Fukushima's disaster led to a 'lost decade' for nuclear markets. Russia, low carbon goals help stage a comeback.

An accident at the Fukushima nuclear plant in Japan 12 years ago led countries around the world to question the safety of nuclear energy, but the potential loss of uranium supplies from Russia after its invasion of Ukraine a year ago, and the increased need for low carbon fuel, have served as a wake-up call to those who lost confidence in the power source.

Uranium prices peaked at nearly $64 a pound in April 2022, as “heavy financial buying and other demand pushed the market up quickly” following Russia’s Feb. 24 invasion of Ukraine, says Jonathan Hinze, president at nuclear-fuel consultancy UxC. The U.S. gets about 15% of its physical uranium and 24% of its enrichment of uranium from Russia, says Huhn, while Europe relies on Russia for about 20% of its uranium and almost 30% of its enrichment needs.

“It is amazing how far the industry has moved past the Fukushima accident,” he says. The 2010s were “mostly a lost decade for the nuclear markets.” But since 2020, there has been a “clear rebirth in this sector as countries are pushing for net-zero carbon emissions.”

No low carbon anything so long as humans dominate the planet.

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