Commodities

Shares of uranium enterprises went up after Musk’s words

In the midst of the global energy crisis, many countries began to think about such an alternative source of fuel as nuclear energy. Some of these countries are even signaling a greater willingness to use such sources, writes Business Insider.

In particular, Belgium recently extended the life of 2 nuclear power plants following the US, France and other countries with nuclear power.

As you know, nuclear energy is clean energy, provided that uranium waste is properly stored, and it is also relatively cheap to operate after the power plant is built.

It is also interesting that Japan, more than 10 years after the accident at the nuclear power plant in Fukushima, also announced its readiness to build new power plants.

Japanese Prime Minister Fumio Kishida said last week that his country will evaluate the possibility of building new nuclear power plants and restarting idle plants to prevent overloading the electricity grid due to high demand and low supply.

At the same time, Tesla (NASDAQ:TSLA) CEO, billionaire Elon Musk, welcomed the growing sympathy for nuclear power, tweeting (NYSE:TWTR) in response to a Wall Street Journal article that talks about the revival of nuclear power that these are “wise actions”.

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Musk welcomes the return to nuclear energy and the global shift to a more sustainable form of energy production and consumption, although he acknowledged that fossil fuels are still important to civilization.

“One of the biggest challenges the world has ever faced is the transition to sustainable energy and a sustainable economy. It will take several decades, and at the moment we really need more oil and gas.”

Against the backdrop of the refusal in the West of the supply of Russian oil and the rapid growth in gas, the supply of which to Europe from Russia was reduced to almost zero, there is a rapid rise in the shares of uranium mining companies: Cameco shares on Monday rose by 10%, Global X Uranium ETF – by 7% . In total, over the past week, Cameco shares have risen by 28%, while Uranium ETF has jumped by almost 20%.

— Materials from Business Insider were used in the preparation

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