Report published September 29, 2026
Nomura Report: Update on Construction, Expansion, and Restart of Nuclear Power Plants in Japan
Nomura · September 29, 2026
Nomura provides an update on Japan's nuclear power landscape, noting that while 15 reactors are operating and up to four more may restart over five years, progress remains highly uneven across utilities. Power companies with currently operational nuclear plants retain a distinct cost advantage given the high funding risks and regulatory hurdles delaying new plant redevelopment.
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Finvaulta summarizes Nomura's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.As of 28 September 2026, 15 nuclear reactors are operating in Japan, and Nomura expects up to four additional reactors to restart over the next five years.
- 2.Progress on restarts remains mixed: Chugoku Electric Power broadly completed the review process for Shimane No. 3, while Chubu Electric Power withdrew its restart application for Hamaoka Nos. 3 and 4 following data falsification findings.
- 3.Electric power companies with already restarted nuclear plants maintain a competitive cost advantage, as new plant redevelopment faces prohibitive multitrillion-yen costs, funding risks, and policy visibility hurdles.
Table of Contents
- Update on progress with nuclear reactor restarts: Step toward restart of Shimane reactor No. 3
- We still expect up to four reactors to come on stream over next five years
- No new developments with respect to new nuclear power plants, existing plants likely to be at competitive advantage
- Reference figures
Report data
Fig. 1: Nuclear capacity factor — as of September 28, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Operating nuclear reactors in Japan | 15 reactors | Total operational nuclear reactors across Japan, including those temporarily shut down for inspections. |
| Expected nuclear reactor restarts | 4 reactors | Nomura's expectation for nuclear reactors coming back on stream over the next five years. |
| Government target for redeveloped reactors in the 2040s | 2-5 reactors | Measures under the POWERR GX package assuming redevelopment of nuclear power plants. |
| Government target for redeveloped reactors in the 2050s | 11-14 reactors | Measures under the POWERR GX package assuming redevelopment of nuclear power plants. |
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