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France flags plans to reduce nuclear energy

France has reportedly outlined plans to reduce its reliance on nuclear power “as soon as possible” in a topsy turvy week for the uranium sector.
France flags plans to reduce nuclear energy France flags plans to reduce nuclear energy France flags plans to reduce nuclear energy France flags plans to reduce nuclear energy France flags plans to reduce nuclear energy

French junior ecology minister Brune Poirson

Staff reporter

France's plans come the day after uranium stocks had jumped as major producer Kazatomprom announced production cuts. 

Junior ecology minister Brune Poirson told an industry conference in France that the country would reduce its share of nuclear energy in the electricity mix as soon as possible, but did not give a target date as the government was drawing up a new PPE (multi-year energy plan), Reuters reported.

"The PPE ... will lay out how we increase the share of renewable energy in our electricity mix and, little by little, reduce the share of nuclear," Poirson told reporters.

France last month dropped a legal target set by the previous government to reduce the share of nuclear from 75% to 50% by 2025, the wire service said.

Earlier this week, Kazakh uranium miner Kazatomprom announced it would reduce output by about 20% over the next three years due to soft market conditions.

The cutback has been estimated to represent about 7% of global production and will start in parallel with Canadian giant Cameco (CN:CCO) suspending production at its 70%-owned McArthur River mine for 10 months in 2018.

Cameco (CN:CCO) closed less than 1% lower yesterday in Toronto while Spain-focused developer Berkeley Energia (LN:BKY) was up just over 6% in London.

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