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Seeking lower-carbon power sources to meet new emission targets, governments and utilities have started eyeing the potential of nuclear energy. Some countries, including France and the U.K., have committed to expanding their nuclear fleets to produce carbon-free electricity and meet climate objectives espoused at the most recent COP26 climate conference. About 57 nuclear units, totalling 60 GW, were in various stages of planning and development as of mid-2021, according to the World Nuclear Association.
The uranium spot market has witnessed more vigorous trading activity over the past years, with a wider range of buyers and sellers, which has led to greater price volatility.
Rising demand along with fund buying activities helped uranium prices sail over $46/lb in 2021.
World nuclear generating capacity is set to continue its upward trend with demand for uranium fuel increasing over the period to 2040, according to the projections in the latest edition of World Nuclear Association's Nuclear Fuel Report.
In addition, a global nuclear power renaissance has been gaining momentum over the past several years and has led to increased uranium spot market activity on an international level.
Uranium is a heavy metal which has been used as an abundant source of concentrated energy for over 60 years.
Kazakhstan, Australia, and Canada provide over 65% of the world’s uranium supply.
A single kilogram of uranium 235 theoretically could produce ~80 terajoules of energy, which is equivalent to the energy that could be produced by 3000 tons of coal.
Uranium was apparently formed in supernovae about 6.6 billion years ago. While it is not common in the solar system, today its slow radioactive decay provides the main source of heat inside the Earth, causing convection and continental drift.
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