Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Seven months into a vocally pro-nuclear Braun governorship and Trump presidency—and amid a broader push by tech firms and data centers to unlock this energy source—Indiana is beginning to show real promise as a player in America’s nuclear conversation.
The latest sign? Last month’s inaugural IBJ Media Nuclear Energy Forum, which brought together hundreds of business leaders, policymakers and companies from across the state and country.
In response to the lead debate question in July’s Forefront regarding the pursuit of nuclear power, I want to offer a clear-eyed assessment to tighten Indiana’s strategic focus: We are nowhere close to being the lead state bringing this technology to bear.
While we’re rowing in the right direction, Indiana needs to make sharper moves to stand out to nuclear companies, financiers and regulators looking for places to plant long-term investments. I’d offer two big-picture recommendations:
◗ Indiana must specialize—quickly—and carve out a clear niche in the emerging nuclear power economy.
◗ It must become the most innovative state in terms of financing nuclear projects.
First, let’s recap Indiana’s recent nuclear highlights:
Nuclear power expert Suzie Jaworowski was appointed Indiana secretary of energy and natural resources. Gov. Mike Braun unveiled a slate of nuclear-focused executive orders, including one creating the “Nuclear Indiana Coalition” coordinating entity. The Legislature passed first-of-its-kind manufacturing tax credits and initial cost-recovery legislation for nuclear construction. Purdue’s nuclear engineering department completed a groundbreaking digital security experiment for small modular reactors, or SMRs. And Indiana-based BWX Technologies, which supplies components to the U.S. Navy’s nuclear fleet, secured a major multibillion-dollar contract.
But the competition is fierce and fast-moving.
Texas, arguably the national front-runner, has a multiyear head start. Two years ago, Gov. Greg Abbott launched the state’s nuclear working group. This past session, the state allocated hundreds of millions of dollars for nuclear research and development, construction and workforce development—with plans to grow that fund into the billions. Universities are already bringing next-gen startups, including molten salt reactor companies, onto their campuses. And, as America’s energy capital, Texas benefits from deep experience across oil, gas, wind and solar.
We don’t have the Lone Star State’s scale, nor the nuclear expertise of other competitors like Michigan or Tennessee, which already operate commercial plants. So Indiana should develop a clear competitive edge.
On specialization: Given our manufacturing heft, Indiana should consider dominating the production of advanced nuclear components and become the national hub for nuclear supply chains. Multibillion-dollar opportunities exist along the entire value chain—from generators and turbines to safety systems and specialized shipping infrastructure. Our geography and logistics know-how could position Indiana as a strategic hub for SMR parts across the Midwest and into Canada.
On financing: Indiana should lead in crafting innovative capital structures that responsibly share risk and attract long-term private investment into this still-unproven sector. While growing tech interest is unlocking new capital, building an industry from scratch means overcoming complex financial challenges at every stage—R&D, permitting, construction, deployment and more. Financing has long been nuclear’s Achilles’ heel. If Indiana wants to punch above its weight, this is where it can make its mark.
With limited time and resources, Indiana might need to make tough trade-
offs—such as forgoing the race to be the first state to deploy SMRs in favor of becoming the nation’s advanced nuclear manufacturing hub. That kind of strategic clarity is what will earn Indiana a seat at the table.•
__________
Gemelas is chief operating officer at Climate Solutions Fund, outstanding fellow of Mitch Daniels Leadership Foundation and a proud Greek-American. Send comments to [email protected].
Click here for more Forefront columns.
Please enable JavaScript to view this content.
“Given our manufacturing heft, Indiana should consider dominating the production of advanced nuclear components and become the national hub for nuclear supply chains.”
Great suggestion. It builds on our strengths.