核电要点：全球反应堆追踪 ——1 月版-Nuclear Nuggets_ Global reactor tracker - January edition

Summary of Key Points from the Global Reactor Tracker - January Edition Industry Overview - The report focuses on the nuclear energy sector, highlighting developments in North America, Europe, and Asia, along with year-end trends in uranium prices and new reactor constructions in China [1] North America - New Nuclear Capacity Exploration: The Great Plains New Nuclear Consortium in the United States is exploring the feasibility of deploying 1,000 to 2,000 MW of new nuclear capacity, including small modular reactors, in Nebraska [2] - License Extensions: The US Nuclear Regulatory Commission granted 20-year license extensions for Constellation's Clinton unit 1 and Dresden units 2 and 3, supported by over $370 million in upgrades, ensuring continued carbon-free electricity generation [3] Europe - Nuclear Phase-Out in Belgium: Unit 2 of Belgium's Doel nuclear power plant has been permanently taken offline after 50 years, aligning with the country's nuclear phase-out policy. However, Doel 4 and Tihange 3 have had their operations extended to 2035 [4] - New Reactor Developments: A consortium has secured a contract to oversee the development of two new Westinghouse AP1000 units at Bulgaria's Kozloduy Nuclear Power Plant, aiming for operation by 2035 and 2037 [5] - State Aid Approval in Poland: The European Union approved state aid for a Polish nuclear station estimated at ~$16.5 billion, which will feature three Westinghouse AP1000 reactors, with construction expected to start in 2028 [8] Asia - India-Russia Cooperation: India and Russia are advancing their nuclear energy cooperation, focusing on a second Russian nuclear power plant and exploring small modular reactors and localized fuel supply [9] - New Reactor Construction in China: - Xudabao Nuclear Power Plant's unit 3 has completed cold functional testing, with commissioning scheduled for 2027 [10] - Construction has begun for Ningde Nuclear Power Plant's unit 6, expected to enter operation in 2030 [11] - China has also commenced construction on two new CAP1000 nuclear power units, with an estimated cost of ~$5.6 billion [13] Africa - Ethiopia-Russia Nuclear Negotiations: Ethiopia and Russia are negotiating a gigawatt-scale nuclear power plant project, driven by Ethiopia's growing electricity demand [14] Uranium Market Insights - Spot Price Trends: Uranium spot prices have shown strength, climbing above $80/lb and reaching close to $82/lb by the end of December, with a $5 increase in December alone [31] - Term Pricing Stability: Term uranium pricing remained stable at $86/lb throughout December, with year-to-date term volume for 2025 reaching over 104.0 million lbs across 78 contract awards [32] - Section 232 Investigation: An update on the Section 232 investigation regarding uranium imports is anticipated by the end of January [33] Additional Insights - Investment Considerations: The report includes disclosures regarding potential conflicts of interest and emphasizes that investors should consider this report as one factor in their investment decisions [6][46] This summary encapsulates the key developments and insights from the Global Reactor Tracker, providing a comprehensive overview of the nuclear energy sector's current landscape and market dynamics.