Rosatom Warns US Uranium Ban Could Disrupt Global Nuclear Market⚠️

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This is what we got for you this week:

• Rosatom Warns US Uranium Ban Could Disrupt Global Nuclear Market⚠️

• Sam Altman’s OKLO drops 54% on NYSE debut📉

• French Nuclear Plant Approved for 2024 Start After 12-Year Delay⌛

• China Triples Nuclear Capacity, Adds 23 Reactors🏭

Rosatom Warns US Uranium Ban Could Disrupt Global Nuclear Market⚠️

Rosatom, the Russian state-owned nuclear enterprise, has expressed concerns that the US ban on imports of Russian low-enriched uranium will negatively affect not only the global nuclear fuel market but also the United States. The US Senate recently passed legislation prohibiting the import of this uranium, a measure that has also been approved by the House of Representatives and is pending President Joe Biden's signature. The legislation includes a transition period of 90 days after enactment and provides for waivers until 2028, which could lessen the immediate impact on the US nuclear industry. Despite the potential disruptions to its business, Rosatom has reiterated its commitment to uphold its contractual obligations and continue supplying uranium broadly, highlighting its approach to shield the nuclear market from geopolitical unrest. The company emphasizes the necessity of a balanced and pragmatic strategy to support ambitious nuclear programs during the ongoing global energy transition, underscoring the importance of maintaining stability in nuclear product and service needs amidst dynamic global demands.

Sam Altman’s OKLO drops 54% on NYSE debut📉

Sam Altman’s (CEO of OpenAI) nuclear energy venture, Oklo, experienced a significant 54% drop in its shares during its New York Stock Exchange debut (ticker "OKLO"). The company, specializing in advanced nuclear fission technology using mini reactors, went public via a SPAC, AltC Acquisition Corp., and raised approximately $306 million. Oklo is planning to operationalize its first reactor in Idaho by 2027 to support the growing energy demands of AI technologies. However, regulatory challenges have surfaced, with a recent application for a reactor being denied by the U.S. Nuclear Regulatory Commission. Altman’s involvement underscores his commitment to integrating sustainable energy solutions into AI infrastructure development.

French Nuclear Plant Approved for 2024 Start After 12-Year Delay⌛

France's nuclear regulatory authority, ASN, has approved the startup of the Flamanville 3 nuclear plant by EDF, slated for 2024 after a 12-year delay. This decision, following nearly 600 inspections, allows for the fuel loading and testing phases. The 1.6GW European pressurized reactor will join EDF’s fleet, contributing to France's nuclear power which made up two-thirds of its electricity in 2023. Despite past project setbacks and budget increases to €13.2 billion, further approvals are needed as trials proceed. EDF must also replace certain reactor components on schedule, reflecting ongoing challenges in French nuclear project management and similar issues in UK projects managed by EDF.

China Triples Nuclear Capacity, Adds 23 Reactors🏭

According to the latest analysis by the US Energy Information Administration (EIA), China has significantly expanded its nuclear capacity in the past decade, increasing it by over 34 gigawatts (GW) to reach 53.2 GW across 55 reactors. This expansion included the construction of 37 new reactors, compared to only two in the United States during the same period. An additional 23 reactors are currently under construction in China, promising further increases in capacity. This rapid development is part of China's broader strategy to reduce reliance on coal and enhance energy security, even as coal remains its primary energy source, with recent increases pushing total coal-fired capacity to 1,089 GW.

Nuclear Nuggets🧽

New Yorkers are still paying for closing Indian Point Nuclear Power plant with soaring electricity bills and unreliability of the electric grid.

US microreactor developer goes public. NANO Nuclear Energy Inc said it intends to use the net proceeds from its IPO to continue R&D of its microreactor designs and its high-assay low-enriched uranium (HALEU) activities.

Hungary and China sign nuclear energy cooperation MOU on the peaceful uses of nuclear energy.

A Swedish nuclear power plant is to sell pink hydrogen to industrial gases giant Linde in the first-ever commercial deal for nuclear-derived H₂.

Meme of the week🤣