11:05 AM EDT, 10/02/2024 (MT Newswires) -- Uranium spot prices increased 3% over the past week as spot activity reached its highest level since February-March 2022, RBC Capital Markets said in a Tuesday note.

RBC said the move was largely driven by market concern over Russia's potential restriction of nuclear fuel exports as well as a more positive outlook for nuclear energy.

Meanwhile, RBC said tech giants continue to endorse nuclear energy, with Google's CEO noting the company's interest in using nuclear to power data centers and achieve carbon neutrality by 2030.

NVIDIA's CEO is also advocating for nuclear to fuel the AI era's data center boom, according to RBC.

In other news, RBC said Poland committed $15 billion to build the first nuclear power plant that will host three Westinghouse AP1000 units, with construction scheduled to start in 2026.

The US Department of Energy has also finalized a $1.5 billion loan to Holtec for the restart of the Palisades nuclear plant in Michigan.

In New York state, six Republican State Senators introduced legislation seeking to restart the Indian Point nuclear power plant. RBC said state Democrats opposed the move and Holtec noted a restart may be more challenging than with Palisades given decommissioning work has already started.

Price: 66.49, Change: +0.88, Percent Change: +1.34