From uranium production getting a green light after a reactor has been on pause for years to new nuclear reactors being under development worldwide, the industry has made strides over the last month. These developments have caught the attention of influential government leaders and the financial industry. With each body taking steps to be inclusive of nuclear energy, the demand for nuclear is expected to grow. Here are the most important news surrounding nuclear from the last month.
U.S. Uranium Production Set to Resume
Alta Mesa, the uranium-producing plant located in south Texas, is set to officially restart production in early 2024. This plant is located on 821.5 square kilometers of private land and can produce 1.5 pounds of uranium per year. This is enCore Energy’s third fully licensed uranium production facility in the state. In total, there are only 11 of these facilities nationally. enCore has already begun preparations for the site to reopen with the construction of equipment staging areas and drill pads. This news gives the public hope for an increase in low-carbon energy sources that are produced right here in the United States.
UK Government Considers Reclassifying Nuclear Energy
As politicians met to discuss the Spring 2023 budget in the United Kingdom, one of the newest developments was the consideration to reclassify nuclear energy. The hope is to list nuclear energy as “environmentally sustainable” and increase private investment as a direct result. Chancellor Jeremy Hunt stated that nuclear is a “critical source of cheap and reliable energy” before explaining that it will now receive the same investment incentives as renewable energy. This announcement has been met with mixed opinions but is evidence that nuclear energy will continue to be a viable option for many countries.
New Reactors Under Construction Worldwide
Nuclear power continues to see growth on a worldwide scale. With over 440 operating power plants and 60 under construction, it has seen exponential growth in recent years. In 2021 alone, these reactors supplied around 10 percent of the world’s electricity. The 60 new reactors are located in only 15 countries with China and Russia housing a large portion. 24 new nuclear reactors are set to begin operations in those two countries alone within the next six years.
Nuclear Gaining Attention in Finance Industry
The finance sector has started to take an increasing interest in the nuclear industry as the demand for nuclear continues to grow. In fact, the number of deals surrounding nuclear investments increased by 400 percent over the last seven years. With numerous financial announcements highlighting the demand for nuclear, there has been an influx of research reports from financial professionals. Nuclear has proven to be a profitable, reliable, and sustainable source of energy. As nuclear energy continues to gain attention, other industries will need to follow the example of the finance sector and determine how nuclear can impact their profession.
Nuclear Expansion on the Rise
Nuclear continues to prove its worth, creating more opportunities for expansion. With countries prioritizing the growth of nuclear, we can expect to see further industries intrigued by the numerous benefits of nuclear energy. At ARC, we are committed to helping nuclear continue to succeed and are excited to see all of the ways it will impact our world.