• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days Does Toyota Know Something That We Don’t?
  • 19 hours America should go after China but it should be done in a wise way.
  • 7 days World could get rid of Putin and Russia but nobody is bold enough
  • 9 days China is using Chinese Names of Cities on their Border with Russia.
  • 10 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 10 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 10 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 9 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 11 hours How Far Have We Really Gotten With Alternative Energy
  • 10 days Putin and Xi Bet on the Global South
  • 10 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 11 days United States LNG Exports Reach Third Place
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Uranium Prices Hit A 12-Year High

The price of yellowcake - uranium concentrate used in nuclear generation - has surged to the highest level in 12 years as nuclear once again becomes a desirable form of energy generation.

The FT reports that yellowcake prices have gained 12% over the past month alone, hitting $65.50 per pound, which is the highest since 2011, before the Fukushima disaster.

The price rise is driven by a change in sentiment towards nuclear as governments realize wind and solar can’t do the job on their own because the grid needs dispatchable electricity.

“You have a focus on energy security colliding with a focus on clean energy,” the CFO of Cameco, the second-largest uranium producer in the world, told the FT.

The uranium market has been depressed since the Fukushima disaster, which means not a lot has been invested in production capacity growth. Now, it seems that things are changing fast. And this might mean a shortage.

The Wall Street Journal suggested as much in a recent report that noted uranium prices have surged by 30% since the start of the year as new nuclear power plants came online and the life of older ones was extended, causing a surge in demand in the face of constrained supply.

These constraints got more serious recently after the military coup in Niger, which supplies 5% of global uranium and as much as a quarter of European uranium. With the burst of anti-French sentiment in the Western African country, there are fears that latter’s supply is under threat.

It’s not only Niger, either. Russia is the world’s biggest processor of uranium, and one of the biggest suppliers as well. There are fears among analysts that the EU and the United States might decide to sanction Russia’s uranium industry, which would have a major impact on supply security for the nuclear industry.

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News