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Nuclear's Next Act: Demand Surges, Supply Tight
2 Sep
Summary
- AI-driven demand and mine supply constraints are boosting nuclear ETFs.
- NexGen's Rook I project targets first ore production by Q3 2030.
- Global nuclear capacity is set to triple by 2050, with a significant supply deficit.
Global nuclear generating capacity, currently around 400 gigawatts, is projected to significantly expand, with over 88 gigawatts under construction and 38 countries pledging to triple capacity by 2050. This surge in demand comes as the uranium supply faces constraints due to depleting legacy mines. The annual uranium supply deficit is approximately 60 million pounds, with the long-term price reaching $97 per pound.
NexGen Energy's Rook I uranium project in Saskatchewan is advancing, with management targeting first ore production by the third quarter of 2030. The project, designed as a conventional underground mine, has completed C$100 million in early works. Near-term construction activities in the second half of 2026 include site earthworks and infrastructure development for shaft-related buildings.
