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Macro Voices
MacroVoices #466 Guy Keller: The Nuclear Story Has Never Been Better
Feb 6, 2025
Guy Keller, a fund manager at Tribeca Investment Partners specializing in nuclear energy, shares his expertise on the uranium market's unique dynamics. He discusses why spot uranium prices lag behind enriched uranium and the geopolitical tensions affecting supply. Keller highlights new investment opportunities in nuclear innovation, emphasizing the importance of government policies. Additionally, he addresses recent market volatility and the implications of AI advancements on stock performance. This insightful conversation reveals the bright future of the nuclear sector.
01:03:35
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Quick takeaways
- The disparity in pricing between enriched uranium and yellow cake uranium highlights urgent supply chain issues within the nuclear market.
- Geopolitical tensions have intensified market uncertainties, prompting utilities to prioritize short-term uranium procurement over long-term contracts.
Deep dives
Current Trends in Uranium and Nuclear Fuel Prices
The uranium market is experiencing a significant divergence in prices between enriched uranium products and the underlying yellow cake uranium. While enriched uranium has seen substantial price increases—more than doubling in 2024—yellow cake uranium prices have not followed suit and have even decreased. This discrepancy is primarily attributed to market participants focusing on immediate needs for enriched uranium due to the geopolitical landscape, particularly the restrictions on Russian imports. As utilities scramble to address supply chain uncertainties, a lack of foresight on long-term uranium procurement may ultimately prove problematic.
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