Nuclear Energy Stocks

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>>> Big Tech is going all in on nuclear power as sustainability concerns around AI grow


Yahoo Finance

by Daniel Howley

October 26, 2024


https://finance.yahoo.com/news/big-tech-is-going-all-in-on-nuclear-power-as-sustainability-concerns-around-ai-grow-201418764.html


Artificial Intelligence has driven shares of tech companies like Microsoft (MSFT), Amazon (AMZN), Nvidia (NVDA), and Google (GOOG, GOOGL) to new highs this year. But the technology, which companies promise will revolutionize our lives, is driving something else just as high as stock prices: energy consumption.

AI data centers use huge amounts of power and could increase energy demand by as much as 20% over the next decade, according to a Department of Energy spokesperson. Pair that with the continued growth of the broader cloud computing market, and you’ve got an energy squeeze.

But Big Tech has also set ambitious sustainability goals focused on the use of low-carbon and zero-carbon sources to reduce its impact on climate change. While renewable energy like solar and wind are certainly part of that equation, tech companies need uninterruptible power sources. And for that, they’re leaning into nuclear power.

Tech giants aren’t just planning to hook into existing plants, either. They’re working with energy companies to bring mothballed facilities like Pennsylvania’s Three Mile Island back online and looking to build small modular reactors (SMRs) that take up less space than traditional plants and, the hope is, are cheaper to construct.

But there are still plenty of questions as to whether these investments in nuclear energy will ever pan out, not to mention how long it will take to build any new reactors.

A nuclear AI age

While solar and wind power projects provide clean energy, they still aren't the best option for continuous power. That, experts say, is where nuclear energy comes in.

“Nuclear energy is, effectively, carbon-free,” explained Ed Anderson, Gartner distinguished vice president and analyst. “So it becomes a pretty natural choice given they need the energy, and they need green energy. Nuclear [power] is a good option for that.”

The US currently generates the bulk of its electricity via natural gas plants that expel greenhouse gases. As of 2023, nuclear power produced slightly more electricity than coal, as well as solar power plants.

Last week, Google signed a deal to purchase power from Kairos Power’s small modular reactors, with Google saying the first reactor should be online by 2030, with plants expected to be deployed in regions to power Google’s data centers, though Kairos didn’t provide exact locations.

Amazon quickly followed by saying just two days later that it is investing in three companies — Energy Northwest, X-energy, and Dominion Energy — to develop SMRs. The plan is for Energy Northwest to build SMRs using technology from X-energy in Washington State and for Amazon and Dominion Energy to look at building an SMR near Dominion’s current North Anna Power Station in Virginia.

Last month, Microsoft entered into a 20-year power purchasing agreement with Constellation Energy, under which the company will source energy from one of Constellation's previously shuttered reactors at Three Mile Island by 2028.

Three Mile Island suffered a meltdown of its other reactor in 1979, but according to the Nuclear Regulatory Commission, there was no serious impact to nearby people, plants, or animals, as the plant itself kept much of the dangerous radiation from escaping.

In 2023, Microsoft announced it would source power from the Sam Altman-chaired nuclear fusion startup Helion by 2028. Altman also chairs the nuclear fission company Oklo, which plans to build a micro-reactor site in Idaho. Nuclear fusion is the long-sought process of combining atoms that produces power without dangerous nuclear waste. No commercial applications of such plants currently exist.

Microsoft founder Bill Gates has also founded and currently chairs TerraPower, a company working to develop an advanced nuclear plant at a site in Wyoming.

Nuclear is expensive and some technologies are still untested

Nuclear power output has remained stagnant for years. According to US Energy Information Administration press officer, Chris Higginbotham, nuclear power has contributed about 20% of US electricity generation since 1990.

Part of the reason has to do with the fear of meltdowns, like the one at Three Mile Island, as well as the meltdowns at Chernobyl in Ukraine in 1986 and the Fukushima Daiichi plant in Japan in 2011.

Chernobyl was the worst meltdown ever, spreading radioactive contamination across areas of Ukraine, the Russian Federation, and Belarus, resulting in thyroid cancer in thousands of children who drank milk that was contaminated with radioactive iodine, according to the Nuclear Regulatory Commission.

Plant workers and emergency personnel were also exposed to high levels of radiation at the scene. The Fukushima plant suffered multiple meltdowns as a result of a massive earthquake and subsequent tsunami, which caused significant damage to three of the plant's six reactors.

But according to the United Nations Scientific Committee on the Effects of Atomic Radiation (UNSCEAR) as of 2021, “no adverse health effects among Fukushima residents have been documented that could be directly attributed to radiation exposure from the accident.”

Outside of the perception, nuclear plants are expensive and take time to construct.

Georgia Power’s two Vogtle reactors came online in 2023 and 2024, after years of delays and billions in cost overruns. The reactors, known as Unit 3 and Unit 4 were originally expected to be completed in 2017 and cost $14 billion, but the second reactor only started commercial operations in April this year. The final price tag for the work is estimated to top out at $31 billion, according to the Associated Press.

The explosion in cheap energy from natural gas has also made it difficult for nuclear plants to compete financially. Now nuclear companies are hoping SMRs will lead the way in building out new nuclear energy capacity. But don’t expect them to start popping up for a while.

“The SMR conversation is really long term,” Jefferies managing director and research analyst Paul Zimbardo told Yahoo Finance. “I'd say almost all of the projections are into the 2030s. The Amazons, the Googles, some of the standalone SMR developers, 2030 to 2035, which is also what some of the utilities are saying as well.”

What’s more, Zimbardo says, power generated by SMRs is expected to cost far more than traditional plants, not to mention wind and solar projects.

“Some of the projections are well above $100 a megawatt hour,” Zimbardo explained. “To put it in context, an existing nuclear plant has a cost profile of around $30 a megawatt hour. Building new wind, solar, depending on where you are in the country, can be as low as $30 a megawatt hour, or $60 to $80 a megawatt hour. So it's a very costly solution.”

Not everyone is buying the promise of SMRs, either. Edwin Lyman, director of nuclear power safety at the Union of Concerned Scientists, says the small-scale reactors are still an untested technology.

“Despite what one might think of all the brain power at these tech companies, I don't think they've done their due diligence,” Lyman told Yahoo Finance. “Or they're willing to entertain this as a kind of side show just so they have all their bases covered to deal with this postulated massive expansion and demand for data centers.”

Lyman also takes issue with the idea that SMRs will be able to get up and running quickly and begin providing reliable power around the clock at low cost.

“The historical development of nuclear power shows that it's a very exacting technology, and it requires time, requires effort, requires a lot of money and patience,” he said. “And so I think the nuclear industry has been trying to make itself look relevant, despite their recent failures to meet cost and timeliness targets.”

Still, with tech companies promising an AI revolution that requires power-hungry data centers, nuclear may be the only realistic green choice until solar and wind can take over permanently.

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Advanced Nuclear - >>> Big Tech investments reignite debate over advanced nuclear reactors


Yahoo Finance

by Akiko Fujita

October 27, 2024


https://finance.yahoo.com/news/big-tech-investments-reignite-debate-over-advanced-nuclear-reactors-133016399.html


Small modular reactors (SMRs) have long held the promise of cheaper, more efficient nuclear energy. Their smaller, standardized designs were expected to usher in a new era for an industry historically plagued by cost overruns and safety concerns.

But as major tech firms, including Google (GOOG) and Amazon (AMZN), turn to advanced technologies in hopes of powering their AI ambitions with a low carbon footprint, skeptics are raising questions about their viability, largely because no commercial SMR has been built in the US yet.

Despite the talk of a simplified process, there are only three SMRs operational worldwide — two in Russia and one in China.

"Nobody knows how long they’re going to take to build," said David Schlissel, an analyst at the Institute for Energy Economics and Financial Analysis who has been critical of SMRs. "Nobody knows how expensive they’re going to be to build. We don't know how effective they will be in addressing climate change because it may take them 10 to 15 years to build them."

Nuclear power has received renewed interest because of the global push to move away from fossil fuels to reduce harmful emissions driving climate change. Although wind and solar power offer prevalent, low-cost energy options, nuclear remains an attractive clean alternative, in large part because it can run 24/7 in any season and has a smaller footprint.

SMRs have offered the most promise. Unlike traditional nuclear plants that have been costly and time-consuming, modular reactors are one-third the size, with a power capacity of 300 megawatts or less. The nuclear industry has touted their efficiency and cost savings, as SMRs are built in factories and assembled on-site.

"It reduces the risk associated with the project," said Jacopo Buongiorno, a professor of nuclear engineering at MIT. "For an investor, ... you may recover your investment quicker and with fewer uncertainties in terms of project execution."

'The technology is evolving'

Yet, in many ways, the hurdles facing this new generation of reactors have mirrored the old. Advanced reactor designs have taken longer than projected. Those delays have added to cost overruns.

Oregon-based NuScale (SMR) became the first company to get approval from the Nuclear Regulatory Commission to build SMRs in 2022, but the company canceled plans to deploy six reactors in Idaho last year. The announcement came after costs for the project, scheduled for completion in 2030, ballooned from $5 billion to $9 billion.

Buongiorno said the buildout has been complicated by the array of technologies tested within individual projects. While all SMRs utilize uranium as fuel, its form and application within reactors differ depending on the company and its technology. That’s dramatically different from existing nuclear power plants, which all use uranium dioxide, he said.

“The technology is evolving. We expect the performance of these reactors to be different. But the big question marks are ... what's going to be the reliability? How reliable this technology is going to be, given that we don't have a lot of experience?” Buongiorno said. “Equally, if not more important, what's going to be the cost?”

AI a 'game changer'

X-energy CEO Clay Sell said demand has been part of the problem until now.

Artificial intelligence has changed that calculation, largely because of the energy needs associated with powering data centers that drive AI models, Sell said. Goldman Sachs estimates the advanced technology will contribute to a 160% increase in data center power demand by 2030.

Earlier this month, Amazon announced a $500 million investment in the development of SMRs, including funding for X-energy. That funding will help X-energy complete the design of its standard plant and construct the first facility that will manufacture the fuel used in those plants, Sell said, calling the investment a “game changer.”

“A significant portion of the increased electricity demand in the United States for the next 25 years is going to come from AI," Sell said. "It could be as high as 10%, 20%.”

Kairos Power CEO Mike Laufer, who inked a purchase agreement deal with Google, said his company is still in the process of pursuing non-nuclear demonstrations of the technology. Any “cost certainty” would hinge on a successful demonstration and the company’s ability to manufacture in-house, he said.

“[Cost certainty] has been very elusive in this space,” he said.

There are other challenges beyond cost, including a lengthy regulatory approval process and what to do with all of the nuclear waste.

While nuclear companies maintaining a smaller footprint will mean less waste, a study by Stanford University found that SMRs would increase the volume of nuclear waste “by factors of 2 to 30.”

Schlissel argues that all of the money spent on small reactors should instead go to wind and solar power and battery storage, which are proven to reduce carbon emissions and cost less to produce.

Buongiorno countered that nuclear reactors have a longer shelf life. While the upfront costs may be higher, reactors have a lifespan of 60 to 100 years, he said. With the smaller footprint, SMRs can also be built closer to data centers, minimizing infrastructure costs, he added.

The Department of Energy says nuclear energy is critical to transitioning the country away from fossil fuels. The agency has set aside $900 million in funding for the development of SMRs.

The Energy Department estimates the US will need approximately 700-900 GW of additional clean, firm power generation capacity to reach net-zero emissions by 2050, adding that nuclear energy already provides nearly half of carbon-free electricity in the country.

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>>> Oklo CEO wants to make clean nuclear energy more accessible


Yahoo Finance

by Julie Hyman and Josh Lipton

October 29, 2024


https://finance.yahoo.com/video/oklo-ceo-wants-clean-nuclear-204758791.html


Energy and power grid constraints look to be the biggest hurdles for Big Tech to overcome in the industry's wider buildout of AI data center infrastructure. Tech players have begun investing in nuclear energy developers to find the clean energy output needed to power these expansions.

Oklo Inc. (OKLO) is one of these names benefitting from the trend, its stock having jumped nearly 200% over the past month. The nuclear startup is backed by OpenAI CEO Sam Altman, who is also Oklo's chairman.

Oklo Co-Founder and CEO Jake DeWitte joins Julie Hyman and Josh Lipton on Market Domination to talk about the long-term investments in small modular reactors (SMR) and the intricacies of these systems; Oklo doesn't expect to finish building its first SMR and producing power from it until 2027.

"When you split an atom, you get almost 50 million-times more energy than when you combust like a molecule of natural gas or so. It's incredible," DeWitte tells Yahoo Finance. "What that means, then, is there's a lot of energy in nuclear fuel. And actually in almost all reactors, you only use about 5% of the fuel in one pass through the reactor. And there's reasons why long story short, is you could put more fuel in, it could run for longer. But that comes at increased cost for the added systems you would need to manage all that."

US Secretary of Energy Jennifer Granholm told Yahoo Finance that her department's focus will be on ensuring these AI data centers are powered by clean energy, while understanding the challenge in widespread SMR adoption: "Nobody wants to be the one to buy the first one."

Oklo has already inked energy partnerships with date center providersw Equinix (EQIX) and Wyoming Hyperscale. DeWitte describes the regular business model for nuclear systems as "clunky."

"One of the things that we set out to do in the beginning was, was make it easier to buy what people really want from nuclear systems, in other words, make it easier to buy nuclear power because the clean, reliable, affordable power, that's the stuff people really want," DeWitte explains.

"We're unique because we actually make that easy — we design, we own, we operate the plants, we contract someone to build them, and then we just sell the power out to the customers through off-take agreements. That makes it easy for them to buy what they want."

For more coverage on Big Tech's adoption of nuclear energy, catch Yahoo Finance's respective interviews with X-energy CEO Clay Sell about Amazon's (AMZN) investment into the nuclear reactor designer and Kairos Power Co-Founder and CEO Mike Laufer's input on the nuclear startup's partnership with Alphabet's Google (GOOG, GOOGL).

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NuScale Power - >>> Bill Gates Is Pouring Billions Into Nuclear Power. Is This the Best Nuclear Stock to Buy Now?


Motley Fool

by Jeremy Bowman

October 27, 2024


https://finance.yahoo.com/news/bill-gates-pouring-billions-nuclear-220000776.html


All of a sudden, nuclear energy is trendy.

In the last month, three big tech companies, Microsoft, Alphabet, and Amazon, have all signed deals for nuclear energy. That's not a coincidence. The AI race is forcing the tech giants to reckon with how to power the massive data centers they're building to run AI applications like ChatGPT.

In fact, the biggest constraint in AI may not be the technology itself, but a source of cheap and available energy, and that's why the world's most valuable companies are turning to nuclear, a seemingly forgotten source of energy.

Among the backers of this re-emerging technology is Bill Gates, the Microsoft co-founder who has become an investor and philanthropist in a wide range of areas. Gates has invested more than $1 billion in TerraPower, a privately held start-up that is building small nuclear reactors. The billionaire sees nuclear energy as necessary for bridging the gap in renewable energy and told The New York Times, "If you care about climate, there are many, many locations around the world where nuclear has got to work." He also said he's not involved in TerraPower to make money, but "because we need to build a lot of these reactors."

Since TerraPower is privately held, you can't invest in it, but there's a similar stock that you can buy. That's NuScale Power (NYSE: SMR), and the stock is up more than 400% this year as it's riding the wave of enthusiasm for nuclear power.

What is NuScale Power?

NuScale was founded in 2007 and is focused on developing small, modular reactors. Its core technology, the NuScale Power Module (NPM) can generate 77 megawatts-electrical (MWe).

It's developing the VOYGR power plant that can include as many as 12 NPMs. NuScale's technology offers an advantage over renewable alternatives like wind and solar because it generates an equivalent amount of power in a much smaller space, making a more efficient use of land.

NuScale is also the only small modular reactor (SMR) company to have received a standard design approval (SDA) from the U.S. Nuclear Regulatory Commission.

NuScale also benefits from a close relationship with Fluor, a top engineering, procurement, and construction company that is the majority shareholder in NuScale Power.

The company has yet to generate any material revenue today as it has not yet sold any NPMs, though it's made some negligible service revenue. NuScale faced a setback in 2023 when it canceled a project in Idaho that was expected to build momentum for new nuclear projects. The project was plagued by cost overruns and a lack of sufficient electricity buyers to make the project viable.

Is NuScale Power a buy?

There's no question that NuScale Power is a high-risk stock. After all, the company still isn't generating material revenue, and there's a lot of uncertainty around nuclear power in general.

Still, it's clear that momentum is building rapidly in the sector as the moves of the big tech companies noted above show. Billionaires like Bill Gates are pouring money into the industry for a reason. Not only does nuclear offer a potentially large return, it also looks like the best available climate-friendly power solution to meet growing power needs from AI.

Additionally, NuScale's relationship with Fluor gives it an advantage as Fluor is one of the biggest infrastructure companies and can help NuScale in a range of functions like development, finding customers, and funding.

After the recent rally, NuScale Power might look pricey at a market cap of $1.7 billion and no real revenue, but getting some exposure to the stock could pay off.

Nuclear energy seems likely to play a role in the future of AI, and NuScale Power is well positioned as a leader in SMRs. For patient, risk-tolerant investors, getting a small amount of exposure to NuScale Power could pay off handsomely.

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>>> A Sam Altman-backed nuclear power stock soared 150% in a month


Quartz

by Britney Nguyen

10-18-24


https://www.msn.com/en-us/money/news/a-sam-altman-backed-nuclear-power-stock-soared-150-in-a-month/ar-AA1ssjIO?ocid=BingHp01&cvid=82b6b7fcafc9468ff6f0322eeaa3105d&ei=111


As tech giants turn their attention toward nuclear power for artificial intelligence and data centers, one producer is seeing its shares surge.

Oklo, a nuclear power company that counts OpenAI chief executive Sam Altman as an investor, has seen its shares climb around 150% in the past month. The stock is up almost 50% so far this year. However, during mid-day trading on Thursday, Oklo was down almost 5%.

The Santa Clara, California-based company, which has three project sites, says it’s “developing next-generation fission powerhouses to produce abundant, affordable, clean energy at a global scale.” Oklo’s Aurora powerhouse can produce 15 megawatts of electrical power (MWe), which the company says can scale up to 50 MWe and operate for ten years or longer before needing to be refueled.

Oklo’s shares have been on the up since Microsoft (MSFT) made a 20-year power purchase agreement in September with Constellation Energy (CEG) that will restart the Unit 1 reactor at Three Mile Island. Constellation, which owns most of the U.S.’s nuclear power plants, has seen its shares rise around 36% in the past month. Its stock is up 138% so far this year.

Through the Microsoft and Constellation deal, which will launch the Crane Clean Energy Center (CCEC), Microsoft will purchase energy from the Unit 1 reactor as part of its sustainability goal. The CCEC, which is expected to come online by 2028, will add more than 800 MW of carbon-free electricity to the power grid, a study by the Pennsylvania Building and Construction Trades Council found.

This week, Google (GOOGL) announced it had signed “the world’s first corporate agreement to purchase nuclear energy” from small modular reactors, or SMRs, developed by California-based Kairos Power. The tech giant said it expects to bring Kairos Power’s first SMR online by the end of the decade.

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>>> Utilities outperform the broader markets amid enthusiasm over AI electricity demand


Yahoo Finance

by Ines Ferrér

October 18, 2024


https://finance.yahoo.com/news/utilities-outperform-the-broader-markets-amid-enthusiasm-over-ai-electricity-demand-175702728.html


Utilities have been on fire this year as enthusiasm over booming AI electricity demand pushes the sector higher.

Case in point: The S&P 500 Utilities ETF (XLU) is up a whopping 29% so far this year — the best-performing sector to date, compared to the broader index's 23% rise.

Much of the gains stem from enthusiasm over power producers that stand to benefit from the electrification boom — which includes Big Tech's massive appetite for AI data centers and electric vehicles.

By 2050, electricity is projected to become the largest source of energy worldwide, according to a recent McKinsey study.

Utilities have been the best performers this year.

Also, five of the top 10 returning companies in the S&P 500 this year have been energy companies, noted Matt Sallee, president of Tortoise Capital. “Utilities and midstream infrastructure are going to be secondary beneficiaries of the AI theme,” he said in a recent note.

There’s no better example of that investor fever than the S&P 500's top performer this year, power producer Vistra Corp (VST).

Shares of the Irving, Texas-based company are up 243% year to date, outperforming even AI heavyweight Nvidia (NVDA), up 186% during the same period.

On Thursday, JPMorgan analysts initiated coverage of Vistra along with two other Wall Street favorites, Talen Energy (TLN) and Constellation Energy (CEG) — all with an Overweight rating,

The analysts said the independent power producers (IPPs) stand to benefit from "a paradigm shift in power demand" amid structural tailwinds like manufacturing on-shoring, electrification trends, and data-center development.

"We do not see competitive market supply growth matching this demand, enabling IPPs to capture outsized margins for an extended period of time," wrote JPMorgan's Jeremy Tonet and his team.

As Yahoo Finance’s Julie Hyman pointed out, recent headlines like Microsoft (MSFT) teaming up with Constellation Energy to restart a nuclear reactor at Three Mile Island, and Amazon (AMZN) buying up a data center campus from Talen Energy have put Big Tech and its insatiable need for electricity into the spotlight.

The Utilities Select Sector SPDR Fund (XLU)

But XLU's massive performance this year begs the question — has it topped?

With the broader markets at all-time highs, it may be a good idea to keep investing in defensive stocks like utilities that provide dividends, said Burns McKinney, managing director and senior portfolio manager at NFJ Investment Group.

“There does seem to be a little bit more meat on the bone,” said McKinney, referring to more growth ahead.

If XLU holds its 29.1% year-to-date gains, it will be the best-ever yearly performance for the sector.

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>>> X-energy is a private American nuclear reactor and fuel design engineering company. It is developing a Generation IV high-temperature gas-cooled pebble-bed nuclear reactor design. It has received funding from private sources and various government grants and contracts, notably through the Department of Energy's (DOE) Advanced Reactor Concept Cooperative Agreement in 2016 and its Advanced Reactor Demonstration Program (ARDP) in 2020. <<<


https://en.wikipedia.org/wiki/X-energy


>>> Amazon goes nuclear, plans to invest more than $500 million to develop small modular reactors <<<


https://investorshub.advfn.com/boards/read_msg.aspx?message_id=175248320



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>>> Amazon goes nuclear, plans to invest more than $500 million to develop small modular reactors


10-14-24

by Diana Olick

CNBC



Amazon Web Services is investing over $500 million in nuclear power, announcing three projects from Virginia to Washington State. AWS, Amazon’s subsidiary in cloud computing, has a massive and increasing need for clean energy as it expands its services into generative AI. It’s also a part of Amazon’s path to net-zero carbon emissions.

AWS announced it has signed an agreement with Dominion Energy, Virginia’s utility company, to explore the development of a small modular nuclear reactor, or SMR, near Dominion’s existing North Anna nuclear power station. Nuclear reactors produce no carbon emissions.

An SMR is an advanced type of nuclear reactor with a smaller footprint that allows it to be built closer to the grid. They also have faster build times than traditional reactors, allowing them to come online sooner.

Amazon is the latest large tech company to buy into nuclear power to fuel the growing demands from data centers. Earlier this week, Google announced it will purchase power from SMR developer Kairos Power. Constellation Energy is restarting Three Mile Island to power Microsoft data centers.

“We see the need for gigawatts of power in the coming years, and there’s not going to be enough wind and solar projects to be able to meet the needs, and so nuclear is a great opportunity,” said Matthew Garman, CEO of AWS. “Also, the technology is really advancing to a place with SMRs where there’s going to be a new technology that’s going to be safe and that’s going to be easy to manufacture in a much smaller form.”

Virginia is home to nearly half of all the data centers in the U.S., with one area in Northern Virginia dubbed Data Center Alley, the bulk of which is in Loudon County. An estimated 70% of the world’s internet traffic travels through Data Center Alley each day.

Dominion serves roughly 3,500 megawatts from 452 data centers across its service territory in Virginia. About 70% is in Data Center Alley. A single data center typically demands about 30 megawatts or greater, according to Dominion Energy. Bob Blue, its president and CEO, said in a recent quarterly earnings call that the utility now receives individual requests for 60 megawatts to 90 megawatts or greater. Dominion projects that power demand will increase by 85% over the next 15 years. AWS expects the new SMRs to bring at least 300 megawatts of power to the Virginia region.

“Small modular nuclear reactors will play a critical role in positioning Virginia as a leading nuclear innovation hub,” said Virginia Gov. Glenn Youngkin in a release. “Amazon Web Services’ commitment to this technology and their partnership with Dominion is a significant step forward to meet the future power needs of a growing Virginia.”

AWS plans to invest $35 billion by 2040 to establish multiple data center campuses across Virginia, according to an announcement from Youngkin last year.

?These SMRs will be powering directly into the grid, so they’ll go to power everything, part of that is the data centers, but everything that is plugged into the grid will benefit,” Garman added.

Amazon also announced a new agreement with utility company Energy Northwest, a consortium of state public utilities, to fund the development, licensing and construction of four SMRs in Washington State. The reactors will be built, owned and operated by Energy Northwest but will provide energy directly to the grid, which will also help power Amazon operations.

Under the agreement, Amazon will have the right to purchase electricity from the first four modules. Energy Northwest has the option to build up to eight additional modules. That power would also be available to Amazon and Northwest utilities to power homes and businesses.

The SMRs will be developed with technology from Maryland-based X-energy, a developer of SMRs and fuel. Along with Amazon’s other announcements, Amazon’s Climate Pledge Fund disclosed it is the lead anchor in a $500 million financing round for X-Energy. The Climate Pledge Fund is its corporate venture capital fund that invests in early-stage sustainability companies. Other investors include Citadel Founder and CEO Ken Griffin, affiliates of Ares Management Corporation, NGP and the University of Michigan.

“Amazon and X-energy are poised to define the future of advanced nuclear energy in the commercial marketplace,” said X-energy CEO J. Clay Sell. “To fully realize the opportunities available through artificial intelligence, we must bring clean, safe, and reliable electrons onto the grid with proven technologies that can scale and grow with demand.”

Last spring, AWS invested in a nuclear energy project with Talen Energy, signing an agreement to purchase nuclear power from the company’s existing Susquehanna Steam Electric Station, a nuclear power station in Salem Township, Pennsylvania. AWS also purchased the adjacent, nuclear-powered data center campus from Talen for $650 million.

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>>> Google Backs New Nuclear Plants to Power AI


The Wall Street Journal

by Jennifer Hiller

10-14-24


https://www.msn.com/en-us/money/companies/google-backs-new-nuclear-plants-to-power-ai/ar-AA1sfOlz?cvid=d475ee962a8f4168cf2627820480974e&ei=44


Google will back the construction of seven small nuclear-power reactors in the U.S., a first-of-its-kind deal that aims to help feed the tech company’s growing appetite for electricity to power AI and jump-start a U.S. nuclear revival.

Under the deal’s terms, Google committed to buying power generated by seven reactors to be built by nuclear-energy startup Kairos Power. The agreement targets adding 500 megawatts of nuclear power starting at the end of the decade, the companies said Monday.

The arrangement is the first that would underpin the commercial construction in the U.S. of small modular nuclear reactors. Many say the technology is the future of the domestic nuclear-power industry, potentially enabling faster and less costly construction by building smaller reactors instead of behemoth bespoke plants.

“The end goal here is 24/7, carbon-free energy,” said Michael Terrell, senior director for energy and climate at Alphabet’s Google. “We feel like in order to meet goals around round-the-clock clean energy, you’re going to need to have technologies that complement wind and solar and lithium-ion storage.”

The context

The nuclear-power industry’s fortunes are increasingly getting hitched to Big Tech. Power demand is rising in parts of the U.S. for the first time in years, much of it driven by the need to build more data centers for AI. That has sent the tech industry on the hunt for massive amounts of energy.

Last month, Constellation Energy and Microsoft struck a deal to restart the undamaged reactor at Pennsylvania’s Three Mile Island, the site of the country’s worst nuclear-power accident. Earlier this year, Amazon purchased a data center at another Pennsylvania nuclear plant.

The 500 megawatts of generation that would be built by Kairos for Google is about enough to power a midsize city—or one AI data-center campus.

The agreement answers questions that have bedeviled smaller-reactor designs: What customer would pay the higher price for a first-of-a-kind project? And who would order enough to get an assembly line started? The concept, which remains to be proven, is that building the same thing over and over in a factory would drive down costs.

The details

Kairos plans to deliver the reactors between around 2030 and 2035. Financial terms weren’t disclosed, but the companies entered into a power-purchase agreement, similar to those used between corporate buyers and wind- and solar-energy developers.

The project site—or whether there could be reactors at multiple locations—hasn’t been determined, the companies said.

Google would have data centers somewhere in the region near the Kairos reactors, but it hasn’t been determined whether they would receive power directly from the nuclear plants or from the grid. Google could count the addition of nuclear power toward meeting its carbon-reduction commitments.

Instead of water, which is used in traditional reactors, the Kairos design uses molten fluoride salt as a coolant. The units for Google will include a single 50-megawatt reactor, with three subsequent power plants that would each have two 75-megawatt reactors, Kairos said. That compares with about 1,000 megawatts at reactors at conventional nuclear-power plants.

Kairos will have to navigate complex approvals through the U.S. Nuclear Regulatory Commission, but already has clearance to build a demonstration reactor in Tennessee, which could start operating in 2027.

Kairos has a manufacturing development facility in Albuquerque, N.M., where it is building test units. They don’t have nuclear-fuel components but are something of a practice run at building and operating full-size plants to test systems, components and the supply chain.

Mike Laufer, chief executive and co-founder at Kairos, said the demonstration project and the Albuquerque plant are helping the company avoid spiraling costs, a pitfall of the conventional nuclear industry.

The big picture

Nearly 20% of U.S. power comes from nuclear plants, but the pipeline of big, new projects has been halted because of high costs and long time lines.

The second of two new reactors at Georgia’s Vogtle nuclear plant was completed this spring. Before that, the most recent nuclear-power reactors in the U.S. were completed in 2016 and 1996 by the Tennessee Valley Authority.

Tech companies such as Google started signing power-purchase agreements with renewables developers in 2010, which helped drive down costs of those technologies. Nuclear-power advocates say a stable customer could drive down costs over time in that industry, too.

In the near term, analysts expect more natural-gas-fired power plants to be added to fuel the country’s appetite for data centers, new manufacturing, heavy industry and transportation.

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>>> Why Cameco Stock Popped 18% in September and Could Soar Higher


by Neha Chamaria

Motley Fool

October 8, 2024


https://finance.yahoo.com/news/why-cameco-stock-popped-18-194147393.html


Shares of Canada-based uranium miner Cameco (NYSE: CCJ) are sizzling. The uranium stock surged 17.5% in September, according to data provided by S&P Global Market Intelligence, and continues to rally. It's up a solid 37% in one month, as of this writing.

The focus is back on the uranium industry, and Cameco just announced plans to expand capacity. That could mean even bigger days ahead for the stock.

Uranium stocks are a bet on nuclear energy

Cameco is one of the world's leading producers of uranium, a key nuclear fuel used to power nuclear power plants. That largely explains why the stock has surged in recent weeks after some interesting developments in the nuclear energy industry.

To name a few, 14 global banks and financial institutions pledged support for nuclear energy at an event in September. That should ideally mean easier funding for the industry, which is crucial for developing capital-intensive nuclear reactors.

In another major development, utility giant Constellation Energy is planning to restart a nuclear power plant shuttered since 1979 at Three Mile Island, Pennsylvania, after signing a 20-year power purchase contract with tech giant Microsoft in September. Oracle CEO Larry Ellison also announced plans last month to use nuclear power for its artificial intelligence (AI) data centers.

Meanwhile, Russian President Vladimir Putin announced plans to limit exports of commodities like uranium and nickel last month in retaliation for sanctions imposed on it by the U.S. If Russia makes a move, the global uranium supply will take a hit, and the prospect is already sending uranium prices higher. Uranium prices have fallen sharply this year on fears of a demand-supply imbalance, but are hovering at their highest in over a month right now in anticipation of a Russian export ban, according to data from Trading Economics.

All these factors combined sent Cameco stock soaring in recent weeks, but the rally may have just started.

Why you should buy and hold Cameco stock

In an interview with Bloomberg television on Oct. 8, Cameco CEO Tim Gitzel called it the "best fundamentals" he's ever seen for nuclear, and revealed plans to expand capacity on rising demand for nuclear power. This is, perhaps, the biggest confirmation of the uranium industry's turnaround. Cameco is the best uranium stock to play the boom, and you'll want to keep an eye on this stock, especially with its third-quarter numbers slated for a Nov. 7 release.

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>>> US looks to resurrect more nuclear reactors, White House adviser says


Reuters

October 7, 2024

By Valerie Volcovici


https://finance.yahoo.com/news/us-looks-resurrect-more-nuclear-191457261.html


NEW YORK (Reuters) - The Biden administration is working on plans to bring additional decommissioned nuclear power reactors back online to help meet soaring demand for emissions-free electricity, White House climate adviser Ali Zaidi said on Monday.

Two such projects are already underway, including the planned recommissioning of Holtec's Palisades nuclear plant in Michigan and the potential restart of a unit at Constellation Energy's Three Mile Island plant in Pennsylvania, near the site of the worst nuclear accident in U.S. history.

Asked if additional shuttered plants could be restarted, Zaidi said: "We're working on it in a very concrete way. There are two that I can think of."

He declined to identify the power plants or provide further details about the effort.

Speaking at the Reuters Sustainability conference in New York, Zaidi said repowering existing dormant nuclear plants was part of a three-pronged strategy of President Joe Biden's administration to bring more nuclear power online to fight climate change and boost production.

The other two prongs include development of small modular reactors (SMRs) for certain applications, and continuing development of next generation, advanced nuclear reactors.

Biden has called for a tripling of U.S. nuclear power capacity to fuel energy demand that is accelerating in part due to expansion of power hungry technologies like artificial intelligence and cloud computing.

Last week, the Biden administration said it closed a $1.52 billion loan to resurrect the Palisades nuclear plant in Michigan, which would take two years to re-open.

Constellation and Microsoft, meanwhile, signed a power deal last month to help resurrect a unit of the Pennsylvania plant, which Constellation hopes will also receive government support.

Zaidi told the conference that the U.S. Navy on Monday had requested information to build SMRs on a half dozen bases. "SMR is a technology that is not a decades-away play. It's one that companies in the United States are looking to deploy in this decade," he said.

Zaidi also addressed the woes that have beset a separate Biden clean energy goal, to bring 30 gigawatts of offshore wind capacity online by the end of the decade.

The administration shelved offshore wind lease sales this year in both Oregon and the Gulf of Mexico due to low demand from companies, as high costs, equipment issues and supply chain challenges hit other projects.

Zaidi said at least half of the 30GW goal is already under construction and that some of the early snags provide helpful learning for future projects.

"I am pretty optimistic about the next of wave of projects where we will have a domestic supply chain and hopefully better cost to capital relative to what projects are facing right now," he said.

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>>> First-ever compact nuclear reactor runs for 8 years without water


Brighterside News

by Joseph Shavit


https://www.msn.com/en-us/money/other/first-ever-compact-nuclear-reactor-runs-for-8-years-without-water/ar-AA1rC21T?cvid=91bb3ea6de3c4228b0388152d3d42bcf&ei=64


In a groundbreaking development poised to reshape the energy landscape of Saskatchewan, Canada, a compact nuclear reactor with the capacity to operate for eight years without water is set to come online by 2029.

Announced by the Saskatchewan government, the $80 million CAD project, led by the Saskatchewan Research Council in collaboration with Westinghouse, aims to demonstrate the capabilities of this innovative microreactor, known as eVinci.

Premier Scott Moe expressed optimism about the project's transformative potential, emphasizing its unique ability to cater to Saskatchewan's energy needs while also heralding a greener future. "Microreactors provide a custom solution for Saskatchewan’s unique energy needs," said Premier Moe.

Westinghouse, the company behind the eVinci, asserts that this technology will not only revolutionize energy production but also significantly reduce air pollution. According to Westinghouse, each eVinci unit will contribute to a yearly reduction of up to 55,000 tons of air pollution.

One of the key features of the eVinci microreactor is its impressive versatility. It will have the capability to generate five megawatts of electricity, produce over 13 megawatts of high-temperature heat, or operate in combined heat and power mode, according to the Saskatchewan Research Council.

To put this in perspective, the Nuclear Regulatory Commission reported in 2012 that a single megawatt of capacity from a conventional power plant can meet the energy needs of 400 to 900 homes in a year.

Westinghouse views the eVinci microreactor as a groundbreaking technology that holds great promise for future energy requirements.

Microreactors are notable for their portability and potential to provide power to remote and underserved locations. The U.S. Department of Energy confirms that various types of microreactors are currently in development across the United States.

In terms of physical installation, the eVinci microreactor will be above ground and occupy a relatively small footprint. Remarkably, the supporting infrastructure for the unit can fit inside a standard hockey rink. This compact design allows for easy integration into existing power grids and facilitates pairing with renewable energy sources.

One of the most noteworthy aspects of the eVinci microreactor is its innovative "heat pipe technology," which eliminates the need for water to cool down the system. Unlike traditional nuclear reactors, which rely on vast quantities of water for cooling, the eVinci's cooling system is water-independent.

Moreover, after approximately eight years of service, the eVinci unit can be removed for disposal, making way for a replacement unit, all according to Westinghouse. The simplicity of this design, often likened to that of a battery, enhances its appeal as a sustainable and efficient energy source.

In the United States, there are currently 54 commercial nuclear power plants, as reported by the Energy Information Administration, and Canada boasts six nuclear power stations, according to the Canadian government.

Despite their impressive energy output, traditional nuclear power plants generate substantial amounts of nuclear waste—approximately 2,205 tons per year in the U.S., which is less than half the volume of an Olympic swimming pool.

However, the waste generated by these plants consists of ceramic pellets, eliminating the risk of hazardous radioactive materials. Researchers are continually exploring innovative methods, such as utilizing bacteria, to manage and reduce this waste more effectively.

Westinghouse's approach with the eVinci microreactor is markedly different. The company plans to take responsibility for the used fuel, either returning it to their facilities or securely storing it deep underground for long-term safekeeping.

This design not only mitigates the risks associated with high pressure and coolant loss but also allows for the extraction of valuable heat for industrial applications.

The initial eVinci unit is being hailed as a proof-of-concept, paving the way for future installations. Saskatchewan Research Council CEO Mike Crabtree affirmed the significance of this pioneering project, emphasizing its role in preparing the council to assist communities and industries in future endeavors.

"What we learn through this project will prepare [the council] to assist communities and industries in future projects," stated Crabtree in the official press release.

"Westinghouse is proud to be working with the team at SRC on this vital project, and for the support from Premier Moe and the Government of Saskatchewan," Westinghouse President and CEO Patrick Fragman said. "The eVinci™ battery technology is the perfect fit for Saskatchewan since it is fully transportable. It also provides carbon-free electricity and heat, uses no water, and can be completely removed from site after operating continuously for eight years or more."

SRC is Canada's second largest research and technology organization. With nearly 350 employees, $232 million in annual revenue and 76 years of experience, SRC provides services and products to its 1,600 clients in 22 countries around the world. SRC safely operated a SLOWPOKE-2 nuclear research reactor for 38 years before decommissioning it in 2021.

With its compact design, water-independent cooling system, and potential to harness industrial heat, the eVinci microreactor showcases the possibilities of modern nuclear technology. As the first of its kind, it serves as a harbinger of a cleaner, more sustainable energy future for Saskatchewan and beyond.

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>>> Michigan nuclear plant finalizes federal loan to support first reactor restart in U.S. history


by Spencer Kimball

CNBC

9-30-24


https://www.msn.com/en-us/money/companies/michigan-nuclear-plant-finalizes-federal-loan-to-support-first-reactor-restart-in-us-history/ar-AA1rtQJP?ocid=BingNewsSerp


The Palisades nuclear plant in Michigan has closed a $1.5 billion loan to support the first reactor restart in U.S. history, the Department of Energy announced Monday.

Palisades’ owner, Holtec International, hopes to restart the plant in the fourth quarter of 2025, subject to approval by the U.S. Nuclear Regulatory Commission. Holtec is a privately held nuclear technology company headquartered in Jupiter, Florida.

“All necessary funding has now been secured,” said Nick Culp, a Holtec spokesperson. The company will use the funds for inspections, testing, restoration, rebuilding, and replacement of equipment at the plant, according to the Department of Energy.

Holtec has completed all major licensing submittals to the NRC, Culp said. Company executives expect to receive a response from the NRC sometime in 2025, he said.

The restart of the reactor at Palisades would mark a milestone for the nuclear industry after a decadelong wave of reactor shutdowns in the U.S. Palisades ceased operations in 2022 after a period in which nuclear efforts struggled to compete with cheap and abundant natural gas.

Demand for nuclear power is growing as the U.S. seeks carbon-free energy to meet rising electricity demand while meeting its climate goals. The planned restart at Palisades blazed a path for Constellation Energy’s recent decision to bring Three Mile Island back online by 2028.

“We’ve been using all of the tools in our tool belt to support the nuclear energy sector, keep reactors online, and to bring them back, and to finance advanced reactor deployment as well,” David Turk, deputy secretary at the Department of Energy, told reporters on a call ahead of the announcement.

Electricity demand is expected to increase about 15% over the next few years as artificial intelligence drives the need for data centers and domestic manufacturing continues expanding, Turk said.

Microsoft has agreed to purchase power from Three Mile Island to help power its data centers. In the case of Palisades, the power is spoken for by Wolverine Power Cooperative, a nonprofit that provides electricity to rural communities in Michigan.

Palisades will support 600 jobs in Covert Township, near Lake Michigan, and provide enough power for 800,000 homes, Turk said.

Holtec plans to nearly double the capacity of Palisades in the 2030s by building new designs called small modular reactors at the site. These smaller reactors, which are prefabricated in several pieces, promise to speed deployment of nuclear power by reducing costs and making plants simpler to operate.

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Bigworld, With nuclear, the 'powers that be' have been against it for decades. There is the proliferation problem, which is a legitimate concern, and also waste disposal problems, etc. Also, ruling oligarchies are historically against cheap power for the masses, since it leads to a large rising middle class, which they view as a threat. But our rivals Russia and China are now providing nuclear powerplants to emerging countries, which is a huge draw for these countries to leave the US orbit and join BRICS. That, plus the need for mega gobs of electricity to run AI and data centers is pushing the US into nuclear.

So despite the proliferation risks, the US is being forced back into nuclear. Rickards said that a key part of the new Petrodollar deal (still unannounced) is for the US to allow the Saudis to not only have nuclear powerplants, but also nuclear enrichment. That was part of the 'carrot' side of the deal to keep Saudi Arabia from joining BRICS. But we'll see if the nuclear enrichment part ever actually happens. Once Iran's nuclear program is destroyed ('US bombs Iran' scenario), the Saudi's rationale for having nuclear enrichment isn't there.

The biggest problem with allowing nuclear proliferation is the extreme vulnerability we now have to a nuclear EMP attack. A single nuke detonated in low orbit over Kansas can destroy the majority of the US power grid, micro-electronics, etc (video below). So one nuke can instantly send us back to the Stone Age. There is really no solution to this extreme vulnerability, and it wouldn't have to be a country doing it, a small terrorist group could easily do it with a single nuclear device put in orbit with an old Scud missile, or even a high altitude weather balloon. So 'yikes' is an understatement. Humanity has painted itself into a fatal corner by our total reliance on electricity and microelectronics -

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[bigworld]

gfp: Instead of wasting Billion on maintaining a military presence in 180 countries and funding the proxy was against Russia maybe, just maybe, we ought to start a nuclear building program and insure we have enough energy going forward. It's ludicrous to want to convert everything to electric when the current generation capacity and grid can't meet the need. And with the addition of all these data centers sucking up even more electricity we need lots of nukes in a relatively short period of time. But the people that run our government are far too stupid. They'd rather spend Billions importing the 3rd world and destroying the country.

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>>> Microsoft goes nuclear to power AI data centers


Yahoo Finance

by Julie Hyman and Josh Lipton

September 20, 2024


https://finance.yahoo.com/video/microsoft-goes-nuclear-power-ai-204151380.html


Nuclear energy has been a hot topic in investors' minds after Microsoft (MSFT) and Constellation Energy (CEG) announced an agreement to restore a dormant nuclear power plant to power the tech company’s AI and cloud data centers.

Microsoft wants to restore the Three Mile Island nuclear power plant in Londonderry Township, Pennsylvania, known for one of the largest nuclear disasters in the US when one of the plant's two reactors melted down in 1979.

Radiant Energy Group founder and managing director Mark Nelson joins Josh Lipton and Julie Hyman to explain how nuclear energy could power the artificial intelligence era.

A nuclear engineer himself, Nelson explains that the plant’s other reactor “kept going for 40 years. The only reason it closed in 2019 is because fossil fuels were really cheap.”

He says there’s a renewed interest in nuclear energy today because “we're running out of other energy sources… we're running out of power, and we're realizing that if we're going to have everybody buy electric vehicles, we have to be able to charge it from power plants that run all the time.”

Nuclear power plants could help meet the energy-intensive needs of training and running AI, which has brought the utilities sector into focus. Nelson says building new nuclear plants and restoring existing ones could help.

“The very best American design for a nuclear plant is being built in China over and over again for about four years or so per reactor and about $3 billion. I don't think we're going to meet China's prices for building our reactors, but we could probably do a lot better building our reactors if we do it in series with the same design, the same plant layout, and we do it over and over," the expert tells Yahoo Finance.

“Fortunately, we've got designs that are licensed and ready to go today at existing nuclear plants that already serve tens of millions of customers. And those are the plants that are being approached by the data centers. So I think to get over this hump, we have to accept that we've got outstanding equipment ready to install. We've just forgotten how to do it and we need to do it the same way every time.”

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[bigworld]

gfp: It's about time. Developing clean energy alternatives other than the boondoggles of wind and solar is of upmost importance. Instead of operating hundreds and hundreds of military bases around the globe and fighting a proxy war with Russia we could be pouring $$$ Billions into growing our nuclear generating capacity. If we want electric cars and data centers we have to gain access to a lot more electricity.

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>>> Is BWX Technologies, Inc. (BWXT) an Under-the-Radar Nuclear Energy Stock?

https://finance.yahoo.com/news/3-nuclear-energy-stocks-buy-110000268.html

BWX Technologies (BWXT) is a top supplier of nuclear technologies, components, and fuel to the U.S. government, including U.S. naval submarines and aircraft carriers. BWX Technologies is actively growing its commercial nuclear power segment and other non-defense units.

BWXT owns one of the largest commercial nuclear equipment manufacturing facilities on the planet. BWXT is expanding that operation to “support ongoing and anticipated customers’ investments in Small Modular Reactors, traditional large-scale nuclear and advanced reactors, in Canada and around the world.”

BWX Technologies has landed deals and partnerships with GE Vernova, the Wyoming Energy Authority, Bill Gates-backed SMR company TerraPower, and beyond. BWXT’s beat-and-raise second quarter was supported, in part, by a growing “appetite for nuclear solutions across the global security, clean energy, and medical markets.”

BWXT is projected to post solid mid-single-digit sales and earnings growth in 2024 and 2025.

BWX Technologies stock has climbed 250% in the last 10 years to outpace the S&P 500’s 190% and its industry’s 110%. BWXT broke out to new highs last summer, with the stock up 38% the last 12 months.

BWXT is trading above its 21-week and 21-day moving averages while sitting 5% below its average Zacks price target.

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>>> 3 Nuclear Energy Stocks to Buy and Hold Forever


Zacks

by Benjamin Rains

Aug 23, 2024


https://finance.yahoo.com/news/3-nuclear-energy-stocks-buy-110000268.html


Today’s episode of Full Court Finance at Zacks explores nuclear energy’s rapid rise and why nuclear energy is poised to become one of the most important industries in the economy and on Wall Street.

The episode dives into three nuclear energy-focused stocks—Rolls-Royce (RYCEY), BWX Technologies, Inc. (BWXT), and Constellation Energy (CEG)—that investors might want to buy now and hold for long-term upside.

Nuclear energy has become one of the hottest industries on Wall Street over the last year as investors realize its ability to power the growing global economy as the world attempts to curb fossil fuel use. On top of that, the energy-hungry artificial intelligence arms race sparked technology giants such as Amazon, Microsoft, and many others to commit to nuclear energy expansion and innovation.

Two of the top six performing S&P 500 stocks so far this year are nuclear energy companies. The buildout of the nuclear-powered economy will cost tens of trillions of dollars and take decades, even though nuclear energy has supplied around 20% of U.S. electricity for over 30 years running (and 10% of the current global total).

The U.S. and many other nations have done a 180-degree turn on nuclear energy technology over the last few years as key players across technology, finance, the government, and beyond finally throw their collective force behind nuclear energy. The U.S. government has rolled out multiple efforts to support the nuclear energy resurgence and pledged to help triple global nuclear energy capacity by 2050.

Outside of the U.S., China, India, and tons of other key economies are going all in on nuclear. Investors are pouring money into the largest nuclear power producers, uranium (nuclear fuel) miners, and other standout players.

Now let’s look at our three nuclear energy stocks to consider buying now.

Rolls-Royce (RYCEY) is a historic engine maker of complex power and propulsion solutions for aircraft, ships, and beyond. Rolls-Royce is utilizing its expertise in nuclear propulsion systems to design cutting-edge small modular nuclear reactor (SMR) technology and micro-reactors. Rolls-Royce’s SMR tech is making its way through the approval process to be rolled out in the U.K.

Rolls-Royce will be able to achieve these lofty nuclear energy goals because it is successfully revamping and streamlining its business to boost profitability after a disappointing decade.

Former oil industry executive Tufan Erginbilgic took over as CEO in January 2023, aiming to quadruple Rolls-Royce’s profits in the next five years and complete other key initiatives. Rolls-Royce raised its full-year guidance on August 1 and said it plans to reinstate its dividend.

Rolls-Royce is projected to grow its adjusted earnings by 35% in FY24 and 19% in FY25 on the back of 30% and 7%, respective revenue expansion.

Rolls-Royce’s recent upbeat EPS revisions help it earn a Zacks Rank #2 (Buy) and extend its impressive run of positive EPS revisions over the past year and a half.

Rolls-Royce stock soared over 750% off its 2022 lows, including its 155% YTD surge. Rolls-Royce stock hit new 52-week highs of $6.50 a share on Thursday. Despite the climb, Rolls-Royce trades 34% below its average Zack price target and 70% below its all-time highs.

On the valuation front, Rolls-Royce trades in line with its 10-year median and near its industry at 24.9X forward 12-month earnings.

BWX Technologies (BWXT) is a top supplier of nuclear technologies, components, and fuel to the U.S. government, including U.S. naval submarines and aircraft carriers. BWX Technologies is actively growing its commercial nuclear power segment and other non-defense units.

BWXT owns one of the largest commercial nuclear equipment manufacturing facilities on the planet. BWXT is expanding that operation to “support ongoing and anticipated customers’ investments in Small Modular Reactors, traditional large-scale nuclear and advanced reactors, in Canada and around the world.”

BWX Technologies has landed deals and partnerships with GE Vernova, the Wyoming Energy Authority, Bill Gates-backed SMR company TerraPower, and beyond. BWXT’s beat-and-raise second quarter was supported, in part, by a growing “appetite for nuclear solutions across the global security, clean energy, and medical markets.”

BWXT is projected to post solid mid-single-digit sales and earnings growth in 2024 and 2025.

BWX Technologies stock has climbed 250% in the last 10 years to outpace the S&P 500’s 190% and its industry’s 110%. BWXT broke out to new highs last summer, with the stock up 38% the last 12 months.

BWXT is trading above its 21-week and 21-day moving averages while sitting 5% below its average Zacks price target.

Constellation Energy (CEG) is the largest nuclear power plant operator in the U.S., helping it produce 10% of the country’s total clean energy. Constellation boasts over 20 nuclear reactors at roughly a dozen sites across the Midwest, the Mid-Atlantic, and the Northeast.

Constellation benefits from the nuclear energy-focused aspects of the Inflation Reduction Act. The U.S. government is helping provide a price floor for nuclear power to boost the expansion of the domestic nuclear industry.

Constellation is retrofitting its current nuclear power plants to help keep them running for a lot longer. The company is also expanding into next-gen nuclear power plant technologies.

Constellation aims to grow through mergers and acquisitions and return capital to shareholders via buybacks and dividends. Constellation announced in early 2024 its plans to boost its dividend by 25% in 2024, exceeding its 10% annual growth target.

Constellation lifted its adjusted 2024 earnings guidance in early August and reaffirmed its ability to grow its adjusted EPS by at least 10% from 2024-2028. Constellation is projected to grow its adjusted earnings by 57% in 2024 and 18% in 2025.

Constellation shares soared since their 2022 IPO. CEG has climbed by 150% in the past two years and 70% YTD. Thankfully, for investors who ‘missed’ the run, Constellation trades 15% below its May records after falling alongside tech and other growth stocks.

CEG is attempting to retake its 50-day moving average. On top of that, CEG's improving EPS outlook, mixed with its recent downturn, has it trading at a 32% discount to Constellation's highs at 21.8X forward earnings.

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>>> 4 Hidden Stocks to Play the AI Data-Center Megatrend


Barron's

By Tae Kim

Aug 20, 2024


https://www.barrons.com/articles/ai-data-center-stocks-constellation-energy-teradyne-b1289ad0?siteid=yhoof2


In this article

WCC
CCOI
TER
CEG

The rise of artificial intelligence is sparking the construction of new data centers, which is providing significant opportunities for investors.

KeyBanc Capital Markets’ research team on Monday shared its top ideas about what companies will benefit from the AI infrastructure trend. The stocks include Wesco International (WCC), Cogent Communications Holdings (CCOI), Teradyne (TER), and Constellation Energy (CEG). All four stocks have Overweight ratings.

“For our names exposed to data center hardware/infrastructure, C2Q24 earnings season largely continued to showcase robust demand trends around the theme,” the team wrote.

Wesco stands to gain because investment spending on data centers should add to demand for logistics services among the company’s cloud-computing and enterprise customers, according to industrial tech analyst Ken Newman. He has a target of $195 for the stock price, while shares were down 0.9% to $157.46 on Tuesday afternoon.

Communications services analyst Brandon Nispel is optimistic about Cogent’s data-center connectivity solutions, including its optical wavelength services, which provide data transportation across long distances. He has a $80 price forecast for the shares; the stock was up 0.5% to $76.11.

Semiconductor capital-equipment analyst Steve Barger said Teradyne’s testing services will thrive as demand for AI chips grows. And electric utilities analyst Sophie Karp is bullish on Constellation Energy because of rising electricity demand from data centers. Barger has a $180 target for Teradyne and Karp has a $230 price forecast for Constellation.

Teradyne stock dropped 1.5% to $132.01. Constellation stock was down 1.1% to $190.58.

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>>> U.S. Senate passes bill to support advanced nuclear energy deployment


Reuters

6-19-24


https://www.msn.com/en-us/news/politics/us-senate-passes-bill-to-support-advanced-nuclear-energy-deployment/ar-BB1owEkm?ocid=BingNewsSerp


(Reuters) - The U.S. Senate on Tuesday passed a bill to accelerate the deployment of nuclear energy capacity, including by speeding permitting and creating new incentives for advanced nuclear reactor technologies.

Expanding nuclear power has broad bipartisan support, with Democrats seeing it as critical to decarbonizing the power sector to fight climate change and Republicans viewing it as a way to ensure reliable electricity supply and create jobs.

A version of the bill had already passed in the House of Representatives and it will now go to President Joe Biden for a signature to become law. It passed the Senate 88-2 votes.

“In a major victory for our climate and American energy security, the U.S. Senate has passed the ADVANCE Act with overwhelming, bipartisan support,” said Senator Tom Carper, a Democrat, who is Chairman of the Senate Environment and Public Works Committee.

“Today, we sent the ADVANCE Act to the president’s desk because Congress worked together to recognize the importance of nuclear energy to America’s future and got the job done,” said Republican Shelley Moore Capito, a ranking member of the committee.

This country's had a bit of an allergy toward nuclear

Among other things, the bill would cut regulatory costs for companies seeking to license advanced nuclear reactor technologies, would create a prize for the successful deployment of next-generation reactors, and would speed licensing for nuclear facilities at certain sites.

The bill could benefit companies like Bill Gates-backed TerraPower, which is trying to build a $4 billion Natrium reactor in Wyoming on the site of an old coal plant but is struggling to secure a key permit.

Non-proliferation groups including the Union of Concerned Scientists have warned against measures that ease licensing for high-tech nuclear reactors, including those using advanced fuels like high-assay low-enriched uranium (HALEU), arguing that safety should remain the priority.

The U.S. nuclear industry has struggled to expand in recent decades due to soaring costs and complex permitting requirements, and as advanced nuclear technologies prove difficult to fund and develop.

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Constellation Energy - >>> Forget Nvidia: Jim Cramer Says This Company Could Be About to Cash In on Artificial Intelligence (AI) Data Centers


by Adam Spatacco

Motley Fool

May 20, 2024


https://finance.yahoo.com/news/forget-nvidia-jim-cramer-says-122100994.html


One of the biggest investment areas among artificial intelligence (AI) opportunities is data centers. Applications in generative AI are fueling a new wave of demand for cloud storage, server racks, network infrastructure, and more.

While Nvidia is a major provider of data center services, other players are emerging with formidable solutions. Moreover, even big tech giants, such as Amazon, are investing significant sums into building their own data centers. Savvy investors understand that there are a host of opportunities making inroads in the growing data center realm -- a market expected to reach nearly $440 billion by 2028, according to Statista.

Stock analyst and media personality Jim Cramer recently named Constellation Energy (NASDAQ: CEG) as a top pick for data center services. While this may seem a bit out of the ordinary, Constellation Energy is currently discussing some interesting partnerships and could very well emerge as a big winner of the AI data center boom.

Below is an exploration of how the company could play a major role in the data center arena and whether now is a good time to scoop up some shares.

Data centers use a lot of energy

Data centers act as storage units for IT architecture and network infrastructure. These buildings house larger server racks that are filled with hardware such as graphics processing units (GPUs), which are used for accelerated computing.

While data centers play an integral role in the AI ecosystem, there's one big drawback: Data centers use a lot of electricity.

According to the Department of Energy, data centers use anywhere between 10 to 50 times more energy than a standard commercial office. This translates into roughly 2% of the total electricity consumption in the U.S.

Research from Goldman Sachs suggests that data center power demand will increase at a 15% compound annual growth rate (CAGR) through 2030 -- at which point it would reach approximately 8% of total power demand in the U.S. by 2030.

Constellation Energy offers a unique solution

Considering that the secular tailwinds fueling AI are directly correlated to rising energy consumption -- electricity, in particular -- data centers are in need of an alternative solution sooner rather than later. Constellation Energy might just have the answer.

The company operates across many aspects of the energy industry including solar, wind, and natural gas. But another solution Constellation Energy brings to the table is nuclear power. And the best part? Big tech is interested.

During Constellation Energy's most recent earnings call, management alluded that the company is in discussions with "Magnificent Seven" members Microsoft and Alphabet about potentially partnering on nuclear-powered data centers.

Furthermore, Goldman affirmed rising interest in nuclear power, calling it "an attractive generation source for data centers given it is zero carbon and reliable."

Is Constellation Energy stock a buy right now?

As of the time of this writing, Constellation Energy was trading at a price-to-earnings (P/E) ratio of 28.4 -- well above the S&P 500's P/E of 24.8.

Furthermore, after benchmarking Constellation Energy against other regulated utilities, the company appears to be trading at a premium relative to some of its competitors.

While Constellation Energy might be pricey compared to other utilities, I see the company as an under-the-radar opportunity among AI investments. Although there will be obvious investment choices among big tech and peripheral competitors in IT infrastructure, energy stocks shouldn't be forgotten when it comes to AI.

For this reason, Constellation Energy might be seen as a better value compared to many technology stocks which have seen valuation multiples expand dramatically over the last year as AI tailwinds have fueled buying activity.

Considering nuclear power is garnering the interest of the biggest AI enterprises, I wouldn't overlook the energy sector, in general.

Given Constellation Energy's relationship with big tech and its capabilities at the intersection of data center services and nuclear power, I see the stock as an attractive buying opportunity for long-term investors.

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>>> Uranium ETF (URA) Hits New 52-Week High


Zacks

by Sanghamitra Saha

December 19, 2023


https://finance.yahoo.com/news/uranium-etf-ura-hits-52-120000233.html


For investors seeking momentum, Global X Uranium ETF URA is probably on radar. The fund just hit a 52-week high and is up 65.4% from its 52-week low price of $18.31/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:

URA in Focus

The underlying Solactive Global Uranium & Nuclear Components Total Return Index seeks to track the price movements in shares of companies which are active in the uranium industry. The fund has allocations to the energy and industrial sectors, with share of 61.8% and 18.6%, respectively. The product charges 69 bps in annual fees (See: all Materials ETFs here).

Why the Move?

The upbeat outlook in the sector results from growing interest in nuclear energy, which has led several developed nations to invest in new infrastructure projects while extending the operational life of their existing nuclear power stations. The ongoing energy issues and the requirement for dependable, environmentally friendly energy sources are helping in the sector’s upsurge.

The latest COP-28 powered the ETF. At COP28, delegates from around 200 countries reached an agreement to initiate the reduction of global fossil fuel consumption, signifying a critical step in reducing the worst effects of climate change and the ultimate departure from the era of oil dependence.

Driven by robust market demand and bright prospects, according to carbon credits, the uranium spot price hit its 15-year peak, reaching $85 per pound, supporting analyst estimates for a future market rally in the metal’s price.

More Gains Ahead?

It seems like the fund will remain strong, with a positive weighted alpha of 56.50, which gives cues of a further rally.

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Ukraine attacks nuclear power plant -

(mad bomber Zelensky strikes again)


>>> What are the risks at Zaporizhzhia nuclear power plant after drone attack?


Reuters

By Guy Faulconbridge and Francois Murphy

April 8, 2024


https://www.reuters.com/world/europe/nuclear-power-plant-eye-ukraine-war-2024-04-08/


MOSCOW/VIENNA, April 8 (Reuters) - Russia said Ukraine struck the Zaporizhzhia nuclear power station controlled by Russian forces three times on Sunday and demanded the West respond, though Kyiv said it had nothing to do with the attacks.

The International Atomic Energy Agency (IAEA) has long warned of the risks of a disaster at Zaporizhzhia, Europe's largest nuclear plant, and urged an end to fighting in the area. The plant is just 500 km (300 miles) from the site of the world's worst nuclear accident, the 1986 Chornobyl disaster.

What nuclear material is at the Zaporizhzhia plant, what are the risks and why are Russia and Ukraine fighting over it?

WHAT IS IT AND WHAT WAS ITS CAPACITY?

The Zaporizhzhia nuclear power plant has six Soviet-designed VVER-1000 V-320 water-cooled and water-moderated reactors containing Uranium 235. They were all built in the 1980s, though the sixth only came online in the mid-1990s after the collapse of the Soviet Union. All but one of the reactors are in cold shutdown. Reactor unit 4 is in "hot shutdown", mainly for heating purposes. IAEA Director General Rafael Grossi says that fighting a war around a nuclear plant has put nuclear safety and security in "constant jeopardy".

WHAT HAPPENED ON APRIL 7?

Russia's state nuclear corporation, Rosatom, said Ukraine attacked the plant three times on Sunday with drones, first injuring three near a canteen, then attacking a cargo area and then the dome above reactor No. 6.

IAEA experts at the site went to the three locations of the attacks and confirmed there had been an attack. "Russian troops engaged what appeared to be an approaching drone," the IAEA said. "This was followed by an explosion near the reactor building."

"While the team so far has not observed any structural damage to systems, structures, and components important to nuclear safety or security of the plant, they reported observing minor superficial scorching to the top of the reactor dome roof of Unit 6 and scoring of a concrete slab supporting the primary make-up water storage tanks," the IAEA said.

The IAEA did not say directly who was to blame for the attacks. A Ukrainian intelligence official said Kyiv had nothing to do with any strikes on the station and suggested they were the work of Russians themselves. (lol)

WHAT ARE THE RISKS?

Russian forces took control of the plant in early March 2022, weeks after invading Ukraine. Special Russian military units guard the facility and a unit of Russia's state nuclear company, Rosatom, runs the plant. Nuclear reactors' containment structures like Zaporizhzhia's are made of steel-lined reinforced concrete designed to withstand the impact of a small plane crash so there is little immediate risk from a minor attack on those structures. A 1989 study by the U.S. Department of Energy found that the model of containment structure used in Zaporizhzia "exhibits vulnerabilities to the effects of an aircraft crash" and a fighter jet crashing downwards into the dome, where the structure is thinner, could penetrate it, causing concrete chunks and aircraft engine parts to fall inside.

External power lines essential to cooling nuclear fuel in the reactors are a softer potential target. Cooling fuel even in reactors in cold shutdown is necessary to prevent a nuclear meltdown. Since the war began the plant has lost all external power eight times, most recently in December last year, forcing it to rely on emergency diesel generators for power. Water is also needed to cool fuel. Pressurised water is used to transfer heat away from the reactors even when they are shut down, and pumped water is also used to cool down removed spent nuclear fuel from the reactors. Without enough water, or power to pump the water, the fuel could melt down and the zirconium cladding could release hydrogen, which can explode.

WHAT ABOUT THE SPENT FUEL?

Besides the reactors, there is also a dry spent fuel storage facility at the site for used nuclear fuel assemblies, and spent fuel pools at each reactor site that are used to cool down the used nuclear fuel. Without water supply to the pools, the water evaporates and the temperatures increase, risking a fire that could release a number of radioactive isotopes. An emission of hydrogen from a spent fuel pool caused an explosion at reactor 4 in Japan's Fukushima nuclear disaster in 2011.

WHAT HAPPENS IN A MELTDOWN?

A meltdown of the fuel could trigger a fire or explosion that could release a plume of radionuclides into the air which could then spread over a large area. The Chornobyl accident spread Iodine-131, Caesium-134, Strontium-90 and Caesium-137 across parts of northern Ukraine, Belarus, Russia, northern and central Europe. Nearly 8.4 million people in Belarus, Russia and Ukraine were exposed to radiation, according to the United Nations. Around 50 deaths are directly attributed to the disaster itself.

But 600,000 "liquidators", involved in fire-fighting and clean-up operations, were exposed to high doses of radiation. Hundreds of thousands were resettled. There is mounting evidence that the health impact of the Chornobyl disaster was much more serious than initially presented at the time and in the years following the accident. Incidence of thyroid cancer in children across swathes of Belarus, Russia and Ukraine increased after the accident. There was a much higher incidence of endocrine disorders, anaemia and respiratory diseases among children in contaminated areas.

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>>> Vistra Corp. (NYSE:VST) - Number of Hedge Fund Investors: 56

https://finance.yahoo.com/news/billionaire-stanley-druckenmiller-top-12-114039919.html

Duquesne Capital’s Q4 2023 Investment Value: $91.87 million

Vistra Corp. (NYSE:VST), headquartered in Irving, Texas, is a prominent integrated retail electricity and power generation company serving customers, businesses, and communities across the United States, spanning from California to Maine. Renowned for its leadership in the energy transformation sector, Vistra Corp. (NYSE:VST) plays a pivotal role in shaping the future of energy.

On March 1, Vistra Corp. (NYSE:VST) announced the successful completion of its acquisition of Energy Harbor Corp. This strategic move enhances Vistra's position in the integrated zero-carbon generation and retail electricity market by adding approximately 4,000 megawatts of 24/7 nuclear generation capacity and expanding its customer base by approximately 1 million retail customers.

By the end of 2023’s fourth quarter, 56 out of the 933 hedge funds surveyed by Insider Monkey were the firm’s investors. Stanley Druckenmiller owned approximately $92 million worth of VST shares as of the end of 2023

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>>> Vistra Corp. (VST), together with its subsidiaries, operates as an integrated retail electricity and power generation company. The company operates through six segments: Retail, Texas, East, West, Sunset, and Asset Closure. It retails electricity and natural gas to residential, commercial, and industrial customers across states in the United States and the District of Columbia. In addition, the company is involved in the electricity generation, wholesale energy purchases and sales, commodity risk management, fuel production, and fuel logistics management activities. It serves approximately 4 million customers with a generation capacity of approximately 37,000 megawatts with a portfolio of natural gas, nuclear, coal, solar, and battery energy storage facilities. The company was formerly known as Vistra Energy Corp. and changed its name to Vistra Corp. in July 2020. Vistra Corp. was founded in 1882 and is based in Irving, Texas. <<<



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>>> AI Is Giving Nuclear Power a Big Lift. 4 Stocks Riding the Trend.

Data centers being built to run AI systems require lots of power. Nuclear power is exceptionally well suited to meeting such enormous demands.

Barron's

by Avi Salzman

March 28, 2024


https://www.barrons.com/articles/ai-nuclear-power-stocks-8852a830


A small set of companies that own nuclear reactors have seen their stocks soar at Nvidia-like rates in the past few months, part of a little-noticed renaissance in an industry that hasn’t had much to brag about in years. They can thank artificial intelligence.

Nuclear power, it turns out, is exceptionally well suited to meeting the enormous electricity demands of data centers for AI. As a result, the stocks of Constellation Energy CEG, Vistra, and Talen Energy are each up more than 90% in the past year. There’s a good chance they’ll go still higher.

“The world clearly is moving in our direction,” said Constellation CEO Joe Dominguez on the company’s latest earnings call.

For years, most of the world was moving in the opposite direction. The fear of nuclear accidents like the 2011 Fukushima disaster is part of the problem. But economics have played a role, too. Operating a nuclear plant has been a terrible business — barely profitable without government subsidies. Generating electricity from nuclear fuel often costs more than generating it from natural gas, because natural-gas prices have fallen during the U.S. shale-drilling revolution. The growth of renewables also complicates life for nuclear power owners. When strong winds gust in Texas, the surge of wind power can cause electricity prices to fall below zero...

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>>> BWXT-led Team Awarded $45 Billion Environmental Management Contract for DOE’s Hanford Site


BusinessWire

March 4, 2024


https://finance.yahoo.com/news/bwxt-led-team-awarded-45-214500395.html


LYNCHBURG, Va., March 04, 2024--(BUSINESS WIRE)--BWX Technologies, Inc. (NYSE: BWXT) today announced a contract with an estimated value of up to $45 billion over a 10-year ordering period from the U.S. Department of Energy (DOE) for environmental management operations at the Hanford Site in Washington.

The DOE announced that the Hanford Integrated Tank Disposition Contract (ITDC) was awarded to Hanford Tank Waste Operations & Closure, LLC (H2C), which is a joint venture led by a BWXT subsidiary and includes subsidiaries of Amentum and Fluor.

"This is an important award for BWXT and represents a significant objective as we continue to leverage our technical capabilities on high-consequence environmental restoration sites," said Rex Geveden, BWXT’s president and chief executive officer. "We are dedicated to supporting the U.S. Department of Energy’s environmental stewardship at this site, as well as national security and cleanup work for DOE sites across the nation."

"Our team is both honored and appreciative that DOE has selected us to take on the largest and most complex radioactive waste cleanup project in the United States," said Heatherly Dukes, president of BWXT’s Technical Services Group. "We are committed to working with our DOE Environmental Management customer, regulatory authorities and the Tri-Cities community in safely reducing the environmental liabilities at the site in an efficient and effective manner that is protective of the workforce, the public and the environment."

The scope of the ITDC includes operation of Hanford tank farm facilities, eventual operation of the Waste Treatment and Immobilization Plant, and responsibility for other core functions such as project management, security and emergency services, business performance, and environment, safety, health and quality.

The DOE is engaged in one of the great public works projects of this century at the Hanford Site near Richland, Washington. Responsible for the federal government’s cleanup of the legacy of more than 40 years of producing plutonium through the 1980s, DOE is transforming the site back into an operations mode to treat tank waste from the production era.

About BWXT

At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Virginia, BWXT is a Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental restoration, nuclear medicine and space exploration. With approximately 7,800 employees, BWXT has 14 major operating sites in the U.S., Canada and the U.K. In addition, BWXT joint ventures provide management and operations at a dozen U.S. Department of Energy and NASA facilities.

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>>> Constellation Forecasts Strong Earnings Growth in 2024 and Beyond as Demand and Support for Clean Energy Builds


BusinessWire

February 27, 2024


https://finance.yahoo.com/news/constellation-forecasts-strong-earnings-growth-105500886.html


Initiating full-year Adjusted (Non-GAAP) Operating Earnings per share guidance of $7.23 to $8.03

Nuclear PTC provides earnings visibility and platform for growth

Announcing 25% dividend per share growth, exceeding 10% annual dividend growth target

Started next $1 billion in share repurchases

Targeting long-term base EPS growth of at least 10% through the decade


BALTIMORE, February 27, 2024--(BUSINESS WIRE)--Marking the start of its third year as an independent company, Constellation, the nation’s largest producer of carbon-free energy, will host a virtual investor and analyst event via webcast today to lay out a forecast for earnings growth based on the strength of its industry-leading commercial business and market and policy recognition that nuclear energy is essential to addressing the climate crisis while preserving grid reliability and the nation’s energy security.

"The most valuable commodity in the world today remains clean energy that can be depended on in every hour of every day, and no U.S. company is better positioned to deliver on that promise than Constellation, which has more clean, reliable nuclear capacity than all other U.S. competitive generators combined," said Joe Dominguez, president and CEO of Constellation. "State and federal policies, bipartisan political support, public opinion surveys and increased customer demand for reliable and clean energy all point to strong and growing support for nuclear energy to power our economy for decades to come. Combined with our industry-leading Commercial business that helps our customers achieve their climate goals, we see a growing landscape of opportunities to continue building our business and lead the clean energy transition."

Highlights from the Investor Update

Strong financial outlook with predictable earnings: Constellation initiated guidance for 2024 Adjusted (Non-GAAP) Operating Earnings of $7.23 to $8.03 per share. The Adjusted (Non-GAAP) Operating Earnings guidance excludes the effects of the following from projected GAAP net income:

Unrealized impacts of fair value adjustments

Decommissioning-related activities

Pension and Other Postretirement Employment Benefit (OPEB) non-service credits

Separation costs

Enterprise Resource Program (ERP) system implementation

Other items not directly related to the ongoing operations of the business

Noncontrolling interest related to exclusion items


The nuclear production tax credit (PTC) in the IRA provides a stable foundation for consistent and growing earnings that will allow Constellation to continue investing in growth opportunities, including by adding clean energy generation to its fleet through uprates, repowering wind assets, license extensions and asset acquisitions while also returning capital to shareholders. The PTC provides revenue visibility and also preserves Constellation’s ability to capture upside from tightening power market conditions.

Long-term base EPS growth of at least 10%: Constellation is targeting long-term base earnings per share (EPS) growth of at least 10% through the decade backstopped by the nuclear production tax credit in the Inflation Reduction Act (IRA) and effective deployment of our strong free cash flow generation.

Base earnings, a significant component of total Adjusted (Non-GAAP) Operating Earnings, are consistent, visible earnings that will grow over time and can be modeled using simple price times quantity calculations, such as expected generation volumes times price or customer margins times volumes. The company has opportunities to grow base earnings faster by monetizing the value of the reliable, carbon-free nuclear power generated at its Clean Energy Centers through hourly carbon-free matching solutions, behind-the-meter opportunities like data centers or hydrogen, government clean energy procurements or higher market prices.

Constellation's Assets Are Unmatched

Growth fueled by customer demand: With a customer-facing business that serves three fourths of Fortune 100 companies and 21% of the competitive C&I market, Constellation is well positioned to meet the growing needs of digital infrastructure and other essential industries looking for reliable, carbon-free electricity to power economic growth. U.S. electricity demand is expected to grow twice as fast through 2030 compared with the past decade, while at the same time the grid is growing more dependent on intermittent resources. Major tech companies alone are expected to make significant investments to expand our nation’s digital infrastructure over the next five years, with data centers growing from 2% to 7.5% of U.S. electricity demand by 2030. The nation’s top technology firms have set goals to power this growth with clean and dependable energy. Growing recognition of nuclear energy as a reliable clean energy resource creates opportunities for Constellation to forge new customer relationships and capture additional value from our 180 million MWh of annual clean energy output.

World-class operations are a competitive advantage: Constellation is ranked No. 1 in operational metrics among major nuclear operators, with our clean-energy fleet avoiding the equivalent of 251 million metric tons of carbon dioxide pollution over the past two years. The company’s nuclear fleet achieved a 94.6% capacity factor from 2022-2023, approximately 4% above recent industry average. That additional output compared with industry peers is the equivalent of having another reactor’s worth of power or $335 million in additional annual revenue (pre-tax).

Returning value to shareholders: Constellation announced plans to grow its dividend per share by 25% this year, exceeding the company’s dividend growth target of at least 10% annually. This brings the total dividend increase to 150% in two years. The company completed its first $1 billion stock repurchase plan last year, and in December the board approved an additional $1 billion repurchase with $150 million already executed.

Dividend Declaration: Our Board of Directors has declared a quarterly dividend of $0.3525 per share on our common stock. The dividend is payable on Tuesday, March 19, 2024, to shareholders of record as of 5 p.m. Eastern time on Friday, March 8, 2024.

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Looks like nuclear is the 'go to' power source for BRICS and the developing countries of the world. But the US and Europe? It's hard to believe the Western globalists will willingly reverse their anti nuclear policies, although they might be forced back to nuclear to remain competitive. For BRICS countries, windmills and solar panels clearly aren't going to cut it, and one of the big draws for emerging countries to join BRICS is that China and Russia will help them build nuclear plants. To compete, the US may have to do the same, albeit reluctantly.

But once an emerging country has a nuclear power plant, producing a nuclear weapon is much easier. And nuclear proliferation is only one reason the US / West globalists have been against nuclear power. A broader reason is that cheap power leads to a large prosperous middle class, which the globalists view as a threat to their ruling oligarchy. They'd much rather rule over a smaller population of serfs.

We'll see what happens, but since - a) Job #1 for the US / West globalists is to somehow derail BRICS, and b) a key attraction to joining BRICS is having China/Russia build nuclear plants for your country, a logical way to derail this is to poison the well for nuclear power generally. One way to do that would be to see a few nuclear plants blown up during a war or by a 'terrorist' group. This would demonstrate the extreme vulnerability of having a nuclear plant in your country, and the devastating effects if it is targeted by a neighboring country or group. Hopefully this doesn't happen, but it seems like a logical option for the US / West globalist ghouls as they become increasingly desperate to stop BRICS expansion.


>>> BRICS Nations Surge Ahead in Nuclear Energy Commitment


By ZeroHedge

Oct 19, 2023


https://infobrics.org/post/39640/


- China tops the list with plans for 24 new nuclear reactors, one of which will be connected this year.

- India aims to connect eight new nuclear power plants by 2027, with Turkey and South Korea also making notable commitments.

- Three future BRICS members—UAE, Egypt, and Argentina—are currently constructing new nuclear reactors.

In the mid-term, nuclear power plants are considered by some experts to be the most efficient transitional solution for achieving global climate goals. Criticism is though levelled at the largely unresolved question of final storage and potential safety risks.

As Statista's Martin Armstrong shows, using data from the World Nuclear Association, no country is currently committing more to a nuclear future than China.

The Asian superpower currently has 24 new nuclear reactors planned or being built, with one new power plant to be connected to the grid this year.

The United Arab Emirates and Turkey are also planning to connect one new power plant each, and in South Korea there are two more in the pipeline for this year.

In second place is India, which plans to have eight new nuclear power plants built and connected to the grid by 2027, followed by the aforementioned Turkey with four and South Korea with three reactors.

What is noteworthy here is that with China, India and Russia, three of the five BRICS members are among the top eight.

From January 1, 2024, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates will join as new members. In three of these six future member countries - the United Arab Emirates, Egypt and Argentina - new nuclear reactors are also currently under construction.

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Can Nuclear Power “Decarbonize” the Oil and Gas Industry?

https://oilprice.com/Energy/Crude-Oil/Can-Nuclear-Power-Decarbonize-the-Oil-and-Gas-Industry.html

By Felicity Bradstock - Mar 13, 2024, 4:00 PM CDT
Oil and gas companies are under pressure to reduce greenhouse gas emissions.
Using clean energy sources like nuclear power to run oil and gas operations can significantly reduce emissions.
Small modular reactors (SMRs) are being developed as a potential solution for providing clean energy to remote oil and gas facilities.

Governments and private companies worldwide have been exploring the idea of reducing emissions from oil operations by using nuclear energy. There is increasing pressure for oil and gas firms to reduce their greenhouse gas emissions to support a global green transition and reduce the effects of climate change on the environment, yet this can be extremely difficult to achieve. Much of the focus has been on retroactive carbon-capture operations, using carbon capture and storage (CCS) technology. Many environmentalists believe that the retroactive approach does not make a meaningful change and that fossil fuel companies must reduce their production rates, as well as decarbonise operations at the source. In response, companies worldwide are exploring the potential for nuclear energy to power operations to reduce the emissions created during production and processing activities.

While there is a plethora of environmental issues related to fossil fuel production, there is significant potential to reduce the greenhouse gas emissions associated with oil and gas operations. Oil and gas production, transport, and processing contribute around 15 percent of all energy-related greenhouse gas emissions worldwide. The use of oil and gas accounts for another 40 percent of emissions. While it is extremely difficult to reduce these emissions, using clean energy sources to power upstream oil and gas facilities could help companies decarbonise some of their activities.
At present, most companies rely on fossil fuels to power upstream operations, such as extracting gas and oil through drilling, pumping, and fracking. Many downstream operations, such as refining and processing, also use fossil fuels. Aline des Cloizeaux, the Director of the International Atomic Energy Agency’s (IAEA) Division of Nuclear Power, stated: “Most oil and gas operations burn fossil fuels to produce the energy needed for their upstream and downstream operations.” She added, “To drive down carbon emissions from these processes, ideally drilling, natural gas liquefaction and refining would be electrified with low carbon sources, such as nuclear.”

Related: Europe’s Secret Weapon In Its Energy War With Russia

Most oil and gas operations are conducted in remote locations, making it difficult to power activities using electricity from the grid. However, there is significant potential to use microreactors (MRs) or small modular reactors (SMRs) to deliver power to the site. While fossil fuel production will still create carbon emissions, the use of nuclear power to fuel operations can help significantly reduce operational emissions and prevent waste. While the MR and SMR industry is in its infancy, many governments and private companies are investing in the acceleration of this technology, with capacity expected to increase significantly by 2030.

One company is taking the next step in using nuclear power to fuel oil and gas operations by signing an agreement to develop the necessary technology. Viaro Energy and newcleo, a clean nuclear technology developer, have signed a memorandum of understanding (MoU) to forge a strategic partnership to decarbonise oil and gas infrastructure using nuclear technology. The MoU provides a strategy for decarbonising Viaro’s oil and gas operations with newcleo’s lead-cooled fast reactor (LFR) technology. Newcleo expects the equipment to be suitable for a range of locations as it is compact and easily transportable. The LFR will be powered using reprocessed spent fuel, produced from existing reactors, to reduce waste.

Stefano Buono, the Chairman and CEO of newcleo, stated: “This is an exciting partnership and demonstrates the potential for newcleo’s technology to support industrial decarbonisation. The transition to net-zero will only be achieved by decarbonising not only the energy, transport and heat sectors but also energy-intensive and ‘hard to abate’ heavy industries.”

Related: Forgotten Gas Reserves Could Be A Gamechanger For European Energy
“Our technology means that, for the first time, nuclear reactors will provide decentralised, baseload, low-carbon energy to customers with enhanced safety and security of supply. Viaro’s pragmatic and forward-looking approach will help them to blaze a trail towards lower-carbon operations in the oil and gas sector and we are delighted to be partnering with them and to provide energy solutions to make their aims a reality,” he added.

The use of the technology is expected to help decarbonise Viaro’s North Sea operations, where the company produces around 30,000 barrels of oil a year. The firm holds non-operated stakes at around 30 offshore assets in the U.K. and the Netherlands. Viajo also announced that it had invested in newcleo, although no more information was given. This year, London-based newcleo is aiming to become one of Europe’s highest-funded start-ups, seeking to raise $1.09 billion.

As the oil and gas industry looks to decarbonise operations in line with rising government pressure and higher consumer expectations, nuclear power could provide the answer. While most fossil fuel production takes place in remote locations, making it difficult to power using clean electricity from the grid, there is significant potential for the rollout of MRs and SMRs to power operations. Although the technology is in its infancy, greater investment in the technology by oil and gas firms could ensure they are some of the first companies to get access to innovative nuclear reactors as they are rolled out.

By Felicity Bradstock for Oilprice.com

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>>> BWX Technologies Inc (BWXT) Reports Solid Revenue and EBITDA Growth in Q4 and Full Year 2023


GuruFocus Research

February 27, 2024


https://finance.yahoo.com/news/bwx-technologies-inc-bwxt-reports-215419496.html


Revenue: Q4 revenue rose 16% to $725.5 million, with full-year revenue up 12% to $2.5 billion.

Net Income: Q4 GAAP net income increased 54% to $66.3 million, while full-year net income saw a 3% rise to $246.3 million.

Earnings Per Share (EPS): Q4 diluted non-GAAP EPS was $1.01, with full-year diluted non-GAAP EPS at $3.02.

Adjusted EBITDA: Q4 adjusted EBITDA grew 13% to $147.6 million, with a full-year increase of 7% to $471.9 million.

Free Cash Flow: Significant growth in free cash flow, reaching $212.4 million for the year, a 358% increase.

2024 Guidance: BWXT projects Non-GAAP EPS between $3.05 and $3.20 and adjusted EBITDA of approximately $500 million for 2024.


On February 27, 2024, BWX Technologies Inc (NYSE:BWXT) released its 8-K filing, detailing the fourth quarter and full-year financial results for 2023. The company, a leading provider of nuclear components for government and commercial applications, reported a strong finish to the year with significant growth in revenue, net income, and adjusted EBITDA.

BWX Technologies operates primarily through two segments: Government Operations, which includes legacy Nuclear Operations Group and Nuclear Services Group, and Commercial Operations, which encompasses the legacy Nuclear Power Group. The company's operations span the United States, Canada, and the United Kingdom, with the majority of its business in the U.S. and a significant focus on Government Operations.

The company's performance in the fourth quarter was marked by a 16% increase in revenue to $725.5 million, driven by higher naval nuclear component production, long-lead materials procurement, microreactors, and special materials processing. Full-year revenue also saw a 12% increase to $2.5 billion, attributed to growth in both operating segments.

Adjusted EBITDA for the fourth quarter grew by 13% to $147.6 million, while the full-year figure rose by 7% to $471.9 million. This growth was supported by higher revenue and favorable contract adjustments, although partially offset by increased staffing levels and associated costs.

Net income for the fourth quarter increased by 54% to $66.3 million, and full-year net income rose by 3% to $246.3 million. The company also reported robust free cash flow for the year, which increased by a remarkable 358% to $212.4 million.

Looking ahead, BWXT has initiated guidance for 2024, projecting Non-GAAP EPS between $3.05 and $3.20 and adjusted EBITDA of approximately $500 million. This guidance reflects the company's positive outlook and the momentum carried over from 2023.

President and CEO Rex D. Geveden commented on the results, stating:

"We had a strong finish to 2023, with double-digit revenue and adjusted EBITDA growth and robust free cash flow in the fourth quarter, as expected. In 2023, we had record revenue and adjusted EBITDA and achieved many important objectives... Looking ahead, we expect the momentum from 2023 to carry into 2024 and more than offset the anticipated lull in aircraft carrier propulsion systems production, as other elements of our nuclear portfolio gather strength."

The company's financial achievements are particularly important in the Aerospace & Defense industry, where consistent revenue and EBITDA growth are critical indicators of a company's ability to invest in new technologies and maintain a competitive edge. BWXT's strong cash flow performance also underscores its financial health and ability to return value to shareholders.

As BWXT prepares for its Investor Day on February 28, 2024, the company's leadership remains optimistic about future prospects, citing favorable market trends, unique assets, and a highly skilled workforce as key drivers for continued success.

For more detailed financial information, including reconciliations of non-GAAP results, investors and interested parties are encouraged to review the full earnings release and additional materials available on the BWXT investor relations website.

BWX Technologies Inc (NYSE:BWXT) continues to leverage its expertise and strategic initiatives to position itself for sustainable growth in the dynamic Aerospace & Defense sector, making it a company to watch for value investors and industry stakeholders alike.

Explore the complete 8-K earnings release (here) from BWX Technologies Inc for further details.

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>>> BWX Technologies, Inc. (BWXT), together with its subsidiaries, manufactures and sells nuclear components in the United States, Canada, and internationally. It operates through two segments, Government Operations and Commercial Operations.

The Government Operations segment designs and manufactures naval nuclear components, reactors, and nuclear fuel; fabrication activities; and supplies proprietary and sole-source valves, manifolds, and fittings to naval and commercial shipping customers. This segment also involved in manufacture of close-tolerance and equipment for nuclear applications; down blend government stockpiles of uranium; receives, stores, characterizes, dissolves, recovers, and purifies uranium-bearing materials; and supplies research reactor fuel elements for colleges, universities, and national laboratories, as well as components for defense applications.

The Commercial Operations segment designs and manufactures commercial nuclear steam generators, heat exchangers, pressure vessels, and reactor components; and other auxiliary equipment, including containers for the storage of nuclear fuel and other high-level nuclear waste. This segment also offers nuclear fuel, fuel handling systems, tooling delivery systems, nuclear grade materials, and precisely machined components, and related services for CANDU nuclear power plants; provides in-plant inspection, maintenance, and modification services, as well as non-destructive examination and tooling/repair solutions; and manufactures medical radioisotopes, radiopharmaceuticals, and medical devices.

The company was formerly known as The Babcock & Wilcox Company and changed its name to BWX Technologies, Inc. in June 2015. BWX Technologies, Inc. was founded in 1867 and is headquartered in Lynchburg, Virginia.

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https://finance.yahoo.com/quote/BWXT/profile


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>>> Uranium Firms Revive Forgotten Mines as Price of Nuclear Fuel Soars


Bloomberg

by Jacob Lorinc and Maria Clara Cobo

March 3, 2024


https://finance.yahoo.com/news/uranium-firms-revive-forgotten-mines-143000095.html


(Bloomberg) -- Across the US and allied countries, owners of left-for-dead uranium mines are restarting operations to capitalize on rising demand for the nuclear fuel.

At least five US producers are reviving mines in states including Wyoming, Texas, Arizona and Utah, where production flourished until governments soured on the radioactive element following the 2011 Fukushima nuclear disaster in Japan.

Most of those American mines were idled in the aftermath of Fukushima, when uranium prices crashed and countries like Germany and Japan initiated plans to phase out nuclear reactors.

Now, with governments turning to nuclear power to meet emissions targets and top uranium producers struggling to satisfy demand, prices of the silvery-white metal are surging. And that’s giving those once-unprofitable uranium operations a chance to fill a supply gap.

Uranium has been used as an energy source for more than six decades, fueling nuclear power plants and reactors. About two-thirds of global production comes from Kazakhstan, Canada and Australia.

Uranium will be a topic of conversation as thousands of mining executives, geologists and bankers descend on Toronto for the Prospectors & Developers Association of Canada gathering this week. The annual event has attracted at least 10 uranium firms, including Denison Mines Corp., Fission Uranium Corp. and IsoEnergy Ltd.

As countries increasingly consider nuclear power to address climate change, demand for uranium is expected to skyrocket. The International Atomic Energy Agency estimates the world will need more than 100,000 metric tons of uranium per year by 2040 — an amount that requires nearly doubling mining and processing from current levels.

Canada’s Cameco Corp. and Kazakhstan’s Kazatomprom, which together account for half of global supply, have struggled to ramp up production. They have warned of some operational setbacks that will result in less uranium output than expected in the coming years.

Read More: World’s Biggest Uranium Miner Warns of Production Shortfall

“We’re in an old-fashioned, plain-and-simple supply squeeze,” said Scott Melbye, executive vice president of Texas-based Uranium Energy Corp. “Demand is increasing again, with new reactors coming online.”

Production hasn’t kept pace due to years of underinvestment in mining and exploration, said Melbye, whose company is reopening mines in Wyoming and Texas that were idled in 2018.

Energy Fuels Inc. initiated plans late last year to restart operations in Arizona, Utah and Colorado, while Ur-Energy Inc. said it will dust off an idled mine in Wyoming. Mid-sized companies in Australia and Canada have announced similar plans.

To be sure, production from these mines — most of which are small and nearing the end of their lives — would comprise a small fraction of the world’s uranium supply.

“The industry is clearly trying to respond with smaller mines reopening, but when you have a mine that hasn’t operated for that long, it’s obviously not very substantive,” said John Ciampagli, Chief Executive Officer of Sprott Asset Management, which operates the Sprott Physical Uranium Trust.

Top Producers

Supply constraints should ease with top producers churning out the millions of pounds of uranium they left in the ground when prices were low. Kazatomprom has been increasing output after years of operating well below its capacity.

Cameco has been ramping up production at the world’s largest high-grade uranium mine and mill — MacArthur River and Key Lake in the western Canadian province of Saskatchewan — after idling operations between 2018 and 2021 due to weak market conditions.

The two firms “will be very concerned about losing their market share to a bunch of juniors, and so they’ll want to claim that back,” said Tom Price, a senior commodities analyst at London-based investment bank Libereum. “That will take a lot of heat out of the market.”

Still, US mine reopenings mark a revival for an American industry that was at risk of disappearing only five years ago. American uranium production hit an all-time low of 174,000 pounds in 2019 — a drop from its 44-million-pound peak in 1980 — as the US started increasing dependence on imports from countries like Canada, Australia, Kazakhstan and Russia.

Read More: The Long Arm of Russia and the Politics of Uranium

The US industry’s push is also political, with the government seeking to secure access to supply amid geopolitical uncertainty. Sanctions on Russia following its 2022 invasion of Ukraine have posed challenges for uranium shipments en route from Kazakhstan, since the former Soviet state’s exports typically pass through Russian ports.

To keep up with demand, the Uranium Producers of America forecasts the US will need eight to 10 new, major mines to start production over the next decade.

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>>> Border package contains $2 billion for uranium enrichment


The Hill

by Zack Budryk


https://www.msn.com/en-us/news/politics/border-package-contains-2-billion-for-uranium-enrichment/ar-BB1hP4E2?cvid=fad0ba4c2ad24de1815d441d89ccc17b&ei=19


The Senate’s border and Ukraine spending package contains more than $2 billion in funds for uranium processing, as the U.S. works to reduce global reliance on Russian energy exports.

The text of the bill, released Sunday night, includes $2.72 billion in unspent grant funding for domestic uranium enrichment, with the goal of bolstering nuclear fuel development. Another $98 million would go to domestic isolation and production of isotopes, a major Russian export. The package would also put $149 million toward the National Nuclear Security Administration to respond to the ongoing Russian invasion of Ukraine.

Russia is the sixth largest producer of uranium worldwide. The Biden administration has made attempts to isolate the country as an energy exporter, and it is working to reduce general foreign reliance within the renewable energy supply chain.

The bill is almost certainly doomed in the House, where Speaker Mike Johnson (R-La.) has said it will not pass, while former President Trump, the likely GOP 2024 nominee, has called on Republicans to oppose it.

Its path in the Senate is also unclear, as it’s not yet certain the bill could garner the 60 votes required to send it to the House. Not only have Republicans objected to its Ukraine provisions, some Democrats in the progressive wing have also expressed objections to the amount of aid it provides to Israel amid criticism of the country’s prosecution of the war in Gaza.

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>>> 22 countries want to triple nuclear power. Is there enough uranium to go around?


Yahoo Finance

by Ines Ferré

January 28, 2024


https://finance.yahoo.com/news/22-countries-want-to-triple-nuclear-power-is-there-enough-uranium-to-go-around-180010715.html


Uranium has been hot this year, industry experts say. The trouble is there may not be enough to go around.

The squeeze on the metal, found in rocks and seawater, intensified recently after 22 countries, including the US, recently signed a pact at the UN Climate Change conference to triple their nuclear power capacity by 2050.

"There’s no other way to meet those net-zero carbon goals other than nuclear energy," said Nicole Galloway Warland, managing director of Thor Energy (THORF), an exploration company with projects in Utah and Colorado.

The backdrop to all this is, of course, is the march towards cleaner energy. But the rise of EVs and the anticipated power demands of artificial intelligence computing are also going to create a demand crunch for clean electricity — and nuclear is seen as a power source, unlike oil or coal, without the downside of carbon dioxide emissions.

That means the demand for uranium, the underlying fuel for nuclear plants, will be on the rise for years to come, experts and miners contend.

"Where is that uranium going to come from?," asked Galloway Warland. "There’s not enough to go around. There’s a supply deficit."

Earlier this month, the world's largest uranium miner, Kazatomprom (KAP.IL), warned it will likely not meet its production targets in the next two years because of mine construction delays and a lack of sulfuric acid needed for uranium production. Uranium prices shot up to 2007 levels this month, sitting above $106 per pound.

Uranium-related stocks have also been on fire.

Shares of Canadian giant Cameco (CCJ) have gained 83% over the past year. Kazatomprom, which trades on the London stock exchange, is up more than 60% over the past six months. Shares of US-based Energy Fuels (UUUU) are up about 25% during the same period.

'Uranium is becoming a household name'

A psychological shift surrounding nuclear is clearly helping fuel the market frenzy.

Nuclear power has been out of favor for years. But the Fukushima, Japan, nuclear disaster in 2011 prompted governments to scale back plans and shut down reactors. For much of the last decade, little investment went into the industry. Climate change, however, has changed attitudes.

"Nuclear power now has been realized as the new, vogue way of providing all this baseline power," Duane Parnham, executive chairman and CEO of Madison Metals (GREN.CN), told Yahoo Finance.

"Uranium is becoming a household name," he added.

Silicon Valley celeb billionaires, for example, have talked up the benefits of nuclear energy. Last year Sam Altman, the chief executive behind ChatGPT, announced his special purpose acquisition company would take nuclear energy startup Oklo public. And, of course, Tesla (TSLA) CEO Elon Musk weighed in. He tweeted last year that "The world should increase use of nuclear power!"

In the United States, the shortage is complicated by the fact that much of our uranium is imported from Russia. That's prompted the Biden Administration to seek more supply internally, and from US-friendly states such as Canada, the second-largest producer.

"The US has extensive in-ground uranium resources and quite a bit of idled processing capacity. But we have let our industry and infrastructure atrophy over the past few decades, as nuclear utilities bought cheaper uranium from places like Russia and Kazakhstan," Curtis Moore, senior vice president of marketing at Energy Fuels, told Yahoo Finance.

Now the US is playing catch-up. New uranium mines can take five to 15 years from start to finish, including permits, says Thor Energy's Galloway Warland.

"All of a sudden you’ve got no exploration, you’ve got a lot of old mines coming to the end of their life, you've got geopolitical tensions," said Galloway Warland. "We need to have more exploration, we need more mines coming online."

The Inflation Reduction Act (IRA) passed last year includes a tax credit to help preserve the existing fleet of nuclear plants and tax incentives for advanced reactors. But the IRA also earmarked $700 million to support the development of a domestic supply chain for high-assay low-enriched uranium, commonly referred to as HALEU. The funding is intended to help eliminate US dependence on Russia for nuclear fuel supply.

As for investors, the question is always whether a spike in demand is a big yellow caution flag.

Said Curtis of Energy Fuels: "Prices have skyrocketed, but we don’t think it is a bubble, as the price increases are based on real market fundamentals." He added, "We are likely in the beginning of a multiyear period of elevated uranium prices that will persist for several years until large mines around the world can get into production."

However, some industry watchers are more cautious.

"We’re in a little bit in a bubble in the sense that making this commitment to build this capacity is not realistic. It’s aspirational, but not everybody who signs up to this agreement is well situated to make this happen," said Irina Tsukerman, president of market research and geopolitical risk advisory Scarab Rising.

"It’s possible that there could be disruptions to this process of nuclearization in the future. All it takes is one government changing its position and pulling out, and that’s it," she said.

Bubble or no bubble, the US and other countries are going full force into nuclear. Uranium is expected to stay in high demand, at least until supply catches up.

"We’ve got 60 reactors being built around the world. A hundred more being permitted," Dave Nadig, VettaFi financial futurist, recently told Yahoo Finance. "It’s really going to be a boom era."

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>>> TEPCO's operational ban is lifted, putting it one step closer to restarting reactors in Niigata


Associated Press

by MARI YAMAGUCHI

12-27-23


https://www.msn.com/en-us/news/world/tepco-s-operational-ban-is-lifted-putting-it-one-step-closer-to-restarting-reactors-in-niigata/ar-AA1m5dNP?OCID=ansmsnnews11


TOKYO (AP) — Japanese nuclear safety regulators lifted an operational ban Wednesday imposed on a nuclear plant owned by Tokyo Electric Power Company Holdings, the operator behind the Fukushima plant that ended in disaster, allowing the company to resume preparations for restarting the Kashiwazaki-Kariwa plant after more than 10 years.

At its weekly meeting, the Nuclear Regulation Authority formally lifted the more than two-year ban imposed on the TEPCO's Kashiwazaki-Kariwa plant over its lax safety measures at the site, saying a series of inspections and meetings with company officials has shown sufficient improvement. The decision removes an order that prohibited TEPCO from transporting new fuel into the plant or placing it into reactors, a necessary step for restarting Kashiwazaki-Kariwa's reactors.

The plant on Japan's northern coast of Niigata is TEPCO's only workable nuclear power plant since the March 2011 earthquake and tsunami destroyed its Fukushima Daiichi plant and caused Fukushima Daini plant to cease operations. For the company now burdened with the growing cost of decommissioning the Fukushima Daiichi plant and compensating disaster-hit residents, restarting the Kashiwazaki-Kariwa reactors soon is key to stabilizing its business.

TEPCO President Tomoaki Kobayakawa told reporters Wednesday that it was too early to comment on the prospect for the restart. He said the company will provide its safety and security measures to gain understanding from the local residents, who must approve a restart.

The NRA slapped an unprecedented ban on the operator in April 2021 after revelations of a series of sloppy anti-terrorism measures at TEPCO's Kashiwazaki-Kariwa plant, the world's largest nuclear power complex housing seven reactors.

The Kashiwazaki-Kariwa plant was partially damaged in a 2007 earthquake, causing safety concerns and distrust among local municipalities. The March 2011 disaster caused stoppages of all 54 reactors Japan used to have before the Fukushima disaster, and prompted utility operators to shut many of them down due to additional safety costs, bringing the number of usable reactors to 33 today. Twelve reactors have been restarted under tougher safety standards, and the government wants to bring more than 20 others back online — a goal widely considered overly ambitious.

TEPCO was making final preparations to restart the Kashiwazaki-Kariwa plant’s No. 6 and No. 7 reactors after regulators granted safety approvals for them in 2017. But in 2021, regulators gave the plant’s nuclear security a “red” rating, the lowest given to any operator, resulting in the operational ban.

The case raised questions about whether TEPCO learned any lessons from the 2011 Fukushima crisis, which was largely attributed to the utility’s lack of concern about safety.

NRA Chair Shinsuke Yamanaka told Wednesday’s meeting that the lifting of the restrictions is just the beginning, and TEPCO is still required to keep improving its safety precautions.

“TEPCO is a unique company; in a way it had caused the accident," Yamanaka said. “It is the operator's responsibility to keep improving, and our task is to watch if improvement is adequately carried out." He said he hoped TEPCO will be an open and transparent company capable of sufficient communication across the workplace, while also accomplishing Fukushima Daiichi's cleanup.

Before TEPCO can restart the reactors, it needs the consent of nearby residents. Prior to the NRA decision Wednesday, Niigata Gov. Hideyo Hanazumi told reporters that the will of the voters he represents must be taken into consideration.

The Japanese government recently began a push to restart as many reactors as possible to maximize nuclear energy and meet decarbonization targets. Prime Minister Fumio Kishida’s government has reversed Japan’s nuclear energy phaseout plan, instead looking to use atomic power as key energy supply accounting to more than one-fifth of the country’s energy supply.

A restart of Kashiwazaki-Kariwa plant, along with attempts by other utility operators to resume their reactors, would “contribute to Japan's stable energy supply and its pursuit of carbon neutrality,” especially when the energy-scarce country is hit by rising energy costs amid Russia's war on Ukraine, Kobayakawa said. “Of course, safety is the prerequisite.”

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>>> At COP28, Countries Launch Declaration to Triple Nuclear Energy Capacity by 2050, Recognizing the Key Role of Nuclear Energy in Reaching Net Zero


Energy.gov

DECEMBER 1, 2023


https://www.energy.gov/articles/cop28-countries-launch-declaration-triple-nuclear-energy-capacity-2050-recognizing-key


At COP28, Countries Launch Declaration to Triple Nuclear Energy Capacity by 2050, Recognizing the Key Role of Nuclear Energy in Reaching Net Zero

Declaration Recognizes the Key Role of Nuclear Energy in Keeping Within Reach the Goal of Limiting Temperature Rise to 1.5 Degrees Celsius


DUBAI, UNITED ARAB EMIRATES — During the World Climate Action Summit of the 28th Conference of the Parties to the U.N. Framework Convention on Climate Change today, more than 20 countries from four continents launched the Declaration to Triple Nuclear Energy. The Declaration recognizes the key role of nuclear energy in achieving global net-zero greenhouse gas emissions by 2050 and keeping the 1.5-degree goal within reach. Core elements of the declaration include working together to advance a goal of tripling nuclear energy capacity globally by 2050 and inviting shareholders of international financial institutions to encourage the inclusion of nuclear energy in energy lending policies. Endorsing countries include the United States, Bulgaria, Canada, Czech Republic, Finland, France, Ghana, Hungary, Japan, Republic of Korea, Moldova, Mongolia, Morocco, Netherlands, Poland, Romania, Slovakia, Slovenia, Sweden, Ukraine, United Arab Emirates, and United Kingdom. The full text of the Declaration is below.


Declaration to Triple Nuclear Energy

02 December 2023

Recognizing the key role of nuclear energy in achieving global net-zero greenhouse gas emissions / carbon neutrality by or around mid-century and in keeping a 1.5°C limit on temperature rise within reach and achieving Sustainable Development Goal 7;

Recognizing the importance of the applications of nuclear science and technology that contribute to monitoring climate change and tackling its impacts, and emphasizing the work of the International Atomic Energy Agency (IAEA) in this regard;

Recognizing that nuclear energy is already the second-largest source of clean dispatchable baseload power, with benefits for energy security;

Recognizing that analyses from the OECD Nuclear Energy Agency and World Nuclear Association show that global installed nuclear energy capacity must triple by 2050 in order to reach global net-zero emissions by the same year;

Recognizing that analysis from the Intergovernmental Panel on Climate Change shows nuclear energy approximately tripling its global installed electrical capacity from 2020 to 2050 in the average 1.5°C scenario;

Recognizing that analysis from the International Energy Agency shows nuclear power more than doubling from 2020 to 2050 in global net-zero emissions by 2050 scenarios and shows that decreasing nuclear power would make reaching net zero more difficult and costly;

Recognizing that new nuclear technologies could occupy a small land footprint and can be sited where needed, partner well with renewable energy sources, and have additional flexibilities that support decarbonization beyond the power sector, including hard-to-abate industrial sectors;

Recognizing the IAEA’s activities in supporting its Member States, upon request, to include nuclear power in their national energy planning in a sustainable way that adheres to the highest standards of safety, security, and safeguards and its “Atoms4NetZero” initiative as an opportunity for stakeholders to exchange expertise;

Recognizing the importance of financing for the additional nuclear power capacity needed to keep a 1.5°C limit on temperature rise within reach;

Recognizing the need for high-level political engagement to spur further action on nuclear power;

The Participants in this pledge:

Commit to work together to advance a global aspirational goal of tripling nuclear energy capacity from 2020 by 2050, recognizing the different domestic circumstances of each Participant;

Commit to take domestic actions to ensure nuclear power plants are operated responsibly and in line with the highest standards of safety, sustainability, security, and non-proliferation, and that fuel waste is responsibly managed for the long term;

Commit to mobilize investments in nuclear power, including through innovative financing mechanisms;

Invite shareholders of the World Bank, international financial institutions, and regional development banks to encourage the inclusion of nuclear energy in their organizations’ energy lending policies as needed, and to actively support nuclear power when they have such a mandate, and encourage regional bodies that have the mandate to do so to consider providing financial support to nuclear energy;

Commit to supporting the development and construction of nuclear reactors, such as small modular and other advanced reactors for power generation as well as wider industrial applications for decarbonization, such as for hydrogen or synthetic fuels production;

Recognize the importance of promoting resilient supply chains, including of fuel, for safe and secure technologies used by nuclear power plants over their full life cycles;

Recognize the importance, where technically feasible and economically efficient, of extending the lifetimes of nuclear power plants that operate in line with the highest standards of safety, sustainability, security, and non-proliferation, as appropriate;

Commit to supporting responsible nations looking to explore new civil nuclear deployment under the highest standards of safety, sustainability, security, and non-proliferation;

Welcome and encourage complementary commitments from the private sector, non-governmental organizations, development banks, and financial institutions;

Resolve to review progress towards these commitments on an annual basis on the margins of the COP;

Call on other countries to join this declaration.

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>>> COP28: UAE signs deal with Bill Gates' nuclear company on advanced reactors


Reuters

12-4-23


https://www.msn.com/en-us/money/companies/cop28-uae-signs-deal-with-bill-gates-nuclear-company-on-advanced-reactors/ar-AA1kXizO?OCID=ansmsnnews11


DUBAI (Reuters) - Bill Gates' advanced nuclear reactor company TerraPower LLC and the United Arab Emirates’ state owned nuclear company ENEC said on Monday they have agreed to study the potential development of advanced reactors in the UAE and abroad.

The memorandum of understanding comes amid a push by the UAE to expand its nuclear energy capacity, and a pledge by over 20 nations at the COP28 climate conference in Dubai to triple nuclear deployment this decade to fight climate change.

“For the UAE, we're looking for a future for the clean electrons and molecules that will be brought to reality by advanced reactors,” said Mohamed Al Hammadi, CEO of ENEC, during the signing ceremony.

"Bringing advanced nuclear technologies to market is critical to meeting global decarbonization targets," said TerraPower President and CEO Chris Levesque.

The UAE currently has one traditional nuclear power plant, near Abu Dhabi, which began producing electricity in 2020. TerraPower, meanwhile, has a demonstration project underway for its advanced Natrium reactor in the U.S. state of Wyoming that hopes to come online in 2030.

Advanced reactors are meant to be smaller, easier to build, and more dynamic than traditional plants, and are regarded by some as vital complement to intermittent power sources like wind and solar that are expanding rapidly.

The MOU between TerraPower and the UAE said they would explore uses for advanced nuclear reactors such storing power on the grid and providing the energy needed to produce hydrogen, and decarbonize coal, steel and aluminum plants.

One potential hitch, however, is that TerraPower's Natrium reactors require a fuel called high assay low enriched uranium or HALEU, the main producer of which currently is Russia.

TerraPower's Wyoming project has experienced delays over concerns about HALEU supply since the Russian invasion of Ukraine, but the company told Reuters it expects the United States to be able to produce the fuel in the coming decade.

The United States is seeking to start up HALEU production domestically and has contracted with a company called Centrus to develop a project to do so.

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>>> Centrus Reports Third Quarter 2023 Results


PR Newswire

November 7, 2023


https://finance.yahoo.com/news/centrus-reports-third-quarter-2023-221500136.html


Began production of High-Assay Low-Enriched Uranium (HALEU) in October 2023 and Completed Phase I of Department of Energy contract in November 2023.

Annuitized $186.5 million of pension plan obligations for 1,400 beneficiaries, de-risking balance sheet and improving the capital structure

Net income of $8.2 million on $51.3 million in revenue, compared to net loss of $6.1 million on $33.2 million in revenue in Q3 2022

Consolidated cash balance of $183.3 million as of September 30, 2023


BETHESDA, Md., Nov. 7, 2023 /PRNewswire/ -- Centrus Energy Corp. (NYSE American: LEU) ("Centrus" or the "Company") today reported third quarter 2023 results. The Company reported net income of $8.2 million for the three months ended September 30, 2023, compared to a net loss of $6.1 million for the three months ended September 30, 2022. The net income per common share in the three months ended September 30, 2023 was $0.53 (basic) and $0.52 (diluted).

"Centrus made history on October 11, inaugurating the first new U.S.-technology, U.S.-owned uranium enrichment plant to begin production since 1954," said Centrus President and CEO Daniel B. Poneman. "Our team completed this work under budget and ahead of schedule, proving once again our ability to execute on complex, mission-critical projects. As we pursue our goal of expanding the plant to meet the full range of commercial and national security requirements for enriched uranium, we are heartened by the growing momentum in Congress and the Administration to support a major federal investment in restoring America's domestic enrichment capacity. Centrus stands ready to do our part to help reclaim America's global leadership in nuclear fuel production."

The quarter also demonstrated Centrus' critical role in the supply chain to deploy advanced nuclear reactors through the Memoranda of Understanding concluded with TerraPower and Oklo.

Our financial results vary from quarter to quarter based on the timing of contracted deliveries and the specific contract terms. The majority of our LEU contracts are multi-year arrangements in which customers have annual purchase obligations, but can choose in which quarter to take delivery. We record the revenue and cost of sales in the quarter when deliveries are made, which can vary throughout the year, but tends to even out on an annual basis.

Financial Results

Centrus generated total revenue of $51.3 million and $33.2 million for the three months ended September 30, 2023 and 2022, respectively, an increase of $18.1 million.

Revenue from the LEU segment was $40.5 million and $20.2 million for the three months ended September 30, 2023 and 2022, respectively, an increase of $20.3 million. The increase was due to the $32.8 million increase in SWU revenue, partially offset by the $12.5 million decrease in uranium revenue for the three months ended September 30, 2023. The increase in SWU revenue was due to an increase in the volume of SWU sold and an increase in the average price of SWU sold.

Revenue from the Technical Solutions segment was $10.8 million and $13.0 million for the three months ended September 30, 2023 and 2022, respectively, a decrease of $2.2 million. The decrease was primarily related to the transition from the HALEU Demonstration Contract to the HALEU Operation Contract in late 2022. For the three months ended September 30, 2023, the HALEU Operation Contract generated $8.9 million in revenue. The HALEU Demonstration Contract generated $1.3 million in revenue for the three months ended September 30, 2023, compared to $11.7 million in revenue for the same period in 2022.

Cost of sales for the LEU segment was $30.4 million and $18.9 million for the three months ended September 30, 2023 and 2022, respectively, an increase of $11.5 million. The increase was due to a $23.9 million increase in SWU costs, partially offset by a $12.4 million decrease in uranium costs. The increase in SWU costs reflected an increase in the volume of SWU sold and an increase in the average unit cost of SWU sold. Cost of sales for the three months ended September 30, 2023 included $0.6 million for the revaluation of inventory loans.

Cost of sales for the Technical Solutions segment was $9.6 million and $12.0 million for the three months ended September 30, 2023 and 2022, respectively, a decrease of $2.4 million. The decrease was related to a decrease of $10.8 million of costs associated with the HALEU Demonstration Contract signed in 2019 and a decrease in costs of approximately $1.0 million associated with other contracts, partially offset by $9.4 million of costs incurred for the HALEU Operation Contract signed in 2022.

Gross profit for the Company was $11.3 million and $2.3 million for the three months ended September 30, 2023 and 2022, respectively. The increase for the three months ended September 30, 2023 was due primarily to the specific contract and pricing mix of SWU contracts and the timing of their deliveries quarter over quarter. This was reflected by an increase in the volume of SWU sold and an increase in the average profit margin per SWU.

HALEU Update

On September 6, 2023, the Company announced that it was conducting final system tests and other preparations so that production of HALEU could commence at our American Centrifuge Plant in Piketon, Ohio. On September 21, 2023, the Nuclear Regulatory Commission granted final approval for the Company to produce the quantity of HALEU required by Phase 1 of the contract. On October 11, 2023, the Company announced the beginning of enrichment operations. On November 6, 2023, the Company completed production of the initial 20 kilograms of HALEU UF6 under Phase 1 of the HALEU Operation Contract. In Phase 2 of the contract that has a cost-plus-incentive-fee structure, Centrus is required to produce 900 kilograms of HALEU UF6. The Department of Energy takes delivery of the HALEU on site in Piketon and is obligated to provide the HALEU storage cylinders to collect the HALEU from the cascade; Centrus has constructed a storage facility where the HALEU will be kept until it is needed.

TerraPower and Oklo Memoranda of Understanding

In July and August, 2023, the Company signed memoranda of understanding with TerraPower and Oklo, respectively, to support the deployment of additional HALEU production capacity in Piketon, Ohio subject to negotiating definitive agreements. Centrus and TerraPower will collaborate to ensure that TerraPower's Natrium demonstration reactor has access to HALEU at the milestones necessary to meet the TerraPower project's 2030 operation date. Centrus and Oklo will collaborate on activities including Oklo's purchase of HALEU and manufactured components from Centrus, and Centrus' purchase of electricity from Oklo's planned Aurora powerhouses in Piketon, Ohio.

Pension Annuitization

On October 12, 2023, the Company entered into an agreement to purchase a group annuity contract for one of its pension plans and transfer approximately $186.5 million of its pension plan obligations, or 41% of its obligations for the plan, based on the December 31, 2022 valuation, to an insurer. The purchase of the group annuity contract was funded directly by the assets of the pension plan of approximately $171.4 million. The purchase resulted in a transfer of administrative and benefit paying responsibilities for approximately 1,400 beneficiaries to the insurer. Centrus believes this move will de-risk its balance sheet by reducing its risk for current and future liabilities at no detriment to pensioners. The Company estimates that the income related to the pension settlement recognized in the fourth quarter will be approximately $15.1 million, dependent upon the completion and final pricing of the annuity transaction The settlement charge will be recognized in nonoperating components of net periodic benefit loss (income) in our consolidated statements of operations.

About Centrus Energy Corp.

Centrus Energy is a trusted supplier of nuclear fuel and services for the nuclear power industry. Centrus provides value to its utility customers through the reliability and diversity of its supply sources – helping them meet the growing need for clean, affordable, carbon-free electricity. Since 1998, the Company has provided its utility customers with more than 1,750 reactor years of fuel, which is equivalent to 7 billion tons of coal. With world-class technical and engineering capabilities, Centrus is also advancing the next generation of centrifuge technologies so that America can restore its domestic uranium enrichment capability in the future.

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>>> Centrus Makes First HALEU Delivery to U.S. Department of Energy


PR Newswire

November 7, 2023


https://finance.yahoo.com/news/centrus-makes-first-haleu-delivery-113000606.html


BETHESDA, Md., Nov. 7, 2023 /PRNewswire/ -- Today, Centrus Energy Corp. announced that it has made its first delivery of High-Assay, Low-Enriched Uranium (HALEU) to the U.S. Department of Energy, completing Phase One of its contract with the Department by successfully demonstrating its HALEU production process. Centrus will now move on to Phase Two of the contract – requiring a full year of HALEU production at the rate of 900 kilograms per year at its American Centrifuge Plant in Piketon, Ohio.

"Centrus is proud to be pioneering American HALEU production, with our first delivery of the fuel that is urgently needed to support the demonstration and commercialization of advanced reactors," said Centrus President and CEO Daniel B. Poneman. "This critical milestone is essential to meeting the Department's near-term HALEU needs, while laying the groundwork for the full restoration of America's lost domestic uranium enrichment capacity. We are committed to working with the Department and industry to build a public-private partnership so that we can scale up production in the coming years to meet the full range of commercial and national security requirements for enriched uranium."

"Our HALEU team has worked exceptionally hard to complete this project ahead of schedule and under budget – showing we can execute on big, complicated projects and deliver value to our customers," said Centrus Senior Vice President of Operations Larry Cutlip. "We are grateful to have had the opportunity to demonstrate and expand our capabilities and expertise over the course of this work and look forward to embarking on the next phase of this important effort."

Under a competitively awarded, cost-share contract signed with the U.S. Department of Energy in 2022, Centrus was required to begin production of HALEU by the end of this year. Centrus began enrichment operations in October – two months ahead of schedule. By completing delivery of more than 20 kilograms of HALEU to the Department, Centrus has finished Phase One of the contract. The Department takes delivery of the HALEU on site in Piketon and is obligated to provide the HALEU storage cylinders to collect the HALEU from the cascade; Centrus has constructed a storage facility where the HALEU will be kept until it is needed.

Phase One included a 50 percent cost share requirement for Centrus, with the company and the Department each contributing about $30 million of the $60 million overall cost. In Phase Two of the contract, the Department will pay Centrus on a cost-plus incentive fee basis for the HALEU the company produces.

HALEU is an advanced nuclear fuel required for most of the next-generation reactor designs currently under development. The capacity of the 16-centrifuge cascade is modest – about 900 kilograms of HALEU per year – but with sufficient funding and offtake commitments, Centrus could significantly expand production. A full-scale HALEU cascade, consisting of 120 centrifuge machines, with a combined capacity to produce approximately 6,000 kilograms of HALEU per year (6 MTU/year), could be producing HALEU within 42 months after securing the necessary funding. With appropriate support, Centrus could add a second HALEU cascade six months later and subsequent cascades every two months after that. That would mobilize hundreds of union workers in Ohio to build and operate the plant, while supporting thousands of direct and indirect jobs across a nationwide manufacturing supply chain. The Piketon facility has ample space for the thousands of machines that will be needed to meet the growing demand for enriched uranium in the decades to come.

About Centrus Energy

Centrus Energy is a trusted supplier of nuclear fuel and services for the nuclear power industry. Centrus provides value to its utility customers through the reliability and diversity of its supply sources – helping them meet the growing need for clean, affordable, carbon-free electricity. Since 1998, the Company has provided its utility customers with more than 1,750 reactor years of fuel, which is equivalent to 7 billion tons of coal. With world-class technical and engineering capabilities, Centrus is also advancing the next generation of centrifuge technologies so that America can restore its domestic uranium enrichment capability in the future.

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[gfp927z]

Sorry to see you leaving, but I guess spending more time with your girlfriend is a great alternative :o) Hopefully you will return to posting here on I-Hub, at least occasionally. As the ancient saying goes -- 'Everything in Moderation' :o) I will miss you.

Here's hoping the world situation improves. Things go in cycles, as the song says - 'There is a season and a time for every purpose' -

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[wow_happens28]

Gfp, I am alive, but leaving stock boards. Computer broke down and I don't miss it all much, and girl friend moving in with me and not so much free time. The whole world so messed up, nothing is safe in investing, IMO, maybe paper money, from a while any way. You are a goodman, been nice posting with you.

[gfp927z]

>>> An Iranian nuclear facility is so deep underground that US airstrikes likely couldn’t reach it


Associated Press

BY JON GAMBRELL

May 22, 2023


https://apnews.com/article/iran-nuclear-natanz-uranium-enrichment-underground-project-04dae673fc937af04e62b65dd78db2e0


DUBAI, United Arab Emirates (AP) — Near a peak of the Zagros Mountains in central Iran, workers are building a nuclear facility so deep in the earth that it is likely beyond the range of a last-ditch U.S. weapon designed to destroy such sites, according to experts and satellite imagery analyzed by The Associated Press.

The photos and videos from Planet Labs PBC show Iran has been digging tunnels in the mountain near the Natanz nuclear site, which has come under repeated sabotage attacks amid Tehran’s standoff with the West over its atomic program.

With Iran now producing uranium close to weapons-grade levels after the collapse of its nuclear deal with world powers, the installation complicates the West’s efforts to halt Tehran from potentially developing an atomic bomb as diplomacy over its nuclear program remains stalled.

Completion of such a facility “would be a nightmare scenario that risks igniting a new escalatory spiral,” warned Kelsey Davenport, the director of nonproliferation policy at the Washington-based Arms Control Association. “Given how close Iran is to a bomb, it has very little room to ratchet up its program without tripping U.S. and Israeli red lines. So at this point, any further escalation increases the risk of conflict.”

The construction at the Natanz site comes five years after then-President Donald Trump unilaterally withdrew America from the nuclear accord. Trump argued the deal did not address Tehran’s ballistic missile program, nor its support of militias across the wider Middle East.

But what it did do was strictly limit Iran’s enrichment of uranium to 3.67% purity, powerful enough only to power civilian power stations, and keep its stockpile to just some 300 kilograms (660 pounds).

Since the demise of the nuclear accord, Iran has said it is enriching uranium up to 60%, though inspectors recently discovered the country had produced uranium particles that were 83.7% pure. That is just a short step from reaching the 90% threshold of weapons-grade uranium.

As of February, international inspectors estimated Iran’s stockpile was over 10 times what it was under the Obama-era deal, with enough enriched uranium to allow Tehran to make “several” nuclear bombs, according to the head of the International Atomic Energy Agency.

President Joe Biden and Israel’s prime minister have said they won’t allow Iran to build a nuclear weapon. “We believe diplomacy is the best way to achieve that goal, but the president has also been clear that we have not removed any option from the table,” the White House said in a statement to the AP.

The Islamic Republic denies it is seeking nuclear weapons, though officials in Tehran now openly discuss their ability to pursue one.

Iran’s mission to the United Nations, in response to questions from the AP regarding the construction, said that “Iran’s peaceful nuclear activities are transparent and under the International Atomic Energy Agency safeguards.” However, Iran has been limiting access for international inspectors for years.

Iran says the new construction will replace an above-ground centrifuge manufacturing center at Natanz struck by an explosion and fire in July 2020. Tehran blamed the incident on Israel, long suspected of running sabotage campaigns against its program.

Tehran has not acknowledged any other plans for the facility, though it would have to declare the site to the IAEA if they planned to introduce uranium into it. The Vienna-based IAEA did not respond to questions about the new underground facility.

The new project is being constructed next to Natanz, about 225 kilometers (140 miles) south of Tehran. Natanz has been a point of international concern since its existence became known two decades ago.

Protected by anti-aircraft batteries, fencing and Iran’s paramilitary Revolutionary Guard, the facility sprawls across 2.7 square kilometers (1 square mile) in the country’s arid Central Plateau.

Satellite photos taken in April by Planet Labs PBC and analyzed by the AP show Iran burrowing into the Kuh-e Kolang Gaz La, or “Pickaxe Mountain,” which is just beyond Natanz’s southern fencing.

A different set of images analyzed by the James Martin Center for Nonproliferation Studies reveals that four entrances have been dug into the mountainside, two to the east and another two to the west. Each is 6 meters (20 feet) wide and 8 meters (26 feet) tall.

The scale of the work can be measured in large dirt mounds, two to the west and one to the east. Based on the size of the spoil piles and other satellite data, experts at the center told AP that Iran is likely building a facility at a depth of between 80 meters (260 feet) and 100 meters (328 feet). The center’s analysis, which it provided exclusively to AP, is the first to estimate the tunnel system’s depth based on satellite imagery.

The Institute for Science and International Security, a Washington-based nonprofit long focused on Iran’s nuclear program, suggested last year the tunnels could go even deeper.

Experts say the size of the construction project indicates Iran likely would be able to use the underground facility to enrich uranium as well — not just to build centrifuges. Those tube-shaped centrifuges, arranged in large cascades of dozens of machines, rapidly spin uranium gas to enrich it. Additional cascades spinning would allow Iran to quickly enrich uranium under the mountain’s protection.

“So the depth of the facility is a concern because it would be much harder for us. It would be much harder to destroy using conventional weapons, such as like a typical bunker buster bomb,” said Steven De La Fuente, a research associate at the center who led the analysis of the tunnel work.

The new Natanz facility is likely to be even deeper underground than Iran’s Fordo facility, another enrichment site that was exposed in 2009 by U.S. and other world leaders. That facility sparked fears in the West that Iran was hardening its program from airstrikes.

Such underground facilities led the U.S. to create the GBU-57 bomb, which can plow through at least 60 meters (200 feet) of earth before detonating, according to the American military. U.S. officials reportedly have discussed using two such bombs in succession to ensure a site is destroyed. It is not clear that such a one-two punch would damage a facility as deep as the one at Natanz.

With such bombs potentially off the table, the U.S. and its allies are left with fewer options to target the site. If diplomacy fails, sabotage attacks may resume.

Already, Natanz has been targeted by the Stuxnet virus, believed to be an Israeli and American creation, which destroyed Iranian centrifuges. Israel also is believed to have killed scientists involved in the program, struck facilities with bomb-carrying drones and launched other attacks. Israel’s government declined to comment.

Experts say such disruptive actions may push Tehran even closer to the bomb — and put its program even deeper into the mountain where airstrikes, further sabotage and spies may not be able to reach it.

“Sabotage may roll back Iran’s nuclear program in the short-term, but it is not a viable, long-term strategy for guarding against a nuclear-armed Iran,” said Davenport, the nonproliferation expert. “Driving Iran’s nuclear program further underground increases the proliferation risk.”

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>>> Centrus Energy Corp. (LEU) supplies nuclear fuel and services for the nuclear power industry in the United States, Japan, Belgium, and internationally. The company operates through two segments, Low-Enriched Uranium (LEU) and Technical Solutions. The LEU segment sells separative work units (SWU) component of LEU; SWU and natural uranium components of LEU; and natural uranium for utilities that operate nuclear power plants. The Technical Solutions segment offers technical, manufacturing, engineering, procurement, construction, and operations services to public and private sector customers, including the American Centrifuge engineering and testing activities. The company was formerly known as USEC Inc. and changed its name to Centrus Energy Corp. in September 2014. Centrus Energy Corp. was incorporated in 1998 and is headquartered in Bethesda, Maryland.

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[gfp927z]

>> reasons stocks will go up? >>

On the plus side, the Fed is almost done tightening, inflation has come down a lot, and the economy has been resilient. And near term, I think the Fed has been trying to prop up the market to offset the bearish effects from the Israel-Hamas war. It appears the PPT / Plunge Protection Team stepped in, and several Fed Governors issued dovish guidance, so an attempt to prevent a selloff due to the war.

On the negative side, there are lots of reasons to stay out of the market and collect the easy 5% in cash / T-Bills. Tough to say, but probably not a time to stick one's neck out too far. Fwiw, I'm sitting at 18% for the stock allocation, so fairly low, and also decided to put it exclusively in the S+P 500 instead of individual stocks / sector ETFs. The long term goal will be to maintain a 20% stock allocation, but still a 'work in progress'. It sure seems like a tough time to be an investor, but at least cash and bonds are now paying a good % rate, so less reason to be in stocks.




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[wow_happens28]

What reason is there that stocks will go up? The fact that is has not gone down with all the bad news is suspicious. IMO the powers that be are convincing the sheeple to not worry about a crash? Most moving averages are at some kind of support line, either flat or rising bottom. They don't want a crash too close to the cheatlection, so watch out soon?

https://finviz.com/futures_charts.ashx?t=ER2&p=w

URA made a triple top?

https://stockcharts.com/h-sc/ui?s=URA&p=D&yr=5&mn=0&dy=0&id=p47054114064

[gfp927z]

Fwiw, I decided to exit my nuke positions (LEU, URA, URNM, NLR). They were only tiny amounts, but I just don't have a good feel for this sector. Hopefully nuclear power continues its apparent turnaround, but it isn't too hard to imagine seeing Iran's nuclear plants targeted for destruction by US / Israel in the not too distant future. That would be a major setback for nuclear power, seeing how vulnerable these plants are to attack, and how big parts of a country can be made radioactive ala Chernobyl. Anyway, too many unknowns and landmines in this sector imo.



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[gfp927z]

>> big oil be behind an accident or 2 <<

Looking at who would benefit, derailing nuclear power would mainly benefit the US/West globalists They already don't like nuclear, and even more now since nuclear is such a big part of the appeal of joining BRICS. One way to derail BRICS expansion would be to remove nuclear power as an option for these emerging countries. So if desperate enough, the globalist ghouls would deliberately blow up a nuclear plant or two to 'poison the well' for nuclear power generally.

For example, they stage an event where a 'terrorist' group destroys a nuclear plant in an emerging country, thus demonstrating the extreme vulnerability of having nuclear in your country, and the devastating effects if a country's enemies decide to target their shiny new nuke plant. This would instantly reverse the appeal of nuclear power, and thus remove a key motivation for joining BRICS. For emerging countries, nuclear power is extremely attractive and has tons of advantages, but not if the plant can be easily blown up by your regional rivals or domestic enemies. A chunk of your country ends up like Chernobyl -- irradiated and uninhabitable for 1000 years, So these emerging countries decide to forget it, and stick with natural gas, solar, anything but nuclear.

Anyway, this is one possible NWO strategy for not only derailing BRICS expansion, but also for preventing nuclear proliferation. Another broad goal is to prevent emerging countries from modernizing too much, thus keeping them weak and easily exploitable. The globalists mainly are interested in controlling the mineral riches found in these emerging countries, and want the country to have enough infrastructure to facilitate mining operations, etc, but not enough to improve conditions for the general population, which otherwise makes the country too uppity and independent.

Author John Perkins explains the process in his famous book 'Confessions of an Economic Hitman' (link below). The globalists first get the emerging country into serious debt trouble via IMF loans, and then offer debt relief in exchange for control of the country's mineral riches. For decades this IMF con job was the only game in town, but then China entered the picture with far better terms / outcomes for these emerging countries. Hence the wide appeal for joining BRICS -

https://en.wikipedia.org/wiki/John_Perkins_(author)



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[wow_happens28]

I wouldn't be surprised to see big oil be behind an accident or 2. We' never know though. But that though has to be a concern to nuclear investors.