Kazakhstan Buys $920M in Kazatomprom Shares🛒

This is Nuclear Update, your go-to source for nuclear updates – as reliable and constant as a reactor’s energy output.

This is what we got for you this week:

• Kazakhstan Buys $920M in Kazatomprom Shares🛒

• China Leads Global Nuclear Construction🥇

• South Africa Extends Nuclear Plant for 20 Years2️⃣0️⃣

• IEA Report: Global Nuclear Generation Set to Break Records by 2025🏆

Kazakhstan Buys $920M in Kazatomprom Shares🛒

The Government of Kazakhstan decided to purchase shares of Kazatomprom JSC for the National Fund, totaling $920 million, to finance the republican budget. This move is driven by the rising demand for uranium, which is expected to strengthen Kazatomprom's share price. Kazatomprom, the world's largest producer of uranium, is experiencing growth due to increasing global nuclear energy adoption. Economists like Rasul Rysmambetov highlight this trend as a key factor in the company's expected share price growth. The National Bank of Kazakhstan will convert about $970 million from the National Fund into tenge for this transaction, planning a one-off conversion and a four-month sale of these assets to minimize market disruption. While addressing the budget deficit, this operation could temporarily strengthen the tenge without significantly impacting the exchange rate. Transparency in these transactions will be maintained, with the National Bank disclosing all operations.

China Leads Global Nuclear Construction🥇

Construction has begun on Unit 2 at the Xudabu nuclear power station in China's Liaoning Province, marking the official start of the 1,250 MW CAP1000 reactor, a Chinese version of the Westinghouse AP1000. This brings the number of nuclear plants under construction in China to 26, more than any other country. Unit 1, an identical reactor, began construction in November 2023. Additionally, two Russia-supplied VVER-1200 reactors (Units 3 and 4) are already under construction at the site. Ultimately, the site will host a total of six reactors: two VVERs and four CAP1000s. The Xudabao station is owned by Liaoning Nuclear Power Company, with China National Nuclear Corporation (CNNC) holding a 70% stake. Over the past decade, China has significantly expanded its nuclear capacity, now operating 56 commercial reactors, the second-highest number globally after the US.

South Africa Extends Nuclear Plant for 20 Years2️⃣0️⃣

South Africa’s nuclear regulator has granted state-owned Eskom permission to operate Unit 1 of the Koeberg nuclear station for an additional 20 years, extending its licence until July 2044. This decision comes as the country faces ongoing power shortages, with Eskom’s coal-fired plants frequently breaking down. Koeberg, the only commercial nuclear power station in Africa, began operations in the 1980s and has a combined capacity of 1,860 MW from its two pressurised water reactor units. The National Nuclear Regulator is still assessing Eskom’s application to extend the life of Unit 2, whose current licence is valid until November 2025. Nuclear energy contributed about 5% of South Africa’s electricity in 2022, and the country is also planning new reactors to address its energy crisis.

IEA Report: Global Nuclear Generation Set to Break Records by 2025🏆

According to the International Energy Agency's (IEA) "Electricity Market Report: Mid-2024 Update," global nuclear generation is projected to increase by 1.6% in 2024 and by 3.5% in 2025, surpassing the previous record set in 2021. This growth is attributed to several factors, including the completion of maintenance on France's nuclear fleet, the restart of reactors in Japan, and the commissioning of new reactors in China, India, Korea, and Europe.

The IEA report also highlights the increasing attractiveness of nuclear energy for data centers. Notable projects mentioned include Amazon Web Services' expansion near the Susquehanna nuclear power plant and Google's agreement with Oklo for 500 MW of SMR power.

The report underscores a growing interest in reliable, low-emission power sources. It discusses the broader implications of enhanced energy security and a commitment to reducing carbon emissions, positioning nuclear energy as a pivotal component of the global energy landscape. The IEA emphasizes that the continued development and adoption of nuclear power are crucial for meeting future energy demands and achieving climate goals.

Nuclear Nuggets🧽

Exclusive: New Nuclear startup 'The Nuclear Company' aims big with plans to spur on construction of large fleets of new Nuclear power plants in the USA.

Finnish small modular reactor developer ‘Steady Energy’ has signed a one-year pre-planning agreement with Kuopion Energia aimed at constructing a small nuclear power plant to start producing district heat in the city of Kuopio in the early 2030s.

Korea Hydro & Nuclear Power (KHNP) has been selected by the Czech Government to build at least two nuclear reactors in the country.

Meme of the week🤣

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.