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01.10.26 - 05:00
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Uranium Term Prices Hit A Record... So Why Is Nuclear Getting Nuked? (ZeroHedge)
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Uranium Term Prices Hit A Record... So Why Is Nuclear Getting Nuked?
If you only looked at the price of the fuel, you'd think the nuclear trade has never been better. Long-term uranium prices are sitting at $96/lb, an all-time record and up ~12% YTD, taking out the $95/lb high set in mid-2007 at the peak of the last uranium mania (per UxC data compiled by TD Cowen). Spot has followed along to roughly $90/lb, up ~11% YTD.
If, however, you looked at anything with a ticker attached to it, you'd think the nuclear renaissance had been quietly cancelled somewhere between the "AI will need infinite power" phase and the "wait, who's paying for all this capex?" phase.
That, in a nutshell, is the disconnect TD Cowen's uranium team (Craig Hutchison and David Liang) highlights in its two latest Uranium Monitors: the commodity is making all-time highs, while the equities, the SMR darlings and even the IPO pipeline are going in the opposite direction. And the cause, at least in the s...
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27.09.26 - 21:15
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The DOE Demands Faster Uranium Enrichment Buildout. Who′s Answering The Call? (ZeroHedge)
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The DOE Demands Faster Uranium Enrichment Buildout. Who's Answering The Call?
DOE officials told Reuters they are pressing Centrus Energy, General Matter, and France's Orano to accelerate their new build programs.
The start of the Russia-Ukraine war in 2022 sent prices soaring across the nuclear fuel chain, as the start of the war was also followed by the US implementing a ban on importing Russian enriched uranium.
The panic of fuel for the US commercial reactor fleet not showing up evaporated almost immediately, as waivers were granted to any and all importers (mostly Centrus and US reactor-owning utilities). But, those waivers are set to expire at the start of 2028, and DOE's Michael Goff says there are no plans to extend them.
To solve the enrichment capacity gap, Washington is doing what they do best: throw as much money as they can at the problem. Earlier this year, money was getting thrown around at almost $1 billion per handful.
“If we are going to have this nuclear renaissance, we...
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