Top Uranium And Nuclear Energy Updates: Q3 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, US looks to expand domestic uranium enrichment programs, Japan opens path for new nuclear reactors, and France aims to increase uranium fuel production.

Download the Q3 2023 Uranium Quarterly Report here.

Key News of the Quarter: Q3 2023

• US aims to expand uranium enrichment capabilities.¹ The White House is seeking $2.2 billion of additional funding from Congress for enriching uranium needed for new breed of advanced reactors.
• Japan paves the way for the reopening of nuclear power plants.² Recent approval by the Japanese Government to release radioactive wastewater from the Fukushima facility in accordance with international safety standards would aid the reopening of other nuclear power plants in the country.
• France aims to increase production of nuclear fuel.³ To reduce reliance on Russian fuel, France will spend €1.7 billion to expand a uranium-enrichment plant in the southern part of the country as the West seeks to cut down on nuclear fuel imports.
• Mongolia in talks with France about operating a uranium mine.⁴ An investment agreement between France and Mongolia to develop and operate a mining project is expected to be signed by the end of 2023.
• Finland to consider extension of nuclear plant operator.⁵ To achieve a 10-year operational license extension and power uprating, plant operators has begun an environmental impact assessment to continue contributing to the nuclear power generation in the country.
• UK plans to expand nuclear energy capacity to 24 GW by 2050.⁶ In an aim to increase nuclear energy production, the government has selected 6 companies to bid for contracts in order to develop small modular reactors (SMRs).
• Norway might have its first nuclear power plant.⁷ A cooperation agreement has been signed between a Norwegian and Finnish company to assess the suitability of SMR nuclear power plants in some Norwegian municipalities.
• Philippines partners with US for a nuclear feasibility study.⁸ To meet the growing power demand and need to transition towards a sustainable energy future, the Philippines is considering deployment of Micro-Modular Reactor energy systems.
• Korea now has its first privately funded Energy Exploration centre.⁹ In a pursuit to develop the next generation of advanced nuclear experts, South Korea opened up an exploration centre for hands-on experience to apply nuclear science and engineering principles through simulated, real-world nuclear power plant operation scenarios.