Where the math is defensible.
Long-form research on live enterprise decisions. Publication is selective. Every number traces to a named source. No takes without evidence.
Czechia 2026: The Auto Cluster, Dukovany Reset, and the Last Cyclical Bottom
Czech industry sits between a cooling German order book, a CNB easing cycle, and a USD 18 billion nuclear program. The 2026 to 2028 window decides whether the cluster exits as an EV, battery, and reactor supplier or a discounted Tier 2 to Wolfsburg.
Czechia is the most exposed industrial economy in Central Europe to two simultaneous shocks, the Volkswagen Group earnings reset and the EU 2025 fleet CO2 standard. Skoda Auto delivered 926,600 vehicles in 2024 and Mlada Boleslav remains the regional flagship at roughly 800,000 units per year. With exports to Germany near 30 percent of GD...
Small Modular Reactors in 2026: Order Books, AI Off-take, and the Capex Curve
The first wave of SMR designs has moved from licensing slides to concrete pours and signed power purchase agreements, but the NuScale UAMPS cancellation still anchors investor memory and the load is now hyperscaler, not municipal.
Advanced nuclear is no longer a slide deck category. TerraPower has broken non-nuclear ground at Kemmerer, X-energy has signed a definitive engineering contract with Dow Seadrift, Holtec is preparing the SMR-300 around the Palisades restart, Kairos has the first Hermes test reactor under construction with a Google off-take for 500 megawat...
Small modular reactors meet the hyperscaler load curve
Eighteen months after the Google Kairos and Amazon X-energy announcements, the SMR thesis has moved from PowerPoint to procurement. The binding constraints are now licensing throughput, HALEU supply, and first-of-a-kind cost discipline.
Between September 2024 and December 2024, four hyperscaler nuclear deals reset the demand curve for advanced reactors. Microsoft contracted the Three Mile Island restart with Constellation, Google signed for 500 megawatts of Kairos Power output across six to seven units, Amazon committed to X-energy and a 5 gigawatt pipeline, and Meta ope...
Korea's 11th BPLE in 2026: nuclear, renewables, and the KEPCO balance sheet
The 11th Basic Plan for Long term Electricity Supply locks in a higher nuclear share alongside accelerated renewables, but the speed of the transition is constrained less by policy ambition than by KEPCO's wrecked balance sheet and the unresolved tariff politics behind it.
South Korea finalized its 11th Basic Plan for Long term Electricity Supply (BPLE) in early 2025 and entered the implementation phase under a new administration in 2026. The plan targets a 35.6 percent nuclear share and a 32.9 percent clean and renewable share by 2038, anchored by Hanul, Sin Hanul, and a domestic SMR pilot. The execution c...