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ASX Uranium shares haven’t joined the broader energy stock rally in 2022.
However 2023 may present a different picture.
Fossil fuel prices have increased S&P/ASX 200 Energy Index (ASX: XEJ) up 39% year to date.
Yet most ASX uranium shares remain in the red.
For example, in 2022:
- This Paladin Energy Ltd (ASX: PDN) share price is down 7%
- Bannerman Energy Ltd (ASX: BMN) shares are down 35%
- This DEEP YELLOW LIMITED (ASX: DYL) share price is down 27%
- And Bose Energy Ltd (ASX: BOE) shares are down 2%
Now, it’s worth noting that all of the above ASX uranium stocks had very strong share price gains in 2021. Paladin shares, for example, were up 267% over the course of the year. So a bit of a hiatus or pullback this year wasn’t entirely unexpected.
But with nations around the world rethinking nuclear power as a reliable baseload source with negligible carbon emissions, ASX uranium shares will shine brightly again in 2023 and beyond.
Could this new UK plan help boost ASX uranium shares?
The United Kingdom does not make the list of nations with the most nuclear power plants in the pipeline. That honor goes to China, which has about 17 large-scale nuclear power stations under construction.
However, the UK is keen to steer itself out of the global energy crisis by moving away from coal and gas-fired power.
as Time Business Secretary Grant Shapps is expected this week to announce the proposed creation of a new body called Great British Nuclear, reports said.
Great British Nuclear intends to develop 20 to 30 small modular nuclear reactors, manufactured by Rolls-Royce.
Modular reactors are significantly cheaper to develop than conventional large-scale plants, each reportedly capable of powering a million homes.
Uranium reserves of Australia
Upon completion, modular reactors will need uranium to provide that power, as are the large-scale reactors being built in China and other countries around the world.
And with Australia sitting on the world’s largest proven uranium reserves, ASX uranium stocks could hit the good times in 2021 once again.
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