Uranium Energy Corp: Biden’s Support For Nuclear Plant Subsidies Constructive For Miners

In her May 6 testimony before the Appropriations subcommittee of the U.S. House of Representatives, U.S. Energy Secretary Jennifer Granholm voiced support for subsidizing U.S. nuclear power plants to ensure existing facilities do not close. This is consistent with reports that the White House has privately told lawmakers that it backs taxpayer subsidies for the plants, as they are needed to achieve the Administration’s climate goals. President Biden hopes that U.S. power generation is “emissions free” by the year 2035.

Nuclear facilities would receive “production tax credits” as part of President Biden’s infrastructure bill. Tax credits will also be extended or created for wind and solar generators and for battery manufacturers.

The Administration’s nuclear stance is a positive for owners of U.S. uranium projects, such as Uranium Energy Corp. (NYSE: UEC) . Very little uranium has been produced in the U.S. since 2018, and effectively none since 1Q 2019. It would […]

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