The global energy crisis fueled by Russia's war in Ukraine, coupled with rising power demand and the need for low-carbon energy sources, has triggered a resurgence in the nuclear energy sector. This renewed interest has led to a surge in uranium demand, driving up prices and boosting the performance of uranium producers and related ETFs. The Biden administration's potential classification of uranium as a critical mineral under the Trump administration could further accelerate domestic uranium production.
Over the past couple of years, the nuclear energy sector has enjoyed a renaissance in the U.S. and many Western countries thanks to the global energy crisis triggered by Russia's war in Ukraine, high power demand and nuclear's status as a low-carbon energy source. Uranium demand has soared thanks to a series of policy 'U-turns' with governments from Japan to Germany revising plans to phase out nuclear power.
are up in triple digits over the past couple of years. Meanwhile, the sector's popular benchmark, VanEck Uranium and Nuclear ETF NYSEARCANLR, is trading close to an all-time high. Similarly, nuclear stocks are on fire NuScale Power Corp. has soared 386% while Centrus Energy NYSELEU has jumped 73% over the timeframe. The U.S. imports most of its uranium from Canada, Australia, Russia, Kazakhstan, and Uzbekistan because it is cheaper and more abundant in those countries. However, the Biden administration did not recognize uranium as a critical mineral, with the Energy Act of 2020 stipulating that only a 'non-fuel mineral' can be considered a critical mineral.
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