Construction of new nuclear power plants in the United States will ramp up slowly over the next decade as project sponsors exercise caution to effectively manage business risks, nuclear energy industry leaders told Wall Street financial analysts.

The industry’s expectations are that four to eight new nuclear plants will be generating electricity by 2016 or so, with a second wave of new power plants under construction as the first group commences commercial operation, the Nuclear Energy Institute’s President and CEO Frank L. (Skip) Bowman said during a briefing attended by more than 75 analysts.

“The exact number will, of course, depend on many factors — forward prices in electricity markets, capital costs of all baseload electric technologies, commodity costs, environmental compliance costs for fossil-fueled generating capacity, natural gas prices and more,” Bowman said. “The confidence gained by success with the first projects will support the decision-making process for follow-on projects.”

Five license applications for seven potential new reactors were filed with the Nuclear Regulatory Commission in 2007, Bowman said, and another 11 to 15 applications could be filed this year. Progress Energy just two days ago announced the filing of a license application for two possible reactors at its Shearon Harris Nuclear Plant in North Carolina. Nuclear power plants operate in 31 states.