After having been cautious early last year, we turned constructive on uranium in summer. We now turn outright bullish.
Nuclear energy: the clear winner of the Iran conflict
We believe nuclear energy will emerge as the clear winner from the Iran conflict, thanks to its unmatched energy density and proven resilience under extreme stress. Crucially, the safety of nuclear power has been validated throughout both the Iran and Ukraine conflicts: plants and facilities came under direct attack, yet critical safety functions held firm with no compromise.
A separate but important reminder came at the start of 2024, when a 7.6-magnitude
earthquake struck Japan’s Noto Peninsula, its epicentre only 60 km from the offline Shika nuclear plant. Despite sustaining some damage, the facility maintained all critical functions, including cooling and backup power. These episodes underscore nuclear’s unique ability to deliver reliable, high-density baseload power even in the most adverse geopolitical and seismic conditions.
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