Constellation Energy Corp (CEG) stock soared 5.05% on Thursday, riding on the bullish sentiment surrounding the nuclear power industry's revival and the resultant expected surge in uranium demand.
The nuclear energy sector is witnessing a resurgence driven by global efforts to transition towards cleaner energy sources to combat climate change. At the COP28 summit in December 2023, more than 20 countries pledged to triple nuclear power capacity, acknowledging its pivotal role in achieving net-zero greenhouse gas emissions by 2050.
This renewed commitment to nuclear power has sparked optimism about future uranium demand. According to the International Energy Agency (IEA), global nuclear power generation is poised to reach new heights in 2025, with 63 new reactors under construction and over 60 existing reactors slated for lifespan extensions.
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