Nuclear Power Outlook Highlights Growing Uranium Demand and Reactor Expansion

Industry analysts argue that nuclear energy will remain a key pillar of electricity generation as the EU labels it "an important component of decarbonisation, industrial competitiveness and energy‑security strategies". Rising electricity demand and accelerated electrification of transport and data centres are driving plans for new reactors and extensions of existing plants, with countries such as Belgium reconsidering phase‑out schedules.

The uranium market is expected to tighten as more than 70 GW of new capacity is under construction, most notably in China, while projects are also advancing in Canada, Australia and the United States. Supply chains are concentrated and vulnerable to disruptions, which could push prices higher. Spain’s current energy mix shows about 19 % of electricity coming from nuclear power, underscoring its continued relevance.