Second week in a row we are talking about Uranium. Looking at the chart of the Sprott Trust below we kind of have to as it is dominating the news.
The Sprott Trust seems to have changed the conversation around uranium.
However, there are other news items that came out last week that will also provide tailwinds to the uranium bull market we find ourselves currently.
Illinois legislature votes to keep states nuclear units online.
The Illinois House late on Thursday passed an energy bill with nearly $700 million in incentives for two Exelon Corp nuclear power plants, taking the legislature one step closer to saving the plants the company has threatened to close starting on Monday.
“What the House has accomplished tonight is monumental and life changing for the future generations of Illinois,” said House Speaker Emanuel “Chris” Welch, a Democrat. “Illinois is on the path to a greener future that prioritizes a reduction in carbon emissions, saves jobs, diversifies the energy sector and tackles necessary ethics reform.”
Kevin Bambrough on Twitter had the following to say about this vote.
Secondly, one of the front runners to be Japan’s new Prime Minister made positive remarks with regard to nuclear power.
Japan’s popular coronavirus vaccination minister, Taro Kono, previously known as a strong critic of nuclear energy, on Friday announced his candidacy to lead the ruling party and, by extension, become the next prime minister.
“We believe Japan needs nuclear power on the basis of current science and technology,” Kazuhiro Ikebe, the chairman of the Federation of Electric Power Companies of Japan (FEPC), told reporters.
Kono sounded more cautious on his stance on nuclear power at a Friday news conference, declining to be labelled “anti-nuclear”.
He said nuclear power plants dormant since the 2011 Fukushima disaster, that are deemed safe, could be restarted to help achieve a goal of carbon neutrality by 2050.
Japan really has no choice as it imports over 90% of its energy. It gets couched in meeting carbon goals but importing LNG is killing them.
We have already seen extensions to operating licenses in the US.
There really will be no way to meet the climate change goals that policymakers have advocated unless nuclear power is part of the generation mix.
Finally, Sprott upsized the ATM on the uranium trust from $300 million to $1.3 billion.
The news keeps getting better and better for uranium.