Nuclear Energy?s Future From A Uranium Producer?s Perspective

Gary R. Steele is vice president, corporate marketing with Energy Fuels Resources. As such, he knows the global uranium market. The following are some of his thoughts on uranium?s place in the global energy picture. ME: What are Energy Fuels Resources? thoughts on the global nuclear power industry? Steele: The global nuclear power industry is a major contributor to the electrical needs of the world. Though generation by nuclear reactors has primarily attracted attention through the reactor accidents at Three Mile Island and Chernobyl, nuclear power continues to quietly and safely provide power to a growing and power-hungry world population. As of March 2008, 30 countries were operating 439 nuclear power reactors. Nuclear power plants provided about 15 percent of the world?s electricity production in 2007. France leads the world in nuclear utilization, with 77 percent of its power coming from nuclear plants. And Lithuania, Slovakia and Belgium each derive more than 50 percent of their power needs from nuclear plants. For much of the developed world, nuclear generation has already been contributing significantly to the supply of electricity. Additionally, 34 new nuclear plants are under construction in 14 countries. Leading the rush to build new nuclear generating plants are China, Russia and India. Each of these countries is building six new nuclear power plants. These 18 plants, totaling almost 12,000 MW of generation capacity, will require about 7.25 kt (16 million lbs) of U3O8 for their initial fuel load and will consume about 2.45 kt/a (5.4 million lbs/year) for the rest of their operating lives. The rest of the world, outside of the United States, has used nuclear power as a viable and economic generation alternative since the commercialization of utility nuclear reactors. And current activity supports the strong future of the nuclear alternative internationally.