news unrolled

Post: Roscongress said the price of uranium will rise rapidly

Categories

Containers containing depleted uranium hexafluoride. Archive photo

Roscongress: Investors expect price increases in the global uranium market soon

MOSCOW, November 16 – RIA Novosti. According to the Roscongress report, the price of uranium on the world market will rise rapidly in the coming years due to increased demand and may soon approach a peak of $300 per pound (more than the current $70 per pound). The real “Green energy” examined by RIA Novosti: the balance of power in the uranium market.

“As growing concerns about climate change accelerate the global transition to cleaner energy sources, including nuclear power, spot uranium prices are expected to continue their rapid rise and finish the year more than 50 percent higher, to $300,” the document reads.

In October this year, uranium prices surpassed a 15-year high of $74 per pound and returned to growth after a slight correction in the middle of the year.

The report’s authors acknowledge that the market may not be able to maintain peak levels for long, but there are good reasons for this: investors are rapidly closing down existing uranium reserves, and more and more tools are becoming available to do so. “Purchases of uranium through financial funds became the main driver of the price increase at the end of October,” experts explain.

Interest in investing in uranium is not accidental. Experts predict that the growth rate of the global uranium market will exceed 5% per year. “Emerging economies, especially in Asia, are investing heavily in nuclear energy. Countries such as China and India, due to their increasing populations and energy needs, are looking at nuclear energy as an addition to their energy grids. This will lead to sustainable energy.” The report states that uranium demand will increase in the coming years.

Before being sent to the USA, St.  Containers with uranium in St. Petersburg - RIA Novosti, 1920, 31.10.2023

“Nothing to change”: US panicked over Russian uranium

This market has another feature: The share of fuel costs in the pricing of electricity produced in nuclear power plants is almost non-existent compared to other types of power plants, and energy companies will purchase uranium for their reactors regardless of the price. “Even if the price of uranium changes from $70 to $700 per pound, the change in cost per kilowatt-hour will be minimal, especially compared to similar increases in natural gas or coal prices,” experts explain.

“In addition, innovations in nuclear technologies, including small modular reactors and next-generation reactors, can not only increase the efficiency of uranium use but also increase demand for it,” the report said.

Director General of Rosatom State Corporation Alexey Likhachev - RIA Novosti, 1920, 09.11.2023

Likhachev said Rosatom is ready to cooperate with Kazakhstan on uranium mining

Source: Ria

Leave a Reply

Your email address will not be published. Required fields are marked *