Top Uranium And Nuclear Energy Updates: Q2 2023

As net-zero targets loom and non-renewable fuels grow more expensive, nuclear energy has risen as a critical piece of the global decarbonisation puzzle. Every quarter, Global X provides a round-up of the latest and most impactful international developments in the industry. In this quarter, India revises atomic energy laws, Canada makes a 30-year return to nuclear and, China and Pakistan partner up.

Download the Q2 2023 Uranium Quarterly Report here.

Key News of the Quarter: Q2 2023

• India reviews privatisation of nuclear energy: The law governing atomic energy in India is currently under review to let private enterprises into the state-controlled nuclear industry.¹ The reform seeks to accelerate nuclear energy proliferation by involving existing private energy markets.
• Canada is returning to nuclear power after a 30-year pause. To satisfy the spike in demand, in addition to enlarging an existing plant to become the largest in the world, Ontario plans to construct three compact modular reactors on the same site where another is being constructed.²
• Pakistan and China sign US$4.8 billion nuclear power plant deal.³ The deal to build a 1,200-megawatt nuclear power plant. The Chashma 5 project will be developed in the heart of Punjab. Pakistan's transition away from dependency on fossil fuels will be aided by China's cooperation.
• Turkey aims for 20 GW of nuclear by the mid-2050s.⁴ Turkey is in discussions with the USA, UK, and China for small modular reactors (SMRs), as well as with Russia, China, and South Korea regarding its second and third nuclear power projects.
• US aims to accelerate deployment of new nuclear. The Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act of 2023, put forth to the US Senate by a bipartisan group, seeks to support initiatives to develop and deploy new nuclear technologies at home and abroad through actions like facilitating the repurposing of conventional energy sites and providing regulatory support for the deployment of advanced nuclear technologies.⁵
• France commits more than €100 million to reviving the nuclear industry.⁶ France's Ministry of Energy Transition invested over €100 million ($108 million) in civil nuclear training, research, and innovation. This follows President Emmanuel Macron's February 2022 "rebirth of France's nuclear industry" and October 2021 "France 2030" investment plan.
• UK aims to increase energy security with nuclear energy. The UK is looking to boost energy security with small modular reactors (SMR) by hosting Great British Nuclear, an international competition for innovation in SMR technology and creating new types of nuclear bodies.⁷
• Sweden is looking to triple nuclear power.⁸ Sweden needs to triple nuclear power capacity over the next two decades to fulfil rising electricity demand. The government's power strategy relies on building up to 10 new nuclear facilities by 2045.