Scott Strazik, the GE Vernova CEO, said President Donald Trump's executive orders on nuclear power could lead to small modular reactors in the U.S. as early as 2030, CNBC reported.

Trump ordered the nation's independent nuclear regulatory commission to cut down on regulations and fast-track new licenses for reactors and power plants last week, seeking to shrink a multiyear process down to 18 months.

Strazik said the order could result in approvals to start building small modular reactors in the U.S. by 2027, CNBC reported, with the reactors being completed by late 2030 or 2031.

Small modular reactors are plant designs that many in the industry tell CNBC could be the future of nuclear power. Strazik said the reactors could lower the cost of building nuclear plants and speed up construction because they are smaller and assembled on site, CNBC said.

"It's just the beginning of what could very much become a very meaningful part of our business in the 2030s. We're very encouraged by this," Strazik said, according to CNBC. "We expect more customers to put in applications to construct new SMRs with our technology before the year is over."

GE Vernova received approval earlier this month to deploy its BWRX-300 reactor in Ontario, the first SMR deployed in the West, CNBC said.

Earlier this month, the Tennessee Valley Authority filed an application with the Nuclear Regulatory commission to build a GE reactor in Oak Ridge, according to CNBC.

Information from Reuters was used in this report.

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