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Uranium miners surge on German nuclear plant news

Michael McCrae

Kitco News

Three German nuclear power plants will keep running until the spring.

Chancellor Olaf Scholz ordered the extensions today. The scheduled shut downs were expected this December.

Europe is facing high energy prices due to the Ukraine-Russia war. Last month Europe's benchmark natural gas price (TTF) was up 156% over the year. Germans are considering heating their homes with firewood and cutting down on their electricity use, as electricity prices have risen 177 percent over the year.

According a report by Canadian Press, Scholz's coalition partners disagreed on what plants to keep in service. The Greens' Robert Habeck, who is minister of the economy, wanted just two to receive an extension. The other coalition partner, the pro-business Free Democrats' Christian Lindner, supported all three.

Uranium miners were up today. Cameco (NYSE: CCJ) added 6.69% to $22.71 as of 1:30 p.m. ET. Denison Mines (NYSEAMERICAN: DNN ) gained 10.45% to $1.22. Energy Fuels (NYSEAMERICAN: UUUU) leapt 8.42% to $6.57.

By Michael McCrae

For Kitco News

Contact mmccrae@kitco.com
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