🥳US to Serial Produce Nuclear Plants

Welcome to Nuclear Update! Some things have a short half-life, but not our commitment to delivering nuclear news.

This is what we got for you this week:

• 🥳US to Serial Produce Nuclear Plants

• ⛏️Cameco is holding off on increasing Uranium production

• ⚡Power-Up: Canadian Reactor Extensions

• 💊Vietnam Embraces Nuclear Technology for Healthcare and Agriculture

• 🤔Is Spain Rethinking Its Nuclear Phase-Out?

🥳US to Serial Produce Nuclear Plants

The U.S. Department of Energy is proposing a "serial development" approach for nuclear reactors to reduce costs and risks by aggregating demand for 5-10 reactors of the same design.

Faster-than-expected energy demand growth along with incentives from the Inflation Reduction Act, have significantly boosted the value of both existing and new nuclear reactors.

To meet these growing needs, the DOE emphasizes the importance of near-term investments to extend the lifespan of current reactors and build new ones.

The report calls for deploying Generation III+ and Generation IV reactors by 2030. However, many utilities remain hesitant to fund early projects, prompting the DOE to encourage a consortium approach to share costs and risks.

⛏️Cameco is holding off on increasing Uranium production

Cameco, the uranium producer responsible for around 18% of the global annual supply, is holding off on increasing production at its McArthur River and Cigar Lake mines in Saskatchewan despite market pressures and a 30% year-over-year price increase.

Executive Vice President and CFO Grant Isaac explained that while nuclear fuel demand is rising and supply risks are accumulating, long-term uranium prices are not yet favorable enough to justify ramping up production. Unsatisfied demand in 2024 could lead to strong price formation later, but Cameco is prepared to wait.

In addition to mining, Cameco is involved in the nuclear fuel cycle through its co-ownership of Westinghouse, which provides nuclear technology for clean energy.

💊Vietnam Embraces Nuclear Technology for Healthcare and Agriculture

Vietnam is turning to nuclear to advance its healthcare, industrial, and agricultural sectors by constructing a 10MW nuclear reactor.

Construction is set to begin in 2027, but the reactor is not intended to supply electricity to the grid. Instead, it will focus on non-energy applications.

The reactor will produce critical isotopes for cancer diagnosis and therapy, particularly those with short half-lives that must be locally produced to ensure timely medical use.

Additionally, the reactor will support agriculture through irradiation, a process that uses ionizing radiation to control pests, enhance crop yields, and improve food safety without chemicals. This technology helps protect crops and ensures food security, aligning with Vietnam’s goal of using nuclear technology for peaceful purposes to drive sustainable socio-economic development.

🤔Is Spain Rethinking Its Nuclear Phase-Out?

Despite Spain’s plans to phase out nuclear power, the country continues to sign contracts that suggest a reliance on nuclear energy will persist.

Spanish operator CNAT has awarded Framatome a long-term contract to supply HTP fuel assemblies to Unit 1 of the Trillo nuclear power plant. This agreement covers nine fuel assembly deliveries from 2026 to 2035, with the possibility of an extension if the plant’s lifespan is extended.

The continued signing of such contracts highlights Spain's need for reliable, carbon-free energy. Hopefully, this move indicates that Spain is reconsidering its nuclear phase-out as it faces the challenge of maintaining 24/7 clean energy.

⚛️Nuclear Nuggets

Japan's largest business lobby is urging the government to support an expansion of nuclear, and to remove a statement made in its current energy plan (drafted in 2021) which says Japan should reduce its dependency on nuclear power as much as possible.

The Biden administration is working on plans to bring additional decommissioned US Nuclear reactors back online. Two restart projects are already underway and two other reactor restarts are now being investigated by the White House.

The “Pathways to 2050 – the role of Nuclear in a low-carbon Europe“ report conducted by Compass Lexecon has found that achieving the EU target of adding 150 Gigawatts more Nuclear by 2050 would lead to a faster reduction in CO2 emissions, lower energy system costs in the long term and a reduction in energy imports.

The first of two 30MW RITM-200 reactors has been successfully achieved start-up on the Yakutia Nuclear icebreaker, Russia's fourth Nuclear-powered icebreaker. Three more of these vessels are under construction.

Korea Hydro & Nuclear Power is to conduct a feasibility study on behalf of the Philippine Department of Energy to evaluate the possible start up of the mothballed Bataan nuclear power plant.

😂Meme of the Week

💪Review of the Week

Stay charged, stay curious, and keep glowing!

Fredrik

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