Cameco：核復興的基石

隨著氣候變遷成為大多數國家日益關注的議題，能源供應脫碳變得更加迫切。我們在再生能源方面做了很多工作，但仍然不夠。

With climate change becoming a major concern in most countries, the need to decarbonize our energy supply is becoming more pressing. A lot is being done with renewables, but still not enough. The issue of renewables intermittency will still take a while to be solved with utility-scale battery storage.

隨著氣候變遷成為大多數國家的主要關注點，能源供應脫碳的需求變得更加迫切。我們在再生能源方面做了很多工作，但仍然不夠。再生能源間歇性問題仍需要一段時間才能透過公用事業規模的電池儲存來解決。

The problem is compounded by growing energy demand from AI and the electrification of everything, from transportation to industry and heating/cooling. This means that not only do we need to decarbonize power generation, but we likely need to at least double or triple electricity generation as well for our future energy mix to work.

人工智慧和一切電氣化（從交通到工業和供暖/製冷）不斷增長的能源需求使問題變得更加複雜。這意味著我們不僅需要使發電脫碳，而且可能還需要將發電量增加至少一倍或三倍，以使我們未來的能源結構發揮作用。

Overall, we are likely to need all the possible low-carbon solutions we can deploy sooner rather than later. Part of this growing electricity production will need to be very stable baseload generation.

總的來說，我們可能需要儘早部署所有可能的低碳解決方案。不斷增長的電力生產的一部分需要非常穩定的基荷發電。

This demand will most likely need to be satisfied with nuclear power. And no other company in North America (or even the West at large) will be as instrumental in making it happen as Cameco.

這種需求很可能需要透過核電來滿足。北美（甚至整個西方）沒有其他公司能像 Cameco 一樣在實現這一目標方面發揮如此重要的作用。

Cameco Corporation (CCJ)

卡梅科公司 (CCJ)

Nuclear Industry's Outlook

核工業展望

For a while, the incidents of Chernobyl and Fukushima were seen as proof that nuclear energy was just too dangerous. Still, before them, there was a time when it seemed clear that the future was nuclear and that burning coal, oil, and gas would soon be as obsolete as the Netherlands' picturesque windmills.

有一段時間，切爾諾貝利和福島事件被視為核能過於危險的證據。儘管如此，在他們之前，有一段時間似乎很清楚，未來是核能，燃燒煤炭、石油和天然氣很快就會像荷蘭風景如畫的風車一樣被淘汰。

Nuclear power production stopped growing in the late 1990s post-Chernobyl and has stagnated globally since, with China's growing production compensating for the declining European nuclear industry.

切爾諾貝利事故後的 20 世紀 90 年代末核電產量停止增長，此後全球範圍內一直停滯不前，中國不斷增長的產量彌補了歐洲核工業的衰退。

For many years, only China and Russia seemed willing to develop nuclear energy. Especially China, which is, as The Economist put it, “building nuclear reactors faster than any other country”.

多年來，似乎只有中國和俄羅斯願意發展核能。尤其是中國，正如《經濟學人》所說，「建造核反應爐的速度比其他國家都快」。

The Ukraine war, a global energy crisis, and the realization that decarbonization with renewables only will take too long is quickly changing the perception of nuclear.

烏克蘭戰爭、全球能源危機以及再生能源脫碳需要太長時間的認識正在迅速改變人們對核能的看法。

So today, nuclear energy is making a comeback globally, at a scale unimaginable a few years ago, with many news pointing at a change in policies throughout most of the world:

因此，今天，核能正在全球範圍內捲土重來，其規模在幾年前是難以想像的，許多新聞都表明世界大部分地區的政策發生了變化：

All this talk about a nuclear renaissance was before the AI craze leading companies like Microsoft to eagerly lock in the future 20 years of energy production of an entire nuclear power plant for its AI datacenters.

所有這些關於核復興的討論都是在人工智慧熱潮導致微軟等公司急切地鎖定整個核電廠未來 20 年的能源生產用於其人工智慧資料中心之前進行的。

Not long after, Amazon was rejected from securing a similar deal on the grounds that tech companies cannot be allowed to absorb all the nuclear power available:

不久之後，亞馬遜被拒絕達成類似交易，理由是不能允許科技公司吸收所有可用的核能：

We are on the cusp of a new phase in the energy transition, one that is characterized as much by soaring energy demand, due in large part to AI, as it is by rapid changes in the resource mix.

我們正處於能源轉型新階段的風口浪尖，這一階段的特點是能源需求飆升（很大程度上歸因於人工智慧）和資源結構的快速變化。

Co-location arrangements of the type presented here present an array of complicated, nuanced, and multifaceted issues, which collectively could have huge ramifications for both grid reliability and consumer costs.”

這裡提出的這種類型的共址安排帶來了一系列複雜、微妙和多方面的問題，這些問題共同可能對電網可靠性和消費者成本產生巨大影響。

Democratic chair Willie Phillips

民主黨主席威利·菲利普斯

Another boost to nuclear energy is the emergence of new technology to make it a lot safer, especially:

核能的另一個動力是新技術的出現，使其更加安全，特別是：

Overall, China has been leading in this field, notably with the first 4th generation nuclear power plant launched in 2023. Western countries are now starting to pick up as well, as most likely to look at streamlining some regulations to bring the cost of new reactors down.

總體而言，中國在這一領域一直處於領先地位，尤其是第一座第四代核電廠於 2023 年啟動。下。

Another key factor in decreasing costs will be to build in series the new reactors, whether traditional design or SMRs, in order to achieve economy of scale instead of the one-of-a-kind designs that have been built so far.

降低成本的另一個關鍵因素是串聯建造新反應堆，無論是傳統設計還是小型反應堆，以實現規模經濟，而不是迄今為止建造的獨一無二的設計。

Nuclear Trump Effect?

核子川普效應？

With Trump elected president for a second time, it makes sense to look back at his position on energy. On the one hand, strong support for fossil fuel extraction is to be expected.

隨著川普第二次當選總統，回顧他在能源議題上的立場是有道理的。一方面，預計化石燃料開採將得到強而有力的支持。

“You are looking at, overall, a ‘drill baby drill’ philosophy. You are going to see offshore lease sales; you are going to pipelines move much quicker; you are going to see fracking on federal lands and a mindset that is focused on lowering energy costs for consumers,”

「總的來說，你正在尋找一種『訓練嬰兒訓練』的理念。你將會看到離岸租賃銷售；管道的移動速度將會更快；你將看到聯邦土地上的水力壓裂和專注於降低消費者能源成本的心態，”

Dan Eberhart – CEO of Canary LLC, an oilfield services company.

Dan Eberhart – 油田服務公司 Canary LLC 的執行長。

However, it will also likely include nuclear energy. The overall goal is to get the cost of energy to go down. His own campaign emphasized its 1st term activity in favor of nuclear energy:

然而，它也可能包括核能。總體目標是降低能源成本。他自己的競選活動強調了第一屆任期內支持核能的活動：

There is little reason to expect less about nuclear from a candidate who has been enthusiastically looking to reduce dependency on foreign powers, massive infrastructure spending, and a focus on re-industrialization.

對於一位一直熱衷於減少對外國勢力的依賴、大規模基礎設施支出以及對再工業化的關注的候選人來說，我們沒有理由對核能抱有較低的期望。

So while Trump's election might be bad news for renewables, it could be a good one for the nuclear industry.

因此，雖然川普的當選對再生能源來說可能是個壞消息，但對核工業來說卻可能是個好消息。

Cameco

卡梅科

Cameco is the world's second-largest uranium miner, with mines mainly producing in Canada. This puts it just behind Kazatomprom in Kazakhstan. Its main mines are Cigar Lake and McArthur River/Key Lake in the Province of Saskatchewan.

Cameco是全球第二大鈾礦開採商，其礦場主要產自加拿大。這使其僅次於哈薩克的 Kazatomprom。其主要礦場為薩斯喀徹溫省的雪茄湖和麥克阿瑟河/基湖。

As a result, Cameco will be at the center of supplying the raw materials required by existing and future nuclear power plants.

因此，Cameco 將成為現有和未來核電廠所需原料的供應中心。

Since 2022, Cameco

自2022年起，卡梅科