Morgan Stanley likes this under-the-radar nuclear play, calls it a 'low-risk' option
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By Liz Napolitano
Published on April 20, 2026.
TC Energy is an attractive investment option for investors seeking more exposure to nuclear energy, according to Morgan Stanley. The investment bank has an over-analysed rating on the energy company's stock and believes that its 48% interest in Bruce Power, one of the world's largest operating nuclear facilities, is a risk-adjusted investment in nuclear power growth. This comes amid signs of interest in nuclear energy is gaining steam, with nuclear reactors generating 2,667 terawatt-hours per year, surpassing their previous record of 2,660 TWh in 2006. Morgan Stanley's endorsement comes as TC Energy updates and expands its nuclear capabilities through two key initiatives: The Major Component Replacement (MCR) program and the Bruce C project. The company is also planning to expand its Bruce Power nuclear site in Ontario, aiming to build up to 4,800 megawatts of capacity under the project.
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