Uranium builds steam – Canadian provinces announce nuclear energy plan

Uranium builds steam – Canadian provinces announce nuclear energy plan

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The governments of Ontario, Saskatchewan, New Brunswick and Alberta released a nuclear energy plan Monday. The provinces hope to build several small-scale nuclear reactors, the first in Ontario to begin production in 2028, with two in New Brunswick by 2030 and one in Saskatchewan.

Though nuclear energy is affordable, carbon free, and unburdened by intermittency, several European countries have shut capacity to avoid challenges associated with nuclear waste. John Gorman, President of the Canadian Nuclear Association said Monday “it’s important to note, spent fuel has never hurt anyone, let alone killed anyone, in Canada or around the world.” Adding that “uranium is about one million times more energy dense than coal … the amount of uranium it would take to power our entire lives (transportation, homes, everything) would fit in a coke bottle.”

Last week Boris Johnson promised nuclear energy would return to 25% of the UK’s power mix. Alaska recently introduced a bill to streamline the State’s approval process for small-scale nuclear reactors. And perhaps most importantly, Europe proposed nuclear energy be defined as “sustainable” under new, policy-linked definitions.

Given rising energy security concerns, nuclear power and uranium mining have seen increased attention of late. The Sprott Uranium Trust (OTCPK:SRUUF) recently announced it’s largest individual investment, from a macro-focused hedge fund. While Cameco (CCJ) indicated that the contracting cycle has inflected, after a near decade of oversupply following the Fukushima disaster. Uranium miners (URA) are up ~12% year to date, with many investors watching closely as Russian uranium sanction legislation works its way through Congress.

Originally Posted on: https://seekingalpha.com/news/3818224-uranium-builds-steam-canadian-provinces-announce-nuclear-energy-plan?source=feed_tag_commodities
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