The Uranium Renaissance: Powering the Clean Energy Future
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Atomic Efficiency and the Race Toward Net-Zero
One kilogram of uranium delivers as much electricity as 2,700 tonnes of coal or 2 million solar panels covering the area of Hoboken, New Jersey.
That single fact explains everything that’s happening right now.
Nuclear isn’t “coming back” – it never actually left. It’s simply being rediscovered as the only scalable, dispatchable, zero-carbon baseload power source that actually works 93% of the year.
The Build-Out Is Already Under Way – And It’s Massive
70 reactors under construction today (= +65 GWe)
23 shuttered plants restarting (= +20 GWe fast)
110 more with firm orders and licenses (= +110 GWe)
300+ in planning (= another 300+ GWe)
China alone is adding the equivalent of one large reactor every 3–4 months. The U.S. is restarting Palisades and Three Mile Island. Poland, India, Egypt, Turkey, and even former anti-nuclear Europe are all breaking ground.
New plants are 30–50% cheaper than ten years ago thanks to modular construction and lessons learned. SMRs will make them cheaper still.
The Real Bottleneck Isn’t the Reactors – It’s the Fuel
Reactors need enriched uranium. The world is still ~40% dependent on Russian Rosatom for enrichment. The U.S. just banned Russian uranium imports (with waivers until 2027) because letting Moscow hold the fuel switch is no longer acceptable.
Result: a mad scramble for Western pounds and Western separative work units (SWU).
Current numbers:
Annual demand: ~180 million lbs U₃O₈
Annual mine supply: ~140 million lbs and falling
Deficit covered by inventories and secondary supplies that are rapidly running dry
Long-term contract prices are already north of $90/lb and climbing. Spot is volatile but the term market is what matters – and utilities are panic-signing 10–15 year deals at ever-higher levels.
U.S. Policy Is Pouring Rocket Fuel on the Fire
2025 initiatives:
$3.4 billion DOE funding for HALEU and domestic enrichment
Defense Production Act contracts for secure fuel supply
Uranium declared a critical mineral → tax breaks, accelerated depreciation, federal procurement priority
$900 million+ in direct awards to build new Western enrichment capacity by 2028
America is willing to pay a premium for energy security. That premium flows straight to anyone who can deliver non-Russian pounds and SWU.
Where the Money Will Be Made This Cycle
Producers with actual pounds (or near-term pounds) and long-term contracts
Western enrichers and converters scaling up fast
Tier-one developers in safe jurisdictions that are fully funded to construction
Junior explorers with 5–10 year timelines are lottery tickets. Companies that can sell a pound in 2026–2030 are printing presses.
The Bottom Line
The uranium bull market isn’t speculation – it’s simple arithmetic:
Demand is structural and growing 5–7% per year
Supply is constrained for the rest of the decade
Geopolitics and subsidies are removing the two biggest historical suppliers (Russia & underfeeding)
The atomic renaissance is here. The only question is which names will compound the fastest while the world scrambles for fuel.
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