Nuclear energy is one of the safest and cleanest energies to use given that it has a virtually nonexistent carbon footprint. However, nuclear disasters that have occurred in the past such as Chernobyl, Three Mile Island and Fukushima Daiichi, have made its use less than popular. The long half-life of radioactive nuclear waste doesn’t help this energy’s profile in the public eye as more nuclear plants around the globe get decommissioned.
Despite this, nuclear energy kills far fewer individuals than fossil fuels, with estimates showing that coal energy kills more than 300 times as many individuals per terawatt-hour of energy produced in comparison with nuclear power.
In addition, in the last five decades, nuclear energy has played a big role in avoiding carbon emissions, coming only second to hydropower in this scene. A recently released UN report stated that nuclear power was a low-carbon energy source that had avoided almost 75 gigatons of CO2 emissions over the period, which is almost two years’ worth of total international energy-related emissions.
With more countries adopting the use of clean energies as part of the global response to climate change, advocates of nuclear power speculate that the nuclear revolution is imminent. This has prompted interest in the future of nuclear energy to grow as more buyers and investors buy up uranium stocks and commodities, driving uranium prices even higher.
Online communities such as r/WallStreetBets on Reddit have been buying shares of uranium mining firms as the uranium market tightens. Earlier in the year, the online community drove GameStop stocks through the roof.
The establishment of a Toronto-based uranium trust is also driving the surge in uranium demand. The Sprott Asset Management fund was launched a few months ago and soon began purchasing huge quantities of uranium. By the second week of September, the fund had bought about 24 million pounds of yellowcake uranium.
Figures from the World Nuclear Association show that in 2019, the total mined supply for this metal globally was roughly 120 million pounds. This makes the total amount bought by the uranium trust fairly significant. The fund’s buying frenzy has driven the price of uranium to its highest level in nine years, increasing by 60%.
In order to meet goals for emissions control, all low-carbon energy options will need to be used and expanded.
Currently, the demand for clean energy is increasing, and with wind and solar only taking up a portion of the responsibility, nuclear has a massive potential for growth. This growth bodes well for the future of companies engaged in the production of uranium, such as Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR)
NOTE TO INVESTORS: The latest news and updates relating to Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) are available in the company’s newsroom at http://ibn.fm/UUUU
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