President Donald Trump/Image: Video screenshot/White House
Nuclear energy stocks rallied on Friday before President Trump signed several executive orders on Friday to ramp up domestic nuclear energy production.
Trump reportedly plans to invoke the Defense Production Act, which he previously used in March to expand domestic mineral production, to declare a national emergency to reduce dependence on Russia and China for nuclear energy materials.
Per CNBC:
Advanced reactor companies Oklo and NuScale jumped more than 25% and 18%, respectively. Constellation Energy, the largest nuclear operator in the U.S., was up more than 1%. Cameco Corp., one of the biggest uranium miners in the world, rose about 8%.
Trump could sign the orders as early as Friday, sources familiar with the matter told Reuters. The president is scheduled to sign orders in the Oval Office at 1 p.m. ET, according to the White House schedule.
Trump will invoke the Defense Production Act to declare a national emergency due to U.S. dependence on Russia and China for enriched uranium, nuclear fuel processing and inputs for advance reactors, according to a draft summary viewed by Reuters.
The president is also expected to direct federal agencies to permit and site new nuclear facilities, according to Reuters. He will also order the Departments of Energy and Defense to identify federal land and facilities where nuclear can be deployed and streamline the process to build them, Reuters reported.
President Trump signed four executive orders on nuclear energy production aimed at reforming the Nuclear Regulatory Commission and cutting regulations, reinvigorating and accelerating domestic production, deploying advanced nuclear reactor technologies for national security, and streamlining nuclear reactor testing.
The President previously declared a National Energy Emergency to lift restrictions on domestic fossil fuel mining and drilling.
Additionally, as part of his Unleashing American Energy Executive Order on January 20, the President charged heads of executive agencies to review all existing regulations and “identify those agency actions that impose an undue burden on the identification, development, or use of domestic energy resources — with particular attention to oil, natural gas, coal, hydropower, biofuels, critical mineral, and nuclear energy resources.”
Last month, the Department of Energy touted the “big wins” for nuclear energy in Trump’s first 100 days.
“The long-awaited nuclear renaissance is right around the corner thanks to President Trump as the Administration works to restore American energy dominance to bring more reliable, secure, and affordable power back to U.S. taxpayers,” the department wrote.
“There’s lots more to come,” they concluded.
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