Fossil fuels were the source of 83.7% of energy produced in the USA for the first half of 2023, compared to 7.8% for nuclear and 8.4% for renewables.
Take a closer look at renewables and 5.0% of the total comes from biomass — wood and biofuels like ethanol. Solar contributes 0.9% and wind 1.5%, for a total of only 2.4%.
The scale required to achieve a tenfold increase in wind and solar is hard to imagine. France, on the other hand, has already demonstrated what can be achieved with nuclear.
Uranium prices are soaring, with the Sprott Physical Uranium Trust (SRUUF) climbing to a new high since its formation in 2021.
As John Quakes explained, on the social media site formerly known as Twitter, the shortage is caused by Rosatom buying uranium in Western markets due to sanctions restricting shipping insurance in Russia:
Nuclear is the only viable option to replace fossil fuels for electricity generation. Renewables such as wind and solar may contribute but nuclear is the only option that can be implemented on such a scale.
Uranium prices are soaring and are likely to remain high for as long as Russia occupies part of Ukraine.