Make Kitco Your Homepage

Uranium miners surge on German nuclear plant news

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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.