Australian uranium miners rally after Google's power deal with Constellation Energy
URA•Australian uranium miners rose after Google agreed to buy 890 megawatts of electricity under a 20-year deal with Constellation Energy, potentially raising uranium demand. Boss Energy and Deep Yellow gained 4.6%, while Paladin Energy advanced 2.5%.
1. Miners post gains
Australian uranium miners logged their best session in weeks on Wednesday after Google agreed to buy power from Constellation Energy. Boss Energy rose 4.6%, Deep Yellow gained 4.6% and Paladin Energy advanced 2.5%.
2. Google power agreement
Google signed a 20-year agreement for 890 megawatts of electricity from multiple Constellation-owned nuclear power plants, about a quarter of its total contracted capacity. The plants would be upgraded to produce more electricity from existing reactors.
3. Uranium demand outlook
Portfolio manager Luke Winchester said the deal was giving the uranium complex a spike. He added that the agreement was validating arguments for nuclear energy to serve as the primary power source for data centres.
