Weekly Reports | Nov 24 2020
As the weekly spot price regains some ground, the British Prime Minister reveals nuclear initiatives as part of a plan for a green industrial revolution
-British Ten Point Plan for a green industrial revolution
-Plans to revitalise US nuclear infrastructure
-The weekly spot price climbs over 1%
By Mark Woodruff
British Prime Minister Boris Johnson revealed a Ten Point Plan last week for a US$15.9bn green industrial revolution that expects to create and support up to 250,000 British jobs by 2030.
The plan includes an Advanced Nuclear Fund, which aims to direct funding toward small modular reactor development and advanced modular reactors.
The Plan calls for "advancing nuclear as a clean energy source, across large-scale nuclear and developing the next generation of small and advanced reactors, which could support 10,000 jobs."
The announcement was met with widespread industry support, according to industry consultant TradeTech. CEO Simone Rossi of EDF UK (which supplies gas and electricity to homes and businesses) proclaimed, "Today's government announcement is a game changer”.
In the US, bipartisan legislation emerged this week that aims to revitalise the US’s nuclear infrastructure, notes TradeTech. The American Nuclear Infrastructure Act of 2020 aims to enable US international leadership, preserve America's nuclear fuel supply chain, reduce carbon emissions, and strengthen US economic, energy, and national security. This summary of aims was included in a statement issued by the Senate Committee on Environment and Public Works on November 17.
The bill would establish a national strategic uranium reserve and require the US Nuclear Regulatory Commission and US Department of Energy to work on the development of high-assay low-enriched fuel. The bill would also establish a "carbon emissions avoidance program," which would ensure continued operation of reactors at risk of premature shutdown, explains TradeTech.
TradeTech's Weekly Spot Price Indicator rose to US$29.75/lb, an increase of $US0.40 from last week's value.