World Nuclear Power Reactors & Uranium Requirements
1 March 2016
http://www.world-nuclear.org/information-library/facts-and-figures/world-nuclear-power-reactors-and-uranium-requireme.aspx
This table includes only those future reactors envisaged in specific plans and proposals and expected to be operating by 2030.
The World Nuclear Association country profiles linked to this table
cover both areas: near-term developments and the prospective long-term
role for nuclear power in national energy policies. They also provide
more detail of what is tabulated here.
COUNTRY
(Click name for
Country Profile) |
NUCLEAR ELECTRICITY GENERATION 2014
|
REACTORS OPERABLE
1 March 2016
|
REACTORS UNDER CONSTRUCTION
1 March 2016
|
REACTORS PLANNED
March 2016
|
REACTORS PROPOSED
March 2016
|
URANIUM REQUIRED
2016
| |||||
billion kWh
|
% e
|
No.
|
MWe net
|
No.
|
MWe gross
|
No.
|
MWe gross
|
No.
|
MWe gross
|
tonnes U | |
Argentina |
5.3
|
4.0
|
3
|
1627
|
1
|
27
|
2
|
1950
|
2
|
1300
|
217
|
---|---|---|---|---|---|---|---|---|---|---|---|
Armenia |
2.3
|
30.7
|
1
|
376
|
0
|
0
|
1
|
1060
|
88
|
||
Bangladesh |
0
|
0
|
0
|
0
|
0
|
0
|
2
|
2400
|
0
|
0
|
0
|
Belarus |
0
|
0
|
0
|
0
|
2
|
2388
|
0
|
0
|
2
|
2400
|
0
|
Belgium |
32.1
|
47.5
|
7
|
5943
|
0
|
0
|
0
|
0
|
0
|
0
|
1015
|
Brazil |
14.5
|
2.9
|
2
|
1901
|
1
|
1405
|
0
|
0
|
4
|
4000
|
332
|
Bulgaria |
15.0
|
31.8
|
2
|
1926
|
0
|
0
|
1
|
950
|
0
|
0
|
327
|
Canada |
98.6
|
16.8
|
19
|
13553
|
0
|
0
|
2
|
1500
|
3
|
3800
|
1730
|
Chile |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
4
|
4400
|
0
|
China |
123.8
|
2.4
|
30
|
26849
|
24
|
26885
|
42
|
48330
|
136
|
156000
|
6072
|
Czech Republic |
28.6
|
35.8
|
6
|
3904
|
0
|
0
|
2
|
2400
|
1
|
1200
|
567
|
Egypt |
0
|
0
|
0
|
0
|
0
|
0
|
2
|
2400
|
2
|
2400
|
0
|
Finland |
22.6
|
34.6
|
4
|
2741
|
1
|
1700
|
1
|
1200
|
1
|
1500
|
1126
|
France |
418.0
|
76.9
|
58
|
63130
|
1
|
1750
|
0
|
0
|
1
|
1750
|
9211
|
Germany |
91.8
|
15.8
|
8
|
10728
|
0
|
0
|
0
|
0
|
0
|
0
|
1689
|
Hungary |
14.8
|
53.6
|
4
|
1889
|
0
|
0
|
2
|
2400
|
0
|
0
|
356
|
India |
33.2
|
3.5
|
21
|
5302
|
6
|
4300
|
24
|
23900
|
36
|
41600
|
1077
|
Indonesia |
0
|
0
|
0
|
0
|
0
|
0
|
1
|
30
|
4
|
4000
|
0
|
Iran |
3.7
|
1.5
|
1
|
915
|
0
|
0
|
2
|
2000
|
7
|
6300
|
178
|
Israel |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
1200
|
0
|
Italy |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Japan |
0
|
0
|
43
|
40480
|
3
|
3036
|
9
|
12947
|
3
|
4145
|
1728
|
Jordan |
0
|
0
|
0
|
0
|
0
|
0
|
2
|
2000
|
0
|
||
Kazakhstan |
0
|
0
|
0
|
0
|
0
|
0
|
2
|
600
|
2
|
600
|
0
|
Korea DPR (North) |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
950
|
0
|
Korea RO (South) |
149.2
|
30.4
|
25
|
23017
|
3
|
4200
|
8
|
11600
|
0
|
0
|
4926
|
Lithuania |
0
|
0
|
0
|
0
|
0
|
0
|
1
|
1350
|
0
|
0
|
0
|
Malaysia |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
2
|
2000
|
0
|
Mexico |
9.3
|
5.6
|
2
|
1600
|
0
|
0
|
0
|
0
|
2
|
2000
|
282
|
Netherlands |
3.9
|
4.0
|
1
|
485
|
0
|
0
|
0
|
0
|
1
|
1000
|
102
|
Pakistan |
4.6
|
4.3
|
3
|
725
|
2
|
680
|
2
|
2300
|
0
|
0
|
273
|
Poland |
0
|
0
|
0
|
0
|
0
|
0
|
6
|
6000
|
0
|
0
|
0
|
Romania |
10.8
|
18.5
|
2
|
1310
|
0
|
0
|
2
|
1440
|
1
|
655
|
179
|
Russia |
169.1
|
18.6
|
35
|
26053
|
8
|
7104
|
25
|
27755
|
23
|
22800
|
6416
|
Saudi Arabia |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
16
|
17000
|
0
|
Slovakia |
14.4
|
56.8
|
4
|
1816
|
2
|
942
|
0
|
0
|
1
|
1200
|
905
|
Slovenia |
6.1
|
37.2
|
1
|
696
|
0
|
0
|
0
|
0
|
1
|
1000
|
137
|
South Africa |
14.8
|
6.2
|
2
|
1830
|
0
|
0
|
0
|
0
|
8
|
9600
|
308
|
Spain |
54.9
|
20.4
|
7
|
7121
|
0
|
0
|
0
|
0
|
0
|
0
|
1271
|
Sweden |
62.3
|
41.5
|
9
|
8849
|
0
|
0
|
0
|
0
|
0
|
0
|
1471
|
Switzerland |
26.5
|
37.9
|
5
|
3333
|
0
|
0
|
0
|
0
|
3
|
4000
|
521
|
Thailand |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
5
|
5000
|
0
|
Turkey |
0
|
0
|
0
|
0
|
0
|
0
|
4
|
4800
|
4
|
4500
|
0
|
Ukraine |
83.1
|
49.4
|
15
|
13107
|
0
|
0
|
2
|
1900
|
11
|
12000
|
1985
|
UAE |
0
|
0
|
0
|
0
|
4
|
5600
|
0
|
0
|
10
|
14400
|
0
|
United Kingdom |
57.9
|
17.2
|
15
|
8883
|
0
|
0
|
4
|
6100
|
9
|
11800
|
1734
|
USA |
798.6
|
19.5
|
99
|
98990
|
5
|
6218
|
18
|
8312
|
24
|
26000
|
18214
|
Vietnam |
0
|
0
|
0
|
0
|
0
|
0
|
4
|
4800
|
6
|
6700
|
0
|
WORLD**
|
2,411
|
c 11.5
|
440
|
384,006
|
65
|
68,935
|
173
|
182,424
|
337
|
379,200
|
65,220
|
billion kWh
|
% e
|
No.
|
MWe
|
No.
|
MWe
|
No.
|
MWe
|
No.
|
MWe
|
tonnes U
|
|
NUCLEAR ELECTRICITY GENERATION
|
REACTORS OPERABLE
|
REACTORS UNDER CONSTRUCTION
|
ON ORDER or PLANNED
|
PROPOSED
|
URANIUM REQUIRED
|
Sources:
Reactor data: World Nuclear Association to 1/3/16 (excluding nine shut-down German units)
International Atomic Energy Agency for nuclear electricity production & percentage of electricity (% e) April 2015.
World Nuclear Association: The Nuclear Fuel Report Sept 2015 (reference scenario 2016) – for U. 65,220 tU = 76,914 t U3O8
Reactor data: World Nuclear Association to 1/3/16 (excluding nine shut-down German units)
International Atomic Energy Agency for nuclear electricity production & percentage of electricity (% e) April 2015.
World Nuclear Association: The Nuclear Fuel Report Sept 2015 (reference scenario 2016) – for U. 65,220 tU = 76,914 t U3O8
Operable = Connected to the grid.
Under Construction = first concrete for reactor poured, or major refurbishment under way.
Planned = Approvals, funding or major commitment in place, mostly expected in operation within 8-10 years.
Proposed = Specific programme or site proposals, expected operation mostly within 15 years.
Under Construction = first concrete for reactor poured, or major refurbishment under way.
Planned = Approvals, funding or major commitment in place, mostly expected in operation within 8-10 years.
Proposed = Specific programme or site proposals, expected operation mostly within 15 years.
New plants coming on line are largely balanced by old plants being
retired. Over 1996-2013, 66 reactors were retired as 71 started
operation. There are no firm projections for retirements over the period
covered by this Table, but we estimate that at least 60 of those now
operating will close by 2030, most being small plants. The 2015 Nuclear
Fuel Report reference scenario (Table 2.4) has 132 reactors closing by
2035, and 287 new ones coming on line (figures include 28 Japanese
reactors on line by 2035).
TWh = Terawatt-hours (billion kilowatt-hours), MWe = Megawatt (electrical as distinct from thermal), kWh = kilowatt-hour.
** The world total includes six reactors operating on Taiwan
with a combined capacity of 4927 MWe, which generated a total of 40.8
billion kWh in 2014 (accounting for 18.9% of Taiwan's total electricity
generation). Taiwan has two reactors under construction with a combined
capacity of 2700 MWe. It was expected to require 783 tU in 2016.
Note: This table is routinely updated approximately every two months, and more frequently as required.
Earlier tables: January 2016 December 2015 November 2015 August 2015 June 2015 April 2015 February 2015 January 2015 December 2014 October 2014 August 2014 June 2014 April 2014 February 2014 January 2014 December 2013 October 2013 September 2013 July 2013 June 2013 May 2013 April 2013 January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 September 2011 August 2011;July 2011 June 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 August 2010 July 2010 June 2010 May 2010 April 2010 February 2010 January 2010 December 2009 October 2009 September 2009 August 2009;July 2009 May 2009 April 2009 February 2009 December 2008 October 2008 September 2008 August 2008;July 2008 March 2008 January 2008 December 2007 November 2007 September 2007 August 2007;July 2007 May 2007 March 2007
Nuclear Materials
Nuclear Materials
Key Topics
http://www.nrc.gov/materials.html
- Partnering with State Regulators (Video)
- Source Security (Video)
- Naturally Occurringand Accelerator-Produced Radioactive Material (NARM) Toolbox
- Mixed Oxide (MOX) Fuel Fabrication Facility Licensing
- Risk Assessment in Regulation
- Medical Use Licensing (Part 35)
- Gas Centrifuge Enrichment
- Regulation of Groundwater Quality at NRC Licensed Facilities
Regulated Materials
-
Special Nuclear Material consists of uranium-233 or uranium-235, enriched uranium, or plutonium
-
Source Material is natural uranium or thorium or depleted uranium that is not suitable for use as reactor fuel
-
Byproduct Material,
in general, is nuclear material (other than special nuclear material)
that is produced or made radioactive in a nuclear reactor. Byproduct
material also includes the tailings and waste produced by extracting or
concentrating uranium or thorium from an ore processed primarily for its
source material content.
For details regarding the types of materials regulated by the U.S. Nuclear Regulatory Commission (NRC), see Regulation of Radioactive Materials.
Regulated Activities
For general information, see How We Regulate. For details, see the following related pages:
- Medical, Industrial, and Academic Uses of Nuclear Material
- Source Material Facilities
- Uranium Recovery Facilities
- Fuel Cycle Facilities
- Materials Transportation
Responsibilities
Of the more than 20,000 active source, byproduct, and special nuclear
materials licenses in place in the United States, about a quarter are
administered by the NRC, while the rest are administered by the 37 Agreement States.
The NRC's Office of Nuclear Material Safety and Safeguards
(NMSS) regulates activities that provide for the safe and secure
production of nuclear fuel used in commercial nuclear reactors; the safe
storage, transportation, and disposal of high-level radioactive waste
and spent nuclear fuel; the transportation of radioactive materials
regulated under the Atomic Energy Act of 1954;
develops and oversees the regulatory framework for the safe and secure
use of nuclear materials; medical, industrial, and academic
applications; uranium recovery activities, low-level radioactive waste
sites; and the decommissioning of previously operating nuclear
facilities and power plants. The agency's four regional offices (Region I - Northeast, Region II - Southeast, Region III - Midwest, and Region IV
- West/Southwest) implement the NRC's materials program in the States
for which they are responsible. Materials regulation is also supported
by independent advice from the Advisory Committee on the Medical Uses of Isotopes.
The NRC ensures that its materials program complies with the National Environmental Policy Act (NEPA) by conducting NEPA reviews for all major actions within the program. See Materials Environmental Reviews for detailed information on active reviews.
Page Last Reviewed/Updated Tuesday, June 30, 2015
Special Nuclear Material
http://www.nrc.gov/materials/sp-nucmaterials.html
What is meant by special nuclear material?
"Special nuclear material" (SNM) is defined by Title I of the Atomic Energy Act of 1954
as plutonium, uranium-233, or uranium enriched in the isotopes
uranium-233 or uranium-235. The definition includes any other material
that the Commission determines to be special nuclear material, but does
not include source material. The NRC has not declared any other material
as SNM.
Where does special nuclear material come from?
Uranium-233 and plutonium do not occur naturally but can be formed in
nuclear reactors and extracted from the highly radioactive spent fuel
by chemical separation. Uranium-233 can be produced in special reactors
that use thorium as fuel. Only small quantities of uranium-233 have ever
been made in the United States. Plutonium is produced in reactors using
U-238/U-235 fuel. No U.S. commercial plutonium reprocessing plant is
currently licensed by the NRC for operation. Uranium enriched in
uranium-235 is created by an enrichment facility (see Uranium Enrichment). The NRC regulates two gaseous diffusion enrichment plants operated by the U.S. Enrichment Corporation.
Why is control of special nuclear material important?
Congress enacted Title I of the Atomic Energy Act of 1954, as part of President Eisenhower's Atoms for Peace program, including the clause:
Source and special nuclear material, production facilities, and utilization facilities are affected with the public interest, and regulation by the United States of the production and utilization of atomic energy and of the facilities used in connection therewith is necessary in the national interest to assure the common defense and security and to protect the health and safety of the public.
Special nuclear material is only mildly radioactive, but it includes some fissile material
-- uranium-233, uranium-235, and plutonium-239 -- that, in concentrated
form, can be the primary ingredients of nuclear explosives. These
materials, in amounts greater than formula quantities,
are defined as "strategic special nuclear material" (SSNM). The
uranium-235 content of low-enriched uranium can be concentrated (i.e.,
enriched) to make highly enriched uranium, the primary ingredient of an
atomic bomb.
Regulations
The NRC regulates peaceful use of special nuclear material through
licensing and oversight of licensee operations. Some of the regulations
that pertain to special nuclear material licensing are shown in the
following table.
Subject | Code of Federal Regulations |
---|---|
Radiation Protection | 10 CFR Part 20 |
SNM Licensing | 10 CFR Part 70 |
Physical Protection of SNM | 10 CFR Part 73 |
Material Control and Accounting | 10 CFR Part 74 |
Implementation of U.S./IAEA Agreement | 10 CFR Part 75 |
Gaseous Diffusion Plants (uranium enrichment) | 10 CFR Part 76 |
Page Last Reviewed/Updated Tuesday, February 10, 2015
EXAMPLE.:
PART 20—STANDARDS FOR PROTECTION AGAINST RADIATION
Full Text Version (336.70 KB)http://www.nrc.gov/reading-rm/doc-collections/cfr/part020/index.html
Subpart A—General Provisions
Subpart B—Radiation Protection Programs
20.1101 Radiation protection programs.Subpart C—Occupational Dose Limits
Subpart D—Radiation Dose Limits for Individual Members of the Public
Subpart E—Radiological Criteria for License Termination
Subpart F—Surveys and Monitoring
Subpart G—Control of Exposure From External Sources in Restricted Areas
Subpart H—Respiratory Protection and Controls to Restrict Internal Exposure in Restricted Areas
Subpart I—Storage and Control of Licensed Material
20.1802 Control of material not in storage.Subpart J—Precautionary Procedures
Subpart K—Waste Disposal
Subpart L—Records
Subpart M—Reports
Subpart N—Exemptions and Additional Requirements
Subpart O—Enforcement
Authority: Atomic Energy Act of 1954, secs. 11, 53,
63, 65, 81, 103, 104, 161, 170H, 182, 186, 223, 234, 274, 1701 (42
U.S.C. 2014, 2073, 2093, 2095, 2111, 2133, 2134, 2201, 2210h, 2232,
2236, 2273, 2282, 2021, 2297f); Energy Reorganization Act of 1974, secs.
201, 202 (42 U.S.C. 5841, 5842); Low-Level Radioactive Waste Policy
Amendments Act of 1985, sec. 2 (42 U.S.C. 2021b); 44 U.S.C. 3504 note.
[72 FR 55921, Oct. 1, 2007; 76 FR 35564, Jun. 17, 2011; 77 FR 39904,
Jul. 6, 2012; 80 FR 54233, Sep. 9, 2015; 80 FR 58574, Sep. 30, 2015]
Page Last Reviewed/Updated Wednesday, March 23, 2016
http://www.nrc.gov/reading-rm/doc-collections/cfr/part020/part020-1001.html
Subpart A—General Provisions
Source: 56 FR 23391, May 21, 1991, unless otherwise noted.
§ 20.1001 Purpose.
http://www.nrc.gov/reading-rm/doc-collections/cfr/part020/part020-1002.html
(a) The regulations in this part establish standards for protection
against ionizing radiation resulting from activities conducted under
licenses issued by the Nuclear Regulatory Commission. These regulations
are issued under the Atomic Energy Act of 1954, as amended, and the
Energy Reorganization Act of 1974, as amended.
(b) It is the purpose of the regulations in this part to control the
receipt, possession, use, transfer, and disposal of licensed material by
any licensee in such a manner that the total dose to an individual
(including doses resulting from licensed and unlicensed radioactive
material and from radiation sources other than background radiation)
does not exceed the standards for protection against radiation
prescribed in the regulations in this part. However, nothing in this
part shall be construed as limiting actions that may be necessary to
protect health and safety.
Page Last Reviewed/Updated Wednesday, December 02, 2015
NRC Regulations (10 CFR) > Part Index > § 20.1002 Scope.
§ 20.1002 Scope.
The regulations in this part apply to persons licensed by the
Commission to receive, possess, use, transfer, or dispose of byproduct,
source, or special nuclear material or to operate a production or
utilization facility under parts 30 through 36, 39, 40, 50, 52, 60, 61,
63, 70, or 72 of this chapter, and in accordance with 10 CFR 76.60 to
persons required to obtain a certificate of compliance or an approved
compliance plan under part 76 of this chapter. The limits in this part
do not apply to doses due to background radiation, to exposure of
patients to radiation for the purpose of medical diagnosis or therapy,
to exposure from individuals administered radioactive material and
released under § 35.75, or to exposure from voluntary participation in
medical research programs.
[67 FR 20370, Apr. 24, 2002; 67 FR 62872, Oct. 9, 2002, as amended at 67 FR 77652, Dec. 19, 2002; 72 FR 49485, Aug. 28, 2007]
Page Last Reviewed/Updated Wednesday, December 02, 2015
NRC Regulations (10 CFR) > Part Index > § 20.1003 Definitions.
§ 20.1003 Definitions.
http://www.nrc.gov/reading-rm/doc-collections/cfr/part020/part020-1003.html
As used in this part:
Absorbed dose means the energy imparted by ionizing
radiation per unit mass of irradiated material. The units of absorbed
dose are the rad and the gray (Gy).
Accelerator-produced radioactive material means any material made radioactive by a particle accelerator.
Act means the Atomic Energy Act of 1954 (42 U.S.C. 2011 et seq.), as amended.
Activity is the rate of disintegration (transformation) or
decay of radioactive material. The units of activity are the curie (Ci)
and the becquerel (Bq).
Adult means an individual 18 or more years of age.
Airborne radioactive material means radioactive material dispersed in the air in the form of dusts, fumes, particulates, mists, vapors, or gases.
Airborne radioactivity area means a room, enclosure, or area
in which airborne radioactive materials, composed wholly or partly of
licensed material, exist in concentrations—
(1) In excess of the derived air concentrations (DACs) specified in appendix B, to §§ 20.1001-20.2401, or
(2) To such a degree that an individual present in the area without
respiratory protective equipment could exceed, during the hours an
individual is present in a week, an intake of 0.6 percent of the annual
limit on intake (ALI) or 12 DAC-hours.
Air-purifying respirator means a respirator with an
air-purifying filter, cartridge, or canister that removes specific air
contaminants by passing ambient air through the air-purifying element.
ALARA (acronym for "as low as is reasonably achievable")
means making every reasonable effort to maintain exposures to radiation
as far below the dose limits in this part as is practical consistent
with the purpose for which the licensed activity is undertaken, taking
into account the state of technology, the economics of improvements in
relation to state of technology, the economics of improvements in
relation to benefits to the public health and safety, and other societal
and socioeconomic considerations, and in relation to utilization of
nuclear energy and licensed materials in the public interest.
Annual limit on intake (ALI) means the derived limit for the
amount of radioactive material taken into the body of an adult worker
by inhalation or ingestion in a year. ALI is the smaller value of intake
of a given radionuclide in a year by the reference man that would
result in a committed effective dose equivalent of 5 rems (0.05 Sv) or a
committed dose equivalent of 50 rems (0.5 Sv) to any individual organ
or tissue. (ALI values for intake by ingestion and by inhalation of
selected radionuclides are given in Table 1, Columns 1 and
2, of appendix B to §§ 20.1001-20.2401).
Assigned protection factor (APF) means the expected
workplace level of respiratory protection that would be provided by a
properly functioning respirator or a class of respirators to properly
fitted and trained users. Operationally, the inhaled concentration can
be estimated by dividing the ambient airborne concentration by the APF.
Atmosphere-supplying respirator means a respirator that
supplies the respirator user with breathing air from a source
independent of the ambient atmosphere, and includes supplied-air
respirators (SARs) and self-contained breathing apparatus (SCBA) units.
Background radiation means radiation from cosmic sources;
naturally occurring radioactive material, including radon (except as a
decay product of source or special nuclear material); and global fallout
as it exists in the environment from the testing of nuclear explosive
devices or from past nuclear accidents such as Chernobyl that contribute
to background radiation and are not under the control of the licensee. "Background radiation" does not include radiation from source, byproduct, or special nuclear materials regulated by the Commission.
Bioassay (radiobioassay) means the determination of kinds,
quantities or concentrations, and, in some cases, the locations of
radioactive material in the human body, whether by direct measurement
(in vivo counting) or by analysis and evaluation of materials excreted
or removed from the human body.
Byproduct material means—
(1) Any radioactive material (except special nuclear material)
yielded in, or made radioactive by, exposure to the radiation incident
to the process of producing or using special nuclear material;
(2) The tailings or wastes produced by the extraction or
concentration of uranium or thorium from ore processed primarily for its
source material content, including discrete surface wastes resulting
from uranium solution extraction processes. Underground ore bodies
depleted by these solution extraction operations do not constitute
"byproduct material" within this definition;
(3)(i) Any discrete source of radium-226 that is produced, extracted,
or converted after extraction, before, on, or after August 8, 2005, for
use for a commercial, medical, or research activity; or
(ii) Any material that—
(A) Has been made radioactive by use of a particle accelerator; and
(B) Is produced, extracted, or converted after extraction, before, on, or after August 8, 2005, for use for a
commercial, medical, or research activity; and
(4) Any discrete source of naturally occurring radioactive material, other than source material, that—
(i) The Commission, in consultation with the Administrator of the
Environmental Protection Agency, the
Secretary of Energy, the Secretary of Homeland Security, and the head
of any other appropriate Federal agency,
determines would pose a threat similar to the threat posed by a
discrete source of radium-226 to the public health and safety or the
common defense and security; and
(ii) Before, on, or after August 8, 2005, is extracted or converted
after extraction for use in a commercial, medical, or research activity.
Class (or lung class or inhalation class)
means a classification scheme for inhaled material according to its rate
of clearance from the pulmonary region of the lung. Materials are
classified as D, W, or Y, which applies to a range of clearance
half-times: for Class D (Days) of less than 10 days, for Class W (Weeks)
from 10 to 100 days, and for Class Y Years) of greater than 100 days.
Collective dose is the sum of the individual doses received
in a given period of time by a specified population from exposure to a
specified source of radiation.
Commission means the Nuclear Regulatory Commission or its duly authorized representatives.
Committed dose equivalent (HT,50) means the dose
equivalent to organs or tissues of reference (T) that will be received
from an intake of radioactive material by an individual during the
50-year period following the intake.
Committed effective dose equivalent (HE,50) is
the sum of the products of the weighting factors applicable to each of
the body organs or tissues that are irradiated and the committed dose
equivalent
to these organs or tissues (HE,50 = ΣWTHT.50).
Constraint (dose constraint) means a value above which specified licensee actions are required.
Controlled area means an area, outside of a restricted area
but inside the site boundary, access to which can be limited by the
licensee for any reason.
Critical Group means the group of individuals reasonably
expected to receive the greatest exposure to residual radioactivity for
any applicable set of circumstances.
Declared pregnant woman means a woman who has voluntarily
informed the licensee, in writing, of her pregnancy and the estimated
date of conception. The declaration remains in effect until the declared
pregnant woman withdraws the declaration in writing or is no longer
pregnant.
Decommission means to remove a facility or site safely from service and reduce residual radioactivity to a level that permits—
(1) Release of the property for unrestricted use and termination of the license; or
(2) Release of the property under restricted conditions and termination of the license.
Deep-dose equivalent (Hd), which applies to external whole-body exposure, is the dose equivalent at a tissue depth of 1 cm (1000 mg/cm2).
Demand respirator means an atmosphere-supplying respirator
that admits breathing air to the facepiece only when a negative pressure
is created inside the facepiece by inhalation.
Department means the Department of Energy established by the
Department of Energy Organization Act (Pub. L. 95-91, 91 Stat. 565, 42
U.S.C. 7101 et seq.) to the extent that the Department, or its duly
authorized representatives, exercises functions formerly vested in the
U.S. Atomic Energy Commission, its Chairman, members, officers, and
components and transferred to the U.S. Energy Research and Development
Administration and to the Administrator thereof pursuant to sections 104
(b), (c), and (d) of the Energy Reorganization Act of 1974 (Pub. L.
93-438, 88 Stat. 1233 at 1237, 42 U.S.C. 5814) and retransferred to the
Secretary of Energy pursuant to section 301(a) of the Department of
Energy Organization Act (Pub. L. 95-91, 91 Stat 565 at 577-578, 42
U.S.C. 7151).
Derived air concentration (DAC) means the concentration of a
given radionuclide in air which, if breathed by the reference man for a
working year of 2,000 hours under conditions of light work (inhalation
rate 1.2 cubic meters of air per hour), results in an intake of one ALI.
DAC values are given in Table 1, Column 3, of appendix B to §§
20.1001-20.2401.
Derived air concentration-hour (DAC-hour) is the product of
the concentration of radioactive material in air (expressed as a
fraction or multiple of the derived air concentration for each
radionuclide) and the time of exposure to that radionuclide, in hours. A
licensee may take 2,000 DAC-hours to represent one ALI, equivalent to a
committed effective dose equivalent of 5 rems (0.05 Sv).
Discrete source means a radionuclide that has been processed
so that its concentration within a material has been purposely
increased for use for commercial, medical, or research activities.
Disposable respirator means a respirator for which
maintenance is not intended and that is designed to be discarded after
excessive breathing resistance, sorbent exhaustion, physical damage, or
end-of-service-life renders it unsuitable for use. Examples of this type
of respirator are a disposable half-mask respirator or a disposable
escape-only self-contained breathing apparatus (SCBA).
Distinguishable from background means that the detectable
concentration of a radionuclide is statistically different from the
background concentration of that radionuclide in the vicinity of the
site or, in the case of structures, in similar materials using adequate
measurement technology, survey, and statistical techniques.
Dose or radiation dose is a generic term that means
absorbed dose, dose equivalent, effective dose equivalent, committed
dose equivalent, committed effective dose equivalent, or total effective
dose equivalent, as defined in other paragraphs of this section.
Dose equivalent (HT) means the product of the
absorbed dose in tissue, quality factor, and all other necessary
modifying factors at the location of interest. The units of dose
equivalent are the rem
and sievert (Sv).
Dosimetry processor means an individual or organization that
processes and evaluates individual monitoring equipment in order to
determine the radiation dose delivered to the equipment.
Effective dose equivalent (HE) is the sum of the products of the dose equivalent to the organ or tissue (HT) and the weighting factors (WT) applicable to each of the body
organs or tissues that are irradiated (HE = ΣWTHT).
Embryo/fetus means the developing human organism from conception until the time of birth.
Entrance or access point means any location through which an
individual could gain access to radiation areas or to radioactive
materials. This includes entry or exit portals of sufficient size to
permit human entry, irrespective of their intended use.
Exposure means being exposed to ionizing radiation or to radioactive material.
External dose means that portion of the dose equivalent received from radiation sources outside the body.
Extremity means hand, elbow, arm below the elbow, foot, knee, or leg below the knee.
Filtering facepiece (dust mask) means a negative pressure
particulate respirator with a filter as an integral part of the
facepiece or with the entire facepiece composed of the filtering medium,
not equipped with elastomeric sealing surfaces and adjustable straps.
Fit factor means a quantitative estimate of the fit of a
particular respirator to a specific individual, and typically estimates
the ratio of the concentration of a substance in ambient air to its
concentration inside the respirator when worn.
Fit test means the use of a protocol to qualitatively or quantitatively evaluate the fit of a respirator on an individual.
Generally applicable environmental radiation standards means
standards issued by the Environmental Protection Agency (EPA) under the
authority of the Atomic Energy Act of 1954, as amended, that impose
limits on radiation exposures or levels, or concentrations or quantities
of radioactive material, in the general environment outside the
boundaries of locations under the control of persons possessing or using
radioactive material.
Government agency means any executive department,
commission, independent establishment, corporation wholly or partly
owned by the United States of America, which is an instrumentality of
the United States, or any board, bureau, division, service, office,
officer, authority, administration, or other establishment in the
executive branch of the Government.
Gray [See § 20.1004].
Helmet means a rigid respiratory inlet covering that also provides head protection against impact and penetration.
High radiation area means an area, accessible to
individuals, in which radiation levels from radiation sources external
to the body could result in an individual receiving a dose equivalent in
excess of 0.1 rem (1 mSv) in 1 hour at 30 centimeters from the
radiation source or 30 centimeters from any surface that the radiation
penetrates.
Hood means a respiratory inlet covering that completely
covers the head and neck and may also cover portions of the shoulders
and torso.
Individual means any human being.
Individual monitoring means—
(1) The assessment of dose equivalent by the use of devices designed to be worn by an individual;
(2) The assessment of committed effective dose equivalent by bioassay
(see Bioassay) or by determination of the time-weighted air
concentrations to which an individual has been exposed, i.e., DAC-hours;
or
(3) The assessment of dose equivalent by the use of survey data.
Individual monitoring devices (individual monitoring
equipment) means devices designed to be worn by a single individual for
the assessment of dose equivalent such as film badges,
thermoluminescence dosimeters (TLDs), pocket ionization chambers, and
personal ("lapel") air sampling devices.
Internal dose means that portion of the dose equivalent received from radioactive material taken into the body.
Lens dose equivalent (LDE) applies to the external exposure
of the lens of the eye and is taken as the dose equivalent at a tissue
depth of 0.3 centimeter (300 mg/cm2).
License means a license issued under the regulations in parts 30 through 36, 39, 40, 50, 60, 61, 63, 70, or 72 of this chapter.
Licensed material means source material, special nuclear
material, or byproduct material received, possessed, used, transferred
or disposed of under a general or specific license issued by the
Commission.
Licensee means the holder of a license.
Limits (dose limits) means the permissible upper bounds of radiation doses.
Loose-fitting facepiece means a respiratory inlet covering that is designed to form a partial seal with the face.
Lost or missing licensed material means licensed material
whose location is unknown. It includes material that has been shipped
but has not reached its destination and whose location cannot be readily
traced
in the transportation system.
Member of the public means any individual except when that individual is receiving an occupational dose.
Minor means an individual less than 18 years of age.
Monitoring (radiation monitoring, radiation protection
monitoring) means the measurement of radiation levels, concentrations,
surface area concentrations or quantities of radioactive material and
the use of the results of these measurements to evaluate potential
exposures and doses.
Nationally tracked source is a sealed source containing a
quantity equal to or greater than Category 1 or Category 2 levels of any
radioactive material listed in Appendix E of this part. In this context
a sealed source is defined as radioactive material that is sealed in a
capsule or closely bonded, in a solid form and which is not exempt from
regulatory control. It does not mean material encapsulated solely for
disposal, or nuclear material contained in any fuel assembly,
subassembly, fuel rod, or fuel pellet. Category 1 nationally tracked
sources are those containing radioactive material at a quantity equal to
or greater than the Category 1
threshold. Category 2 nationally tracked sources are those containing
radioactive material at a quantity equal to or greater than the Category
2 threshold but less than the Category 1 threshold.
Negative pressure respirator (tight fitting) means a
respirator in which the air pressure inside the facepiece is negative
during inhalation with respect to the ambient air pressure outside the
respirator.
Nonstochastic effect means health effects, the severity of
which varies with the dose and for which a threshold is believed to
exist. Radiation-induced cataract formation is an example of a
nonstochastic effect (also called a deterministic effect).
NRC means the Nuclear Regulatory Commission or its duly authorized representatives.
Occupational dose means the dose received by an individual
in the course of employment in which the individual's assigned duties
involve exposure to radiation or to radioactive material from licensed
and unlicensed sources of radiation, whether in the possession of the
licensee or other person. Occupational dose does not include doses
received from background radiation, from any medical administration the
individual has received, from exposure to individuals administered
radioactive material and released under § 35.75, from voluntary
participation in medical research programs, or as a member of the
public.
Particle accelerator means any machine capable of
accelerating electrons, protons, deuterons, or other charged particles
in a vacuum and of discharging the resultant particulate or other
radiation into a medium at energies usually in excess of 1 megaelectron
volt. For purposes of this definition, "accelerator" is an equivalent
term.
Person means—
(1) Any individual, corporation, partnership, firm, association,
trust, estate, public or private institution, group, Government agency
other than the Commission or the Department of Energy (except that the
Department shall be considered a person within the meaning of the
regulations in 10 CFR chapter I to the extent that its facilities and
activities are subject to the licensing and related regulatory authority
of the Commission under section 202 of the Energy Reorganization Act of
1974 (88 Stat. 1244), the Uranium Mill Tailings Radiation Control Act
of 1978 (92 Stat. 3021), the Nuclear Waste Policy Act of 1982 (96 Stat.
2201), and section 3(b)(2) of the Low-Level Radioactive Waste Policy
Amendments Act of 1985 (99 Stat. 1842)), any State or any political
subdivision of or any political entity within a State, any foreign
government or nation or any political subdivision of any such government
or nation, or other entity; and
(2) Any legal successor, representative, agent, or agency of the foregoing.
Planned special exposure means an infrequent exposure to radiation, separate from and in addition to the annual dose limits.
Positive pressure respirator means a respirator in which the
pressure inside the respiratory inlet covering exceeds the ambient air
pressure outside the respirator.
Powered air-purifying respirator (PAPR) means an
air-purifying respirator that uses a blower to force the ambient air
through air-purifying elements to the inlet covering.
Pressure demand respirator means a positive pressure
atmosphere-supplying respirator that admits breathing air to the
facepiece when the positive pressure is reduced inside the
facepiece by inhalation.
Public dose means the dose received by a member of the
public from exposure to radiation or to radioactive material released by
a licensee, or to any other source of radiation under the control of a
licensee. Public dose does not include occupational dose or doses
received from background radiation, from any medical administration the
individual has received, from exposure to individuals administered
radioactive material and released under § 35.75, or from voluntary
participation in medical research programs.
Qualitative fit test (QLFT) means a pass/fail fit test to assess the adequacy of respirator fit that relies on the individual's response to the test agent.
Quality Factor (Q) means the modifying factor (listed in
tables 1004(b).1 and 1004(b).2 of § 20.1004) that is used to derive dose
equivalent from absorbed dose.
Quantitative fit test (QNFT) means an assessment of the adequacy of respirator fit by numerically measuring the amount of leakage into the respirator.
Quarter means a period of time equal to one-fourth of the
year observed by the licensee (approximately 13 consecutive weeks),
providing that the beginning of the first quarter in a year coincides
with the starting date of the year and that no day is omitted or
duplicated in consecutive quarters.
Rad (See § 20.1004).
Radiation (ionizing radiation) means alpha particles, beta
particles, gamma rays, x-rays, neutrons, high-speed electrons,
high-speed protons, and other particles capable of producing ions.
Radiation, as used in this part, does not include non-ionizing
radiation, such as radio- or microwaves, or visible, infrared, or
ultraviolet light.
Radiation area means an area, accessible to individuals, in
which radiation levels could result in an individual receiving a dose
equivalent in excess of 0.005 rem (0.05 mSv) in 1 hour at 30 centimeters
from the radiation source or from any surface that the radiation
penetrates.
Reference man means a hypothetical aggregation of human
physical and physiological characteristics arrived at by international
consensus. These characteristics may be used by researchers and public
health workers to standardize results of experiments and to relate
biological insult to a common base.
Rem (See § 20.1004).
Residual radioactivity means radioactivity in structures,
materials, soils, groundwater, and other media at a site resulting from
activities under the licensee's control. This includes radioactivity
from all licensed and unlicensed sources used by the licensee, but
excludes background radiation. It also includes radioactive materials
remaining at the site as a result of routine or accidental releases of
radioactive material at the site and previous burials at the site, even
if those burials were made in accordance with the provisions of 10 CFR
part 20.
Respiratory protective device means an apparatus, such as a respirator, used to reduce the individual's intake of airborne radioactive materials.
Restricted area means an area, access to which is limited by
the licensee for the purpose of protecting individuals against undue
risks from exposure to radiation and radioactive materials. Restricted
area does not include areas used as residential quarters, but separate
rooms in a residential building may be set apart as a restricted area.
Sanitary sewerage means a system of public sewers for
carrying off waste water and refuse, but excluding sewage treatment
facilities, septic tanks, and leach fields owned or operated by the
licensee.
Self-contained breathing apparatus (SCBA) means an atmosphere-supplying respirator for which the breathing air source is designed to be carried by the user.
Shallow-dose equivalent (Hs), which applies to
the external exposure of the skin of the whole body or the skin of an
extremity, is taken as the dose equivalent at a tissue depth of 0.007
centimeter (7 mg/cm2).
Sievert (See § 20.1004).
Site boundary means that line beyond which the land or property is not owned, leased, or otherwise controlled by the licensee.
Source material means—
(1) Uranium or thorium or any combination of uranium and thorium in any physical or chemical form; or
(2) Ores that contain, by weight, one-twentieth of 1 percent (0.05
percent), or more, of uranium, thorium, or any combination of uranium
and thorium. Source material does not include special nuclear material.
Special nuclear material means—
(1) Plutonium, uranium-233, uranium enriched in the isotope 233 or in
the isotope 235, and any other material that the Commission, pursuant
to the provisions of section 51 of the Act, determines to be special
nuclear material, but does not include source material; or
(2) Any material artificially enriched by any of the foregoing but does not include source material.
Stochastic effects means health effects that occur randomly
and for which the probability of the effect occurring, rather than its
severity, is assumed to be a linear function of dose without threshold.
Hereditary effects and cancer incidence are examples of stochastic
effects.
Supplied-air respirator (SAR) or airline respirator means an atmosphere-supplying respirator for which the source of breathing air is not designed to be carried by the user.
Survey means an evaluation of the radiological conditions
and potential hazards incident to the production, use, transfer,
release, disposal, or presence of radioactive material or other sources
of radiation. When appropriate, such an evaluation includes a physical
survey of the location of radioactive material and measurements or
calculations of levels of radiation, or concentrations or quantities of
radioactive material present.
Tight-fitting facepiece means a respiratory inlet covering that forms a complete seal with the face.
Total Effective Dose Equivalent (TEDE) means the sum of the
effective dose equivalent (for external exposures) and the committed
effective dose equivalent (for internal exposures).
Unrestricted area means an area, access to which is neither limited nor controlled by the licensee.
Uranium fuel cycle means the operations of milling of
uranium ore, chemical conversion of uranium, isotopic enrichment of
uranium, fabrication of uranium fuel, generation of electricity by a
light-water-cooled nuclear power plant using uranium fuel, and
reprocessing of spent uranium fuel to the extent that these activities
directly support the production of electrical power for public use.
Uranium fuel cycle does not include mining operations, operations at
waste disposal sites, transportation of radioactive material in support
of these operations, and the reuse of recovered non-uranium special
nuclear and byproduct materials from the cycle.
User seal check (fit check) means an action conducted by the
respirator user to determine if the respirator is properly seated to
the face. Examples include negative pressure check, positive pressure
check, irritant smoke check, or isoamyl acetate check.
Very high radiation area means an area, accessible to
individuals, in which radiation levels from radiation sources external
to the body could result in an individual receiving an absorbed dose in
excess of 500 rads (5 grays) in 1 hour at 1 meter from a radiation
source or 1 meter from any surface that the radiation penetrates.
(Note: At very high doses received at high dose rates, units of
absorbed dose (e.g., rads and grays) are appropriate, rather than units
of dose equivalent (e.g., rems and sieverts)).
Waste means those low-level radioactive wastes containing
source, special nuclear, or byproduct material that are acceptable for
disposal in a land disposal facility. For the purposes of this
definition, low-level radioactive waste means radioactive waste not
classified as high-level radioactive waste, transuranic waste, spent
nuclear fuel, or byproduct material as defined in paragraphs (2), (3),
and (4) of the definition of Byproduct material set forth in this
section.
Week means 7 consecutive days starting on Sunday.
Weighting factor WT, for an organ or tissue (T)
is the proportion of the risk of stochastic effects resulting from
irradiation of that organ or tissue to the total risk of stochastic
effects when the whole body is irradiated uniformly. For calculating the
effective dose equivalent, the values of WT are:
Organ Dose Weighting Factors
Organ or Tissue | WT |
---|---|
Gonads | 0.25 |
Breast | 0.15 |
Red bone marrow | 0.12 |
Lung | 0.12 |
Thyroid | 0.03 |
Bone surfaces | 0.03 |
Remainder | 10.30 |
Whole Body | 21.00 |
1
0.30 results from 0.06 for each of 5 "remainder" organs (excluding the
skin and the lens of the eye) that receive the highest doses. 2 For the purpose of weighting the external whole body dose (for adding it to the internal dose), a single weighting factor, wT=1.0,
has been specified. The use of other weighting factors for external
exposure will be approved on a case-by-case basis until such time as
specific guidance is issued.
Whole body means, for purposes of external exposure, head, trunk (including male gonads), arms above the elbow, or legs above the knee.
Working level (WL) is any combination of short-lived radon
daughters (for radon-222: polonium-218, lead-214, bismuth-214, and
polonium-214; and for radon-220: polonium-216, lead-212, bismuth-212,
and polonium-212) in 1 liter of air that will result in the ultimate
emission of 1.3x105 MeV of potential alpha particle energy.
Working level month (WLM) means an exposure to 1 working
level for 170 hours (2,000 working hours per year/12 months per
year=approximately 170 hours per month).
Year means the period of time beginning in January used to
determine compliance with the provisions of this part. The licensee may
change the starting date of the year used to determine compliance by the
licensee provided that the change is made at the beginning of the year
and that no day is omitted or duplicated in consecutive years.
[56 FR 23391, May 21, 1991, as amended at 57 FR 57878, Dec. 8, 1992;
58 FR 7736, Feb. 9, 1993; 60 FR 36043, July 13, 1995; 60 FR 48625, Sept.
20, 1995; 61 FR 65127, Dec. 10, 1996; 62 FR 4133, Jan. 29, 1997; 62 FR
39087, July 21, 1997; 63 FR 39481, July 23, 1998; 64 FR 54556, Oct. 7,
1999; 66 FR 55789, Nov. 2, 2001; 67 FR 16304, Apr. 5, 2002; 67 FR 20370,
Apr. 24, 2002; 67 FR 62872, Oct. 9, 2002; 72 FR 55921, Oct. 1, 2007; 72
FR 68058, Dec. 4, 2007; 74 FR 62680, Dec. 1, 2009]
Page Last Reviewed/Updated Wednesday, December 02, 2015
Uranium is primarily used as fuel for nuclear power plants. Nuclear power plants are similar in one key way to airplanes -- when something bad happens, it's headline-grabbing and huge. Airlines and nuclear power plants operate safely the vast majority of the time, but news outlets report for days, weeks, and sometimes months when something bad happens. And when it comes to nuclear power, we all know the names: Three Mile Island, Chernobyl, and, most recently, Fukushima.
None of the positives could have stopped the pushback after Fukushima in 2011. But it's interesting to note that Japan, which initially shut all of its nuclear power plants, is now starting them back up again because they're so much cheaper to run than fossil-fuel alternatives. But the shuttering of those plants precipitated a painful fall in uranium prices. Japan's action, followed up by a pledge to oust nuclear in Germany, upset the supply/demand balance around the world and sent uranium prices lower.
However, here's an interesting fact: Uranium was the top performing commodity in 2015. While other commodities were falling, uranium's average price for 2015 was 18% above its average price in 2014. On an absolute basis, uranium ended the year at about the same place it started it, still a pretty solid showing compared to other commodities. These facts underscore the long-term opportunity if you can look past uranium's image problem.
According to Cameco, current supply won't be enough to provide for future demand. The company explains that as much of a tenth of future demand will go unmet if new supply isn't created. But because of the supply/demand imbalance and low uranium prices today, there's very little new supply coming on line.
At the end of the day, Cameco's biggest problem is really uranium's image problem. In fact, even though the price of uranium has fallen since the 2011 Fukushima disaster, Cameco has managed to remain profitable and hasn't cut its dividend, as many other commodity players have been forced to do. If you are looking at Cameco, the story is uranium. Right now that's not such a good thing, but industry fundamentals suggest that will change soon enough. And Cameco's financial results through the commodity's downturn suggest it will be ready to shine when the industry sees brighter days.
Reuben Brewer
has no position in any stocks mentioned. The Motley Fool has no
position in any of the stocks mentioned. Try any of our Foolish
newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
The Biggest Problem With Cameco Corporation Stock
The biggest problem with Cameco isn't the business, its the commodity.
http://www.fool.com/investing/general/2016/04/10/the-biggest-problem-with-cameco-corporation-stock.aspx
(NYSE:CCJ)
is the world's largest publicly traded uranium miner. This is both a
blessing and a curse. And, in the end, it's the biggest problem with
Cameco Corporation stock.
Nuclear power, in or out? Cameco Corporation
Nuclear power, in or out? Cameco Corporation
Uranium is primarily used as fuel for nuclear power plants. Nuclear power plants are similar in one key way to airplanes -- when something bad happens, it's headline-grabbing and huge. Airlines and nuclear power plants operate safely the vast majority of the time, but news outlets report for days, weeks, and sometimes months when something bad happens. And when it comes to nuclear power, we all know the names: Three Mile Island, Chernobyl, and, most recently, Fukushima.
That's not to suggest that a nuclear meltdown isn't headline-worthy
news or that it isn't a big deal. It is, but it overshadows the benefits
of the power source. For example, nuclear power doesn't emit carbon
dioxide, making it a cleaner alternative to carbon-based fuels such as
coal and natural gas. Nuclear plants are designed to run constantly,
providing reliable base-load power, something that intermittent sources
such as solar and wind can benefit from. And, though expensive to build,
once up and running, nuclear power is relatively inexpensive to
operate.
So what's not to like? When things go wrong, they go wrong in a big way. It's that simple. It is worth noting that uranium is dangerous all on its own, if not handled properly. But it's not like you want to light a match near a natural gas leak, and even windmills & thermal solar plants have a habit of killing birds. So no power option is perfect.
So what's not to like? When things go wrong, they go wrong in a big way. It's that simple. It is worth noting that uranium is dangerous all on its own, if not handled properly. But it's not like you want to light a match near a natural gas leak, and even windmills & thermal solar plants have a habit of killing birds. So no power option is perfect.
Action, reaction
None of the positives could have stopped the pushback after Fukushima in 2011. But it's interesting to note that Japan, which initially shut all of its nuclear power plants, is now starting them back up again because they're so much cheaper to run than fossil-fuel alternatives. But the shuttering of those plants precipitated a painful fall in uranium prices. Japan's action, followed up by a pledge to oust nuclear in Germany, upset the supply/demand balance around the world and sent uranium prices lower.
However, here's an interesting fact: Uranium was the top performing commodity in 2015. While other commodities were falling, uranium's average price for 2015 was 18% above its average price in 2014. On an absolute basis, uranium ended the year at about the same place it started it, still a pretty solid showing compared to other commodities. These facts underscore the long-term opportunity if you can look past uranium's image problem.
Growing demand for clean power
According to Cameco, current supply won't be enough to provide for future demand. The company explains that as much of a tenth of future demand will go unmet if new supply isn't created. But because of the supply/demand imbalance and low uranium prices today, there's very little new supply coming on line.
Demand is set to come from new power plant construction in places
such as China and India. China, for example, is expected to more than
double the number of reactors it has operating between 2015 and 2025,
bringing its total to more than 80. India has 21 reactors today and six
under construction right now. Cameco has supply agreements with both
nations.
To be fair, there will definitely be nuclear power plant closures along the way, but new power plants are expected to more than offset that. And, in the end, the world's demand for uranium looks set to increase. That, in turn, should lead to higher uranium pricing and eventually the opportunity to increase production. Cameco, by the way, has a number of expansion opportunities that are on hold right now, so it's ready to bring more uranium to market when demand shows up.
Image issues
To be fair, there will definitely be nuclear power plant closures along the way, but new power plants are expected to more than offset that. And, in the end, the world's demand for uranium looks set to increase. That, in turn, should lead to higher uranium pricing and eventually the opportunity to increase production. Cameco, by the way, has a number of expansion opportunities that are on hold right now, so it's ready to bring more uranium to market when demand shows up.
Image issues
At the end of the day, Cameco's biggest problem is really uranium's image problem. In fact, even though the price of uranium has fallen since the 2011 Fukushima disaster, Cameco has managed to remain profitable and hasn't cut its dividend, as many other commodity players have been forced to do. If you are looking at Cameco, the story is uranium. Right now that's not such a good thing, but industry fundamentals suggest that will change soon enough. And Cameco's financial results through the commodity's downturn suggest it will be ready to shine when the industry sees brighter days.
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