German business and financial publication Handelsblatt reported on Tuesday that the European Commission is planning to call on European utility companies to make major investments in nuclear energy.
The commission is set to release a report on the state of the nuclear industry in coming weeks, and Handelsblatt was able to see the document in advance of its publication.
“[T]he Commission estimated that to secure energy supply across the 28-nation bloc, investments of between €450 billion and €500 billion are needed in nuclear power by 2050,” the publication stated. Of that, between 45 and 50 billion euros would go towards maintaining existing power stations. The remainder would be invested in building new plants
Rob Chang, managing director and head of metals and mining and Cantor Fitzgerald, was certainly positive on the news. “This will be very positive for uranium equities across the board and among producers,” he said in an emailed statement. Specifically, he cited Cameco (TSX:CCO) Ur-Energy (TSX:URE) and Uranium Energy Corp (NYSEMKT:UEC) as examples, “among others.”
Chang also mentioned that the news would be positive for uranium investment firm Uranium Participation Corp. (TSX:U).
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Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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