Part 2 of 2 Parts (Please read Part 1 first)
     The rapid price increase of uranium in 2021 marked a significant turnaround after the uranium mining industry was plagued by oversupply following the decline in nuclear power generation after the Fukushima disaster. Industry executives have also pointed to other factors that are bolstering the long-term prospects of nuclear power. These factors will take longer to feed through into uranium prices increases.
     The U.S. Inflation Reduction Act included tax credits for existing nuclear power reactors. This is likely to lead to applications for extension to the lifetimes of the U.S. commercial reactor fleet. In South Korea, nuclear energy policy underwent a reversal under the new Yoon Suk-yeol administration. The new administration took power last May and intends to expand the Korean nuclear industry instead of phasing it out as pursued by the previous administration.
     Publicly listed uranium mining companies have also benefited from the optimism of investors. Canada’s Cameco is the second largest uranium producer. Its share price is close to a record high after increasing almost thirty percent since the middle of August. Grant Isaac is the senior vice-president of Cameco. He said, “We’re on pace to have the biggest contracting year since Fukushima. We’re seeing this balanced energy policy translating into legislative action. It’s no longer just words.”
     Even though the uranium price has surged due to improve sentiment, the commodity remains vulnerable to a squeeze on supplies from Russia. Russia is the largest builder of new nuclear power plants in the world. It accounts for only five percent of global uranium production. However, it is responsible for over forty percent of active worldwide enrichment capacity. This information was provided by research firm Berenberg. To create useful nuclear fuel, mined uranium must be converted and then enriched. Berenberg analysts said that “The removal of Russia from the global nuclear fuel chain has the potential to be a source of disruption and price volatility.”
     Kazatomprom is the biggest uranium miner in the world. In August, it raised its 2024 output target due to expectation of greater demand for nuclear fuel as utilities seek to diversify energy supplies away from Russia. Askar Batyrbayev is the chief commercial officer at the Kazakhstan-based company. He said that a decision by western powers to sanction Russian nuclear fuel would trigger great upheaval in the uranium market. He went on to say, “If we need to replace the entire Russian supply, then it might require an additional 10,000 tonnes to be supplied. This is half of our annual production in Kazakhstan. It’s quite a challenge, but it could be achievable if we have these requests in advance.”
     Nuclear industry executives are also concerned that the ballooning momentum behind nuclear power could collapse once again if its safety credentials are called into question. Patrick Fragman is the chief executive of Westinghouse, a US nuclear power company. He recently spoke at the World Nuclear Symposium in London. He added that. “Public opinions will go back to the dark ages and be an open avenue for coal.”

Feds: Killona nuclear plant to get additional checks wgno.com

Work progresses to deploy NuScale power plant in Poland wgno.com

Iran nuclear talks in ‘stalemate,’ says EU foreign policy chief arabnews.com

Archbishop invites U.N. reps to begin dialogue on nuclear disarmament catholicnews.com

Raisi Has ‘Final Say’ On Nuclear Deal, As Khamenei Out Of Public View iranintl.com

 

Ambient office = 115 nanosieverts per hour

Ambient outside = 134 nanosieverts per hour

Soil exposed to rain water = 135 nanosieverts per hour

Watermelon from Central Market = 89 nanosieverts per hour

Tap water = 62 nanosieverts per hour

Filter water = 56 nanosieverts per hour

Part 1 of 2 Parts
     The global price of uranium has risen to its highest level since the Russian invasion of Ukraine caused severe turbulence to the commodities market. The European energy crisis has caused the global energy industry to warm up to nuclear power.
     Yellow cake is uranium that has been processed from raw ore containing many minerals to a powder of raw uranium. The price of yellow cake has jumped seven percent since the middle of August to pass fifty dollars a pound. This price was last seen when many commodities were driven higher by concern over the supply chain last spring. Many market participants expect uranium to continue to rise even further. The Bank of America predicts that the price of yellow cake will reach as high as seventy dollars per pound next year.
     Looking back before the sharp spike in prices triggered by the war in Ukraine, the last time uranium was trading at similar levels was over ten years ago. This historical price information was provided by UxC, a nuclear fuel market research and analysis company.
     Uranium prices have been lifted in recent weeks by positive news about nuclear power. Utility companies are moving to increase supplies against a backdrop of the worsening energy shortfall in Europe. There has also been improving public sentiment towards nuclear power in other regions of the globe.
     Late last month, the Japanese government announced its plans to accelerate the restart of reactors and export the construction of new nuclear power plants for the first time since the nuclear disaster at Fukushima in 2011. California decided last week to extend the life of its Diablo Canyon nuclear power plant which is the last operating nuclear plant in California. A few days later, Germany put its last nuclear power plants on standby so that they can keep running if needed beyond the end of this year.
     Per Jander is the director of nuclear and renewable energy sources at WMC Energy which is a commodities merchant. He said, “Germany and California have been two of the most negative jurisdictions in the world on nuclear power and both of them are coming around. I would say hell would freeze over before that would happen. It will have an immediate impact on the market.”
      The price of uranium rose sharply last year. It was up over thirty percent as investors wagered on nuclear energy becoming a central feature of the global shift away from fossil fuels and towards greater electrification of the would economy. Nuclear power plants do not emit carbon dioxide during normal operation. Nuclear energy is said to generate consistent baseload power without producing carbon emissions. The European Union classified it as a green energy source earlier this year. Of course, constructing a nuclear power plant and dealing with the nuclear fuel cycle do release a great deal of carbon dioxide. A new nuclear power plant will require years of operation to make up for this carbon dioxide release. The levelized cost of nuclear power is much greater than that of renewable energy sources.
Please read Part 2 next

What’s at stake with Ukraine’s Zaporizhzhia nuclear power plant, and how does it compare to Chernobyl? cbsnews.com

Iran and Russia furious with Europe over nuclear talks jpost.com

IAEA’s call for safety and security protection zone at the Zaporizhzhia Nuclear Power Plant theelders.org

North Korea forces citizens to attend lectures about new nuclear force law rfa.org

 

 

 

 

 

 

 

Ambient office = 140 nanosieverts per hour

Ambient outside = 142 nanosieverts per hour

Soil exposed to rain water = 140 nanosieverts per hour

Watermelon from Central Market = 141 nanosieverts per hour

Tap water = 75 nanosieverts per hour

Filter water = 58 nanosieverts per hour

Seoul lawmakers call for resolution condemning North Korea’s new nuclear law nknews.org

Restart of damaged Swedish nuclear reactor delayed until 2023 energy.economictimes.indiatimes.com

Agencies to hold mock train crash with simulated nuclear fuel abc17news.com

South Carolina nuclear fuel plant can keep running for 40 years southcarolinapublicradio.org

Ambient office = 138 nanosieverts per hour

Ambient outside = 106 nanosieverts per hour

Soil exposed to rain water = 105 nanosieverts per hour

Myers lemon from Central Market = 80 nanosieverts per hour

Tap water = 103 nanosieverts per hour

Filter water = 85 nanosieverts per hour

Howard Stern shares theory that Trump retained nuclear intel in order to sell to Russia foxnews.com

John Bolton says threat of Russia using nuclear weapon ‘closer’ than before thehill.com

China’s reaction to North Korea’s nuclear weapons first-use law tipped to be muted scmp.com

AFNWC leader retires, shares thoughts on successful career afnwc.af.mil

 

Ambient office = 146 nanosieverts per hour

Ambient outside = 102 nanosieverts per hour

Soil exposed to rain water = 102 nanosieverts per hour

Corn from Central Market = 100 nanosieverts per hour

Tap water = 89 nanosieverts per hour

Filter water = 81 nanosieverts per hour

Dover Sole from Central = 115 nanosieverts per hour