“The focus on nuclear power was magnified in 2022, with several jurisdictions passing legislation to support nuclear power as an important means to reduce carbon emissions,” said Treva E. Klingbiel, president of TradeTech, LLC.
DENVER (PRWEB) January 12, 2023
Recent energy policy decisions will aid further expansion of nuclear power as the global community works toward net-zero emissions goals and improved security of supply, which, in turn, provide support for the nuclear fuel industry.
“Despite significant macroeconomic challenges, the uranium market is entering 2023 on the momentum of several developments that highlight strong fundamentals. The focus on nuclear power was magnified in 2022, with several jurisdictions passing legislation to support nuclear power as an important means to reduce carbon emissions,” said Treva E. Klingbiel, president of TradeTech, LLC. For instance, the European Union’s Complementary Climate Delegated Act, which became effective on January 1, is a sustainable finance policy that awards a “green” investment label for new nuclear power. Poland adopted a nuclear power resolution and signed a partnership with US-based Westinghouse for its initial civil nuclear power project while Belgium recently extended the operation of two of its seven commercial reactors for 10 years (starting in November 2026).
In the USA, the Inflation Reduction Act and Civil Nuclear Credit Program both provide notable funding to support existing and new nuclear power plants. And, as a result of the war in Ukraine, several countries changed their policies on nuclear power to regain security of supply today and tomorrow, including Germany, Japan, and South Korea, which had long-standing nuclear phaseout or reduction plans. Moreover, many national governments are considering the introduction of nuclear power in the interest of energy security.
This long-term growth trajectory has spurred renewed interest in the nuclear fuel market as the new year begins, with the uranium spot price surpassing the US$50.00 level for the first time since August 2022. TradeTech’s Daily Uranium Spot Price Indicator reached $50.50 per pound U3O8 on January 10, amid strengthening demand and renewed interest from the financial sector.
About TradeTech
TradeTech launched its Daily Uranium Spot Price Indicator in March 2011, which is provided to subscribers worldwide. The company’s "Nuclear Market Review" (NMR) is published each Friday evening, and reports the Weekly Uranium Spot Price Indicator, uranium trading activity, industry news, and market data. The monthly edition of the NMR, released on the last day of each month, includes TradeTech Market Values (Exchange Value, UF6 Value, Loan Rate, Conversion Value, SWU Value, and Transaction Value) and Mid- and Long-Term Uranium Price Indicators and Production Cost Indicator, as well as analysis related to price determinations, supply/demand information, and industry and financial news. TradeTech also publishes "The Nuclear Review," a monthly E-magazine dedicated to the international uranium and nuclear energy industry, and a quarterly “Uranium Market Study,” which includes near- and long-term forecasts.
TradeTech—and its predecessor companies—has supported the uranium and nuclear fuel cycle industry for more than 50 years and is widely recognized for its expertise in trading activities and its comprehensive knowledge of the technical, economic, and political factors affecting this industry. TradeTech provides expert market consulting, has relationships with international nuclear fuel buyers and sellers, and maintains an extensive information database on these industries.