France has fundamentally shifted its energy strategy, providing a significant tailwind for the nuclear sector.
In a reversal of previous policy that aimed to shut down 14 reactors, the French government — via state-owned and dominant power producer EDF — announced it will instead extend the lives of its existing fleet and construct at least six new EPR2 reactors.
This nuclear renaissance is backed by substantial capital. Recent reports indicate that EDF has raised its preliminary cost estimate for the initial six reactors to €72.8 billion, a reflection of the massive scale of the EPR2 program. For investors, a compelling investment case can be found in the picks and shovels providers tasked with this multi-decade build-out.
The Range Nuclear Renaissance Index ETF (NUKZ ) is uniquely positioned to capture this shift. NUKZ holds several companies with direct exposure to EDF’s expansion that are often absent from broader energy or utility ETFs. These firms in NUKZ represent a mix of partners with standing agreements for ongoing projects and those slated to benefit directly from new construction.
Specfically, Mirion Technologies (MIR) and Flowserve (FLS) recently secured contracts for the EPR2 program to provide radiological detection chains as well as pumps and sealing systems.
In January, Amentum (AMTM) secured a suite of contracts with EDF worth up to $730 million to support both existing reactors and the ongoing construction at Hinkley Point in the UK. Furthermore, Jacobs (J) started a new Project Management Resources (PMR) framework contract with EDF in 2024, with the value of the two-year contract estimated at more than $53 million.
Market Performance and the France Nuclear Outlook
These multi-year service contracts provide a level of revenue visibility that is increasingly attractive in a volatile macro environment. Names focused on construction and services represented 39.0% of NUKZ’s underlying index as of February 19.
The tailwinds for nuclear energy remain robust, with NUKZ significantly outperforming the broader S&P 500 over the trailing 12-month period. NUKZ has climbed 50% in the past year as of February 19, while SPY has climbed 13% during the same period.
While AI-driven power demand often dominates the headlines, these long-cycle, sovereign-backed infrastructure commitments provide sustained growth for the sector. The shift in European energy policy represents a structural change that may favor nuclear players for years to come.
To stay current on developments in this sector, be sure to join our upcoming 30-minute discussion “Nuclear Power is on the Rise. Is Your Portfolio Ready?” on Thursday, March 19, 2026 at 12:30 pm ET. Follow the link here to register.
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