Uranium Prices: Russia Busy With Nuclear Energy Expansion, Technology Development

Russia’s nuclear power ambitions lag behind other emerging economies, but its advancements in technology could provide a great contribution to the nuclear power sector as a whole. For this reason, uranium price followers should keep a close watch on Russia’s nuclear sector.

Nuclear power use has become controversial in many countries around the world. In Russia, an average of one large reactor per year is due to come on line to 2028, balancing retired capacity. While this level of nuclear power development lags far behind the likes of China, Russia’s investments in technology and partnerships will increase the use, safety, and efficiency of nuclear power. As safety and technology improve this could attract an even greater use of nuclear power, around the world.

Over the past few months, Russia has been particularly busy signing agreements in the nuclear sector. Recently, International Uranium Enrichment Center General Director Gleb Yefremov said in an interview with Interfax that Russia and Ukraine will sign a new contract on the supply of Ukrainian uranium to Russia in summer. But, this time around things will be a little different. The agreement will likely be for the supply of uranium for 3-years, not 10-years as in previous agreements due to the current, low price for uranium.

Meanwhile, earlier in the month a bunch of agreements and contracts were signed by Russian state nuclear corporation Rosatom and its subsidiaries during the IX AtomExpo International Forum. The latest agreements were with both Asian and European companies, and cover collaboration in a wide range of nuclear-related areas, including uranium supply, advancements in nuclear power plant maintenance, and uranium enrichment technology to name a few.

Leia Toovey has a B.Sc. in geology from Simon Fraser University, and her degree had a focus on resource economics. Out of school, she started working in the booming mining industry of Vancouver, Canada, covering junior mining stocks and commodities including potash, copper, nickel, oil and gold. Then she moved to New York and worked as a commodities analyst covering a breadth of commodities, from the Baltic Dry Index through the softs. As a geologist she has a greater understanding of the exploration and extraction side of commodities, and how changes in technology and the depletion of resources impact pricing. At Economic Calendar she covers a variety of commodities, providing daily technical and fundamental analysis and assessing major market developments.