The Group of Eight Industrialized nations gathered in Rome to discuss possible energy reforms concerning nuclear energy, and the general consensus was to create and not destroy. The related exchange traded fund (ETF) is set to benefit from the world’s choice of nuclear energy as a power source.Governments from the Group of Eight, along with other nations, urged the world to keep investing in new and cleaner energy sources, despite the economic crisis. According to the Associated Press, G-8 ministers and officials from 15 more countries said governments and businesses must also work to keep energy prices stable or risk hampering the economic recovery.
Delegates in Rome were opposed to North Korea’s reported nuclear test, as the South Korean and Japanese representatives calling on Pyongyang to use nuclear energy for peaceful purposes.
Diversification of energy sources will help keep prices of energy stable and contribute to a quicker recovery. Meanwhile, China has 11 nuclear reactors in operation at six power plants, all on the coast, making up 2% of the country’s energy needs. Rumor has it that 22 reactors, double the number now in operation, are already under construction, reports The Australian for The Wall Street Journal.
The surge in coal-fired power plants should slow from 2011, as the nuclear power plan is under revision in China. In the meantime, however, China is set to install more than 50 gigawatts of new coal generation this year and in 2010.
- Market Vectors Nuclear Energy (NLR): up 20.5% year-to-date
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.