Should You Invest in Nuclear Energy?

2024/11/20

Money For the Rest of Us

David Stein

David Stein: 微软与Constellation Energy签署的为期20年的电力供应协议，其中包括重新启用三里岛核电站，标志着对核能投资的兴趣正在复苏。公众对核能的认知受到过去事故（如三里岛、福岛和切尔诺贝利）的影响，但核能仍然是全球能源生产的重要组成部分。尽管美国新建核电站数量有限，但核能仍然是美国和全球电力结构的重要组成部分。新建核电站成本高昂且耗时长，但现有核电站已连接到电网，这使其相较于可再生能源项目更具优势。现有核电站，即使建设成本高昂，也能提供廉价且高效的电力，其稳定性和效率远高于太阳能和风能。人工智能的兴起和气候变化导致电力需求增加，这推动了对核能的重新关注。核能发电的基本原理是通过核裂变释放能量，产生蒸汽驱动涡轮机发电。核电站需要冷却系统来控制温度，并使用控制棒来调节反应堆的运行。核电站会产生高水平的核废料，这需要妥善处理。美国的能源生产在很大程度上是由市场驱动的，核能是受监管最严格的能源类型之一。小型核反应堆的开发以及政府在核能中的作用也值得关注。电力需求的增长，以及电动汽车、热泵等对电力的需求增加，导致传统能源，包括核能，仍然有持续的需求。投资核能的途径包括：投资服务于核工业的小型公司；投资铀，例如通过Sprott Physical Uranium Trust (SRUUF)；投资铀矿业ETF，例如Global X Uranium ETF (URA)；投资铀矿商ETF，例如Sprott Uranium Miners ETF (URNM)。投资铀和核能行业的投资理由是电力需求的持续增长将推动对铀和核能相关公司的需求。但也要认识到，核能仍然存在反对声音，核电站建设周期长，小型核反应堆仍在开发中，人工智能的未来发展也存在不确定性。总而言之，核能仍然是全球能源体系的重要组成部分，其高效、稳定和低成本的特性使其在未来仍将发挥重要作用。由于经济因素驱动，可能会出现更多核电站重新上线的情况。

Deep Dive

Chapters

The podcast starts by mentioning Microsoft's deal to reopen Three Mile Island nuclear plant to meet AI demands. It then discusses the global contribution of nuclear energy to power generation and the accelerating demand for electricity, highlighting the role of AI and climate change.

Microsoft's deal to reopen Three Mile Island nuclear plant
Global nuclear energy contributes 9% to power generation
35% from coal, 23% natural gas, 15% hydro, 30% wind and solar
Accelerating electricity demand due to AI and climate change

Shownotes Transcript

Why has there been renewed interest in nuclear power generation in the last couple of years, and how can we invest in it?

Topics covered include:

Why did Microsoft sign an agreement to reopen a nuclear reactor at the infamous Three Mile Island nuclear facility
How much does nuclear energy contribute to global power generation
Why is demand for electricity accelerating
What are the advantages and challenges with nuclear energy
What investment vehicles individuals can use to invest in nuclear energy

Show Notes

Microsoft in deal for Three Mile Island nuclear power to meet AI demand by Myles McCormick and Jamie Smyth—The Financial Times)

Nuclear Power Was Once Shunned at Climate Talks. Now, It’s a Rising Star. by Brad Plumer—The New York Times)

Inside Diablo Canyon Nuclear Power Plant | BG2 w/ Bill Gurley & Brad Gerstner—YouTube)

Q&A - Germany’s nuclear exit: One year after—Clean Energy Wire)

Fukushima Daiichi Accident—World Nuclear Association)

Chernobyl Accident 1986—World Nuclear Association)

Nuclear Energy in a Low-Carbon Energy Future—NEI)

Electricity Mid-Year Update - July 2024—IEA)

What is U.S. electricity generation by energy source?—U.S. Energy Information Administration)

How old are U.S. nuclear power plants, and when was the newest one built?—U.S. Energy Information Administration)

Global price of Uranium—FRED)