DDue to Western sanctions against Russia in response to the invasion of Ukraine, many European countries have sought alternative sources to secure their energy independence, bolstering the prospects of nuclear energy and exchange-traded funds linked to the uranium sector.
Among Thursday’s best performing non-leveraged ETFs, the North Shore Global Uranium Mining ETF (NYSE: URNM) increased by 7.3% and the Global X Uranium ETF (URA) increased by 5.9%.
Shares linked to the uranium sector rallied on Thursday as the UK turns to nuclear power to wean itself off Russian fossil fuels.
Prime Minister Boris Johnson on Thursday revealed plans to build more nuclear power stations to help the UK reduce its dependence on Russian energy following the invasion of Ukraine and Western sanctions , including the ban on oil imports, reports the Associated Press.
Energy prices have recently skyrocketed in response to supply problems resulting from the Russian-Ukrainian war, which have caused many countries to seriously consider alternative energy sources.
“It’s about tackling the mistakes of the past and making sure we’re well prepared for the future,” Johnson said at Hinkley Point C, a nuclear power station under construction in southwestern Australia. England. “And we are never again subject to the whims of world oil and gas prices, and we cannot be blackmailed, so to speak, by people like Vladimir Putin.”
The UK plans to build eight new nuclear reactors by 2050, or triple UK nuclear power generation to 24 gigawatts, contributing a quarter of forecast electricity demand.
“We are making bold plans to develop and accelerate affordable, clean and safe energy made in Britain, for Britain, from new nuclear to offshore wind, in the decade to come,” Johnson said. “It will reduce our dependence on energy sources exposed to volatile international prices that we cannot control.”
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