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Investors are turning bullish on nuclear

November 8, 2023

By Paul Day

After years of disinterest, investors are buying into the nuclear industry.

Markets soured on nuclear following the Fukushima Daiichi nuclear power disaster in March 2011, but the push toward net zero, rising global energy insecurity, and growing appetite for next generation reactor technology is restoking interest.

Uranium spot prices, up end-Oct by more than 55% from end-2022, are rising sharply and serve as a barometer for investor interest in nuclear power.

Prices fell steadily following the Fukushima disaster in 2011 but have begun a gradual trun around from a low in 2016 and currently hover at the highest point since end-January 2008, according to data by Cameco, the world’s largest publicly traded uranium company.

Uranium spot prices stood at $74.38 per pound at the end of October, according to Cameco using month-end prices published by nuclear research companies UxC and TradeTech, up from just $18 end-of-October 2016 and from $47.68 at the end of 2022.

“Ongoing geopolitical events coupled with the global focus on the climate crisis have created what we believe are transformative tailwinds for the nuclear power industry, from both a demand and supply perspective,” Cameco says on their website.

Investors are turning bullish on nuclear
A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. REUTERS/Brendan McDermid
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