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Renewable energy

Nuclear Power Finds Unlikely Consensus in Fractured US Politics

Strategic Insights

— 1 min read

As the US grapples with energy transition and climate change, nuclear power has emerged as a surprisingly bipartisan solution. A recent Pew Research Center survey revealed that 59% of Americans favor expanding nuclear capacity, up from 43% in 2020, with even Republicans and Democrats showing a surprisingly narrow divide in support. This newfound consensus has propelled nuclear-themed stocks, such as Saskatoon-based Cameco Corp., into the spotlight, with the Global X Uranium ETF surging 110% this year.

Key Takeaways:

  • 59% of Americans favor expanding nuclear capacity, up from 43% in 2020, according to a Pew Research Center survey.
  • Republican voters and Republican-leaning independents support nuclear power plants at a rate of 69%, while Democrat voters and Democrat-leaning independents support it at 52%, resulting in a narrow 17-percentage-point difference.
  • The surge in nuclear-themed stocks, such as Cameco Corp., has been driven by investors' enthusiasm for the sector, with the Global X Uranium ETF surging 110% this year.
  • The US government's recent agreement to build up to eight nuclear reactors using Westinghouse technology, valued at $80 billion, has provided a significant boost to the sector.
  • Nuclear reactor construction can be prone to cost overruns and lengthy delays, and investor infatuation with nuclear power has led to concerns that the sector may be overheating.
  • Oklo Inc., a nuclear technology startup, has seen its stock surge 547% this year, despite reporting no revenue.
  • The long-term growth prospects of nuclear power are promising, with the backing of the US government and the need for an aging fleet of reactors to be replaced.

Statistics:

  • 59% of Americans favor expanding nuclear capacity, up from 43% in 2020 (Pew Research Center).
  • 69% of Republican voters and Republican-leaning independents support nuclear power plants (Pew Research Center).
  • 52% of Democrat voters and Democrat-leaning independents support nuclear power plants (Pew Research Center).
  • 110% surge in the Global X Uranium ETF this year ( exact date not specified).
  • $80 billion valuation of the US government's agreement to build up to eight nuclear reactors (exact date not specified).
  • 547% surge in Oklo Inc.'s stock this year ( exact date not specified).

Sources:

Pew Research Center.

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