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- Is SEA the next big opportunity for Australian uranium?
- Australia has world’s largest economic demonstrated uranium resource
- Majority of exports currently heading to US, Japan, South Korea, and France
- Philippines, Vietnam and Indonesia ramping up nuclear plans
When Peter Dutton and his pro-nuclear stance was soundly beaten in the last Australian Federal election it was a significant blow to local uranium developers.
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However, a “booming” new nuclear market is launching itself to Australia’s north, potentially opening significant new opportunities for the nation’s uranium riches.
Australia has the world’s largest economic demonstrated resources of uranium and is the world’s third largest uranium producer.
However, at present the nation has no plans for a domestic nuclear power industry due to policy restrictions.
Uranium mined in Australia is used exclusively for peaceful purposes, primarily generating electricity in overseas nuclear power plants and producing medical isotopes.
The nation exports 100% of its uranium production, generating about $1.17 billion in export earnings for the 2024–25 financial year, with average annual export volumes historically sitting around 4,500 to 5,500 tonnes of uranium.
Currently the majority of the nation’s uranium is exported to countries with civilian nuclear power programs such as the United States, Japan, South Korea, and France.
But a new source of potential demand is emerging much closer to home.
Driven by surging power demands from AI data centres, electric vehicles and fossil-fuel supply insecurities. Southeast Asian nations are reviving stalled nuclear energy plans and looking to build up to 25 GW of capacity by 2050.
According to global energy and resources research firm Wood Mackenzie, Southeast Asia would need an investment of US$208 billion to develop the 25 gigawatts (GW) of nuclear power capacity required by 2050.
The research firm says Southeast Asia will also need approximately 4,500 metric tonnes of uranium annually to fuel the projected 25 gigawatts (GW) of nuclear capacity by 2050.
The World Nuclear Association (WNA) says Southeast Asia is entering a transformative phase in its energy sector, with nuclear power emerging as a cornerstone of economic growth, energy security, and sustainability.
Governments across the region are advancing nuclear power integration into their national energy strategies, opening a multi-billion-dollar market for global investors, technology providers, and energy companies.
As electricity demand surges and nations accelerate their decarbonisation commitments, nuclear energy is set to become a fundamental part of the region’s power mix, unlocking expansive business and investment opportunities across the nuclear value chain.
A major mover in the nuclear market is the Philippines.
The Philippines Department of Energy (DOE) is advancing proposed rules for the competitive procurement of the Philippines’ first nuclear generation capacity as the government prepares for the targeted entry of nuclear power into the country’s electricity mix beginning in 2032.
The framework will determine how nuclear capacity will be competitively procured, priced and integrated into the grid, making the rules critical to electricity consumers because the eventual projects will involve long-term generation costs, major transmission requirements and strict nuclear safety regulation.
The government is targeting an initial 1,200 megawatts of nuclear capacity by 2032, with its energy plan seeing nuclear capacity increasing to 2,400 MW by 2035 and 4,800 MW by 2050.
Singapore is another Southeast Asia nation eyeing off nuclear as an answer for its improving energy equation.
In late 2025, Dr Tan See Leng, Minister-in-charge of Energy and Science and Technology, affirmed Singapore’s commitment to “seriously studying the potential deployment of nuclear energy, especially newer technologies such as small modular reactors.”
The World Nuclear Association says that given Singapore’s limited renewable resources such as wind and hydropower and its heavy reliance on imported gas, nuclear offers a credible pathway to energy security, affordability, and decarbonisation.
Vietnam is another nation in the region fast-tracking its nuclear energy plans, directing state-owned enterprises such as Electricity of Vietnam (EVN) and Vietnam Oil & Gas Group (Petrovietnam) to advance the construction of two nuclear plants in Ninh Thuan province by 2030.
The project consists of two facilities, each with two reactors, located in Phuoc Dinh and Vinh Hai.
To streamline nuclear expansion, the government is revising its atomic energy laws and power development strategy.
Vietnam has also signed agreements with key international partners – including Russia, Japan, South Korea, France, and the US – to strengthen technical expertise and investment flows.
Indonesia, Southeast Asia’s largest economy, is also at the forefront of nuclear development, actively transitioning away from its fossil fuel-heavy energy mix.
In 2023, fossil fuels accounted for 86% of Indonesia’s electricity generation, with coal alone contributing over half of the country’s 90 GW installed capacity.
To diversify its energy sources and reduce emissions, Indonesia is targeting the deployment of its first small modular reactor (SMR) by 2030, followed by large-scale nuclear power plants by 2036.
Southeast Asia’s nuclear expansion is not just a regulatory shift—it is a high-growth commercial opportunity.
Companies that establish an early presence in this market stand to secure long-term contracts in a sector backed by strong government commitments, rising electricity demand, and an urgent need for decarbonisation.
For Australian uranium producers and developers, the significance is less about immediate demand and more about what this emerging pipeline could mean over the longer term.
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