The world is becoming increasingly energy hungry, and the need for carbon-free electricity has brought nuclear power back to the center of energy strategy.
According to Wood Mackenzie, more than 70 governments are considering new commercial reactors. Yet, these plans require uranium – a commodity that’s emerging as the key pressure point.
Prices are already moving. In a recent interview, Sprott Asset Management CEO John Ciampaglia said long-term uranium prices are in the “mid 90s per pound,” but added that “in inflation-adjusted terms, we’re not at an 18-year high.”
That difference matters because costs have risen sharply across the industry. Thus, if inflation-adjusted price remains below the all-time highs, it might not trigger enough new supply. To make it worse, demand is becoming structural while supply remains slow, capital-intensive and politically exposed.
Multi-Trillion-Dollar Demand Surge
