed in April that lifted New Jersey’s 50-year de facto moratorium on new nuclear construction.
While the new framework creates a competitive process to build new nuclear projects, the administration is signaling a preference for immediate, large-scale deployment at pre-approved locations.
“The one that I think is the most shovel-ready is Salem,” Sherrill stated, highlighting the state’s existing infrastructure advantage. Land adjacent to the Salem and Hope Creek plants holds a Nuclear Regulatory Commission early site permit, issued in 2016 — one of only six federally pre-approved sites for new nuclear development in the country. The permit does not lock in a specific reactor design, but plant owner PSEG’s application contemplated units as large as two Westinghouse AP1000s.
This pivot shifts market momentum toward Westinghouse’s joint owners, Cameco and Brookfield. Addressing the historical concerns surrounding the construction of large-scale reactors, Sherrill noted, “As we saw on the large AP1000 in Georgia, there were severe cost overruns, and it took a lot longer than they thought it would because we hadn’t built large-scale nukes in a while.” The two AP1000 units at Georgia’s Plant Vogtle came online seven years behind schedule and more than $18 billion over budget.
However, she emphasized the state’s preparedness: “What you’re seeing here are the lessons that we’ve learned so that we can move very quickly.”
The Tech Startup Reality Check
The state’s preference for established, large-scale blueprints presents a steep hurdle for small modular reactor (SMR) tech startups like Oklo Inc. (NYSE:OKLO) and Nano Nuclear Energy Inc. (NASDAQ:NNE).
While the governor said small modular reactors could eventually be viable at sites like Oyster Creek, she emphasized wanting to see “a little proof of concept” from ongoing international and out-of-state builds first. Holtec International, the privately held firm decommissioning Oyster Creek, has floated placing four of its SMR-300 reactors at the site — but only after its first units are built at Michigan’s Palisades plant, expected in the early 2030s.
With state Sen. John Burzichelli (D-NJ), a prime sponsor of the bill, noting that the state now needs “someone to come up with about $24 billion” to fund the buildout, the sheer capital requirements heavily favor entrenched market leaders capable of securing federal backing. Federal financing programs could guarantee or finance up to 80% of a project’s cost, according to the governor’s office.
How Have CCJ and BAM Performed in 2026?
CCJ shares were down 1.28% year-to-date, 10.66% over the last month, and up by 24.07% over the year. It closed 6.03% lower at $690.20 per share on Monday, and it was up by 0.24% in the premarket on Tuesday.
Benzinga’s Edge Stock Rankings indicate that CCJ maintains a weak price trend in the long, short, and medium terms, with a solid growth score.
BAM shares were down 11.52% year-to-date, 1.06% over the last month, and 16.91% over the year. It closed 0.19% lower at $46.63 per share on Monday and was down 1.16% in the premarket on Tuesday.
Benzinga’s Edge Stock Rankings indicate that BAM maintains a weak price trend in the long, short, and medium terms, with a poor value score.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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