Our Industry

Nuclear energy is seen as a key source of clean, secure, and affordable energy. It is one of the most reliable sources of energy and provides 20% of all power in the US. It is the only affordable and efficient energy source which is available 24/7, and is the largest source of carbon-free electricity in the United States that protects our air quality by generating electricity without other harmful pollutants (NEI).

Many nations that have deployed nuclear power are appreciating its clean energy and energy security benefits, reaffirming their commitment, and developing plans to support existing reactor units while reviewing and developing policies to encourage more nuclear capacity.

In the U.S., several utilities have announced life extensions and power uprates of existing, operating reactors because of government policy changes that are directly supporting nuclear power. With several reactor construction projects recently approved and many more planned around the world, demand for uranium fuel continues to increase.

Industry Updates

On May 13, 2024, the Prohibiting Russian Uranium Imports Act (H.R. 1042) was signed into law by the President. This prohibition reinforces the necessity for uranium produced domestically in the US

This bipartisan legislative action prohibits the import of Russian uranium products into the United States as of August 12, 2024, while enabling a waiver process with the Department of Energy, in consultation with the Departments of State and Commerce, through January 1, 2028, consistent with the law.¹

Significantly, the continuing Russian invasion of Ukraine is impacting global nuclear supply chains including the ability to reliably deliver enriched uranium from Russia to the United States, and to deliver uranium produced in Kazakhstan to western uranium markets.

Currently, according to the World Nuclear Association, Russia supplies approximately 5% of uranium concentrates globally, 38% of conversion capacity, and 46% of enrichment capacity.

The ban on Russian uranium imports is significant to the industry as the United States tightens their energy security, reshapes market dynamics, and encourages focus on domestic uranium production.

Sources:

¹ https://www.state.gov/prohibiting-imports-of-uranium-products-from-the-russian-federation/

Nuclear utility contracting to secure long-term requirements for conversion and enrichment services has continued into 2024

Higher prices across the fuel cycle and annual contracting activity that is getting closer to the rate required to replace what is consumed annually, indicate that utilities are returning their focus to secure the uranium necessary to feed those services.

enCore Energy expects continued competition among utilities to secure long-term contracts for uranium products and services with proven producers who demonstrate strong environmental, social and governance (ESG) performance and from assets in geopolitically attractive jurisdictions on terms that will ensure the availability of reliable supply to satisfy demand.

The International Atomic Energy Agency (IAEA) has released its annual outlook for nuclear power in the coming decades, revising up its global growth projections for a third straight year

In both its high and low case scenarios, the IAEA now envisions 25 percent more nuclear energy capacity installed by 2050 than it did as recently as 2020, which underscores how a growing number of countries are looking to nuclear to address the challenges of energy security, climate change, and economic development.

The National Defense Authorization Act of 2024 was signed into law by President Biden in April 2024

The National Defense Authorization Act of 2024 includes language backed by Senate Energy and Natural Resources Chair Senator Joe Manchin (D-WV) and ranking member Senator John Barrasso (R-WY), to promote the domestic availability of High-Assay Low-Enriched Uranium (HALEU) to fuel advanced reactors and direct the Department of Energy to create a “Nuclear Fuel Security Program.”

Several non-nuclear countries continue to emerge as candidates for new nuclear capacity

In the European Union (EU), specific nuclear energy projects have been identified for inclusion under its sustainable financing taxonomy and are therefore eligible for access to low-cost financing. In some countries where phase-out policies were previously in place, there have been policy reversals and potential reactor life extensions with public opinion polls showing growing support.

Nuclear Facts

Nuclear Energy has a small land footprint

Energy density – wind farms require 360 times more land area to produce the same amount of electricity and solar photovoltaic plants require 75 times more space than nuclear energy.

Nuclear energy produces more electricity on less land than any other clean-air source

You need more than 3 million solar panels to produce the same amount of power as a typical commercial reactor or more than 430 wind turbines

Nuclear Energy is reliable

Nuclear energy is one of the most reliable sources of energy and provides 20% of all power in the US

Nuclear is reliable, nuclear plants are the most efficient source of electricity, operating 24/7 at a more than 93 percent average capacity factor

Nuclear Energy is dense and powerful

It’s about 1 million times greater than that of other traditional energy sources and because of this, all of the used nuclear fuel produced by the U.S. nuclear energy industry over the last 60 years could fit on a football field at a depth of less than 10 yards.

Nuclear is powerful, one uranium fuel pellet—about the size of a gummy bear—creates as much energy as one ton of coal, 149 gallons of oil or 17,000 cubic feet of natural gas

A single nuclear power reactor generates enough electricity on average to power over 700,000 homes without emitting any greenhouse gases—that’s more than enough to power a city the size of Philadelphia

The 94 nuclear plants in the United States produce enough electricity to power 75 million homes”

Nuclear is carbon free

Nuclear energy protects air quality, it is a zero-emission clean energy source and the largest source of clean energy in the US

The thermal energy from nuclear reactors may also be used to decarbonize other energy-intensive sectors such as transportation – the largest contributor to carbon pollution

“Nuclear energy produces 52% of the emission free electricity in the United States, it is carbon-free and emission-free

Nuclear supports America’s economy

The nuclear industry supports nearly half a million jobs in the United States with salaries that are 30% higher than the local average. They also contribute billions of dollars annually to local economies through federal and state tax revenues

Nuclear power plants offer a consistent and dependable electricity supply crucial for powering industries, businesses, and homes. This reliability helps to maintain a stable economic environment by ensuring uninterrupted energy supply

References

Commonwealth of Australia, 2010. Australia’s In Situ Recovery Uranium Mining Best Practice Guide, Canberra

Transparency on greenhouse gas emissions from mining to enable climate change mitigation, Mehdi Azadi, Stephen A. Northey, Saleem H. Ali & Mansour Edraki

https://rmi.org/how-much-co2-is-embedded-in-a-product/

https://www.youtube.com/watch?v=FpdkvEVZFik Nuclear by the Numbers, US Department of Energy