Iain Conn

Bannerman Energy Ltd / Shaw and Partners Nuclear Energy, Uranium, Bannerman discussion Bannerman Energy Executive Chairman and Shaw and Partners Head of Research Andrew Hines discuss all things nuclear energy, uranium supply, Bannerman Energy and the Etango Uranium Project. https://lnkd.in/gaDJh9Wa We discuss recent developments in the global nuclear industry and why demand for nuclear power is growing again. We discuss the deficit in uranium supply to meet current demand, let alone the expected growth from the technology industry and small modular reactors. We talk about the lack of new uranium projects ready to be developed post the industry’s decade long hibernation after Fukushima and how Bannerman has positioned itself to be ready to develop the Etango Uranium Project at the perfect time. 0:00      Introduction 0:30      World Nuclear Symposium feedback 2:30      Demand for Nuclear Energy is growing again – technology companies, data centres, Chinese growth, US power demands 10:20    Uranium Supply – Existing supply is insufficient to meet demand 14:29    Uranium Supply – Utilities have not yet returned to replacement level contracting so we have not yet discovered the true incentive price for uranium. Shaw and Partners forecasts that uranium will reach US$150/lb in 2025 18:36    Uranium Supply – there are risks to existing supply which is highly concentrated 21:32   Bannerman Energy – How Bannerman managed the industry downturn 25:00   Namibia – An excellent jurisdiction to build a uranium mine 28:32   Bannerman Energy – building a world class management team 31:35   Etango Uranium Project – Construction has commenced, maintaining optionality and flexibility 33:20   Etango Uranium Project – The contracting approach for a 40 year asset 36:40   Wrap-up and conclusion Brandon Munro Emma Culver Gavin Chamberlain Steve Herlihy Twapewa Kadhikwa Alison Terry Clive Jones Mike Leech Ian Burvill Werner Ewald Ronnie Beevor Andrew Hines Anthony Wilson Chris Dorney Russell Karlson Sam Christie Christopher Ziomek Mike Stanford Peter Kormendy Dorab Postmaster Earl Evans Gauthier Merlin Jake Burgess Thomas Tsiakis Elton Wang Lindsay Archibald Edward Walker Paul Johnston Mark Hardman Chloe Hayes Sinclair Clinton Philip Pepe Abraham Akra, PhD Please be advised that the advice we have prepared for you has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on any advice, you must consider the appropriateness of the advice having regard to your personal circumstances. If the advice we have provided relates to the purchase or possible purchase of a particular financial product, you should obtain a Product Disclosure Statement relating to the product and consider it carefully.

2

The #uranium market has been navigating through a dynamic year marked by evolving market signals and global uncertainty. Sprott’s latest report, "Uranium Markets Impacted by Market Signals and Uncertainty," offers critical takeaways on the state of the market and what lies ahead: 📈 Uranium Market Steadies ⚡ Nuclear Energy Gains Global Support 🇺🇸 U.S. Elections & Nuclear Policy Impacts 🛢️ Energy Strategy: Domestic vs. International Focus 🚨 Russian Ban Challenges Supply Chain

11

1 Comment

Nuclear engineer dismisses Peter Dutton’s claim that small modular reactors could be commercially viable soon | Energy | The Guardian 2045 is feasible (maybe) As we all knew, small modular reactors are a great green field development area - long timeframe, steady flow of investors, neverending stoooooooryyyyy 🎶🎤 #wealth #power #money #financing #investment #realestate #funding #vc #energy #fdi #growth #country #equity #fund #ZabCapitalHoldings

3

1 Comment

The UK government has announced up to £21.7bn to get the UK's first carbon capture and storage (#CCS / #CCUS) projects up and running, in #Teesside and #Merseyside. As the FT mentions here, there are questions about the technology's 'commercial and technical feasibility at scale'. However, experts we've worked with on recent projects, including in Teesside and the Humber, emphasise that CCS/CCUS will be an essential part of the mix (with renewables) if the UK is to meet its legally binding Net Zero emissions targets - while also securing our industrial base and skilled jobs. From the perspective of attracting inward investment / FDI: emissions reduction targets mean that decarbonisation solutions (underpinned by sustained government strategies, policies and support) are essential for companies considering long-term investment projects in the UK's industrial clusters. So this is definitely good news for Teesside and Merseyside. More generally, improving and sustaining business confidence - by creating a stable policy environment - will be key to boosting inward investment / FDI to the UK. Previous government attempts to support CCS/CCUS were dropped (2011 and 2015), while 2023 funding commitments hit up against this year's general election. Today's funding announcement is over 25 years, so sustaining this and similar commitments will be key. It's a positive step, and the messages currently coming out of the Department for Energy Security & Net Zero show an awareness of the need for long-term thinking. #InwardInvestment #FDI #IndustrialClusters #Decarbonisation #Freeports #EconomicDevelopment #EnergyIntensiveIndustry #ProcessIndustry #SustainableEnergy #NetZero

6

The hydrogen bubble has burst, according to a report published by my Financial Times colleagues Amanda Chu Rachel Millard Alice Hancock. Share prices of US and European clean hydrogen companies have collapsed while projects have been delayed as the industry battles lower than expected demand, regulatory uncertainties and growing investor scepticism. Shares of hydrogen companies Plug Power, Ballard Power Systems and Green Hydrogen Systems have fallen by more than half this year to historic lows as they reported repeated quarterly losses. The S&P Kensho Global Hydrogen Economy Index, which tracks companies across the low carbon hydrogen value chain, is back to levels akin to those in mid-2020, erasing gains made in late 2020 and early 2021 at the height of hype over the development of the green energy. Last month, consultancy McKinsey slashed its 2030 green hydrogen forecast for the US by 70 per cent, predicting the country would miss its 10mn tonnes clean hydrogen production target set by the Biden administration. In July the European Court of Auditors, the bloc’s spending watchdog, warned the EU’s goal to produce 10mn tonnes of green hydrogen by 2030 was “unrealistic” and a “reality check” was needed. “Green hydrogen is still not investable. It’s rubbish in terms of investment,” said Mark Lacey, head of thematic equities at Schroders.

69

2 Comments

CCS - Snake Oil, Smoke & Mirrors, or Symptomatic Cure at best?⚠️⛔️⚠️ The Guardian - TJ Jordan: UK’s £22bn carbon capture pledge follows surge in lobbying by fossil fuel industry, records show. Scope of oil & gas influence underscores concerns technology will prolong demand for planet-heating natural gas. The UK government’s move to award £22bn in subsidies to carbon capture projects followed a sharp increase in lobbying by the fossil fuel industry, it can be revealed. Oil and gas giants such as Equinor, BP, and ExxonMobil attended 24 of 44 external ministerial meetings to discuss carbon capture and storage(CCS) in 2023, according to official transparency records. That represented a surge in activity relative to 2020-22, when ministers held about half as many meetings to discuss the technology, and oil and gas companies would attend seven to 10 of these discussions each year. In a meeting in March last year, an ExxonMobil executive from the company’s “low carbon solutions” division “spoke of the outstanding need for oil and gas, at the same time as needing to lower emissions”, according to meeting notes obtained by environmental journalism site DeSmog through freedom of information requests. The growing engagement by oil and gas companies has sharpened concerns among climate advocates that industry is skewing the UK’s carbon capture strategy to preserve demand for fossil gas – a significant source of planet-heating carbon dioxide (CO2) and methane emissions. “Fossil fuel companies often have the engineering knowhow to build these projects, so the government naturally has to meet with them,” said Laurie Laybourn, an environmental policy researcher and associate fellow at the Institute for Public Policy Research thinktank. “But that might create a risk whereby these companies unduly influence policy and rollout in a way that benefits them.” Meanwhile, lobby group the Carbon Capture and Storage Association (CCSA) – which represents dozens of fossil fuel companies – attended 20 meetings, and Equinor 16. BP, ExxonMobil, Scottish power company SSE, and Drax, a biomass power plant that is one of the UK’s biggest emitters, also attended nine meetings each during the same period. The policy builds on the previous Conservative government’s plans to establish four CCS “clusters”, where carbon capture would be used to trap some of the CO2 emitted by fossil-fuel burning factories and power plants. Pipelines would then carry the captured gas underground to be stored in depleted oil and gas reservoirs under the North and Irish Seas. A group of scientists and campaigners said last month that such projects would allow the companies to continue extracting and burning natural gas based on the promises of unproved and expensive carbon capture technology – at the taxpayer’s expense.

1

1 Comment

At COP29, Keir Starmer has committed to cutting UK greenhouse gas emissions by 81% by 2035 compared to 1990. Just some figures to illustrate what this means. All the following data are from the Statistical Review of WorldEnergy2024 (https://lnkd.in/eQks7mQQ) Carbon Dioxide Equivalent Emissions from Energy, Process Emissions, Methane, and Flaring for the UK,– In 1990 – 595.2 million tonnes. So by 2035, they should be 19% of this value i.e. 113 million tonnes In 2023, they were 327 million tonnes. So, if other greenhouse gas sources (e.g. livestock farming) are excluded, fossil fuel energy contribution in 2035 has to be reduced by 65% (1-113/327) compared to 2023. In 2023, fossil fuels (gas and oil mostly) provided 5.26 exajoules, EJ (10^18 joules) of energy. If 65% of this has to be replaced , UK has to find 3.44 EJ of CO2-neutral energy. Let us assume that miraculously, UK will reduce primary energy consumption by 40% by 2035. It will still need to find 2.06 EJ of CO2-free energy. This is equivalent to providing 65.3 GW of continuous CO2-free energy. That is build 22 nuclear power plants of the size of Hinckley point C or 145 GW of wind assuming a very optimistic capacity factor, CF, of 0.45. Currently, CF for wind is 0.31 i.e. if you have 1 GW installed, you get 0.31 GW averaged over the year (for solar, CF is 0.11). For reference, currently the installed wind capacity is 30.2 GW. UK cannot really build 22 Hinckley point Cs or install 5 times the current wind capacity in the next 11 years. So there has to be a massive change in lifestyle on top of the 60% reduction in energy consumption assumed – enormous reductions in meat and dairy consumption, aviation, steel and cement industries. I think they are also relying on carbon capture and storage, a technology incredibly challenging to deploy at scale. All this to be done in 11 years appears to be fantasy.

38

16 Comments

Many energy companies are making investments to digitalise the energy system. However, without a coordinated approach, they risk operating in silos, leading to services that don’t integrate and data that doesn’t interoperate. To overcome this challenge, National Grid ESO wanted to define a governance model that would enable sector-wide collaboration, align digital investments, and facilitate seamless systems integration and interoperability of energy data. Discover how we supported National Grid ESO in driving energy sector digitalisation by defining how a shared digital infrastructure can be built and operated for the benefit of all energy stakeholders. https://bit.ly/3C3y6ix

4

Interesting discussion between Andrew Hines, Head of Research, and Bannerman Energy Chairman, Brandon Munro. If you want to get a greater understanding of nuclear energy this is well worth listening to.

1

Hydrogen is emerging as a cornerstone in the UK’s journey to net zero, offering a clean, renewable solution for decarbonizing key sectors like energy, transport, and industry. As envisioned in the UK Hydrogen Strategy and guided by the Energy Act of 2023, hydrogen’s role is expanding rapidly. Legal and regulatory frameworks are evolving to support low-carbon hydrogen initiatives, with incentives and policies to scale up production and infrastructure. Circular Refining is proud to contribute to this transformative energy shift, aligning our work with the UK’s net zero ambitions. #NetZero #UKHydrogenStrategy #EnergyTransition #GreenHydrogen #CircularRefining #CleanEnergy #HydrogenEconomy #ClimateAction #Decarbonization #SustainableFuture #CarbonNeutral #Innovation #RenewableEnergy #HydrogenInfrastructure #EnergyGoals

2

Great Conversation with Spencer Dale, Chief Economist at bp on Energy Trilemma, trajectories of carbon emissions, and the balance of effort between demand and supply in delivering the energy transition. It is a fascinating discussion on the future of energy from one of the foremost experts in the field. Listen to the latest podcast for the Society Of Professional Economists. https://lnkd.in/eKN8wxV2

6

“Natural gas from Pennsylvania is the backbone of PJM’s electric generation capacity, where the 13-states and the District of Columbia are dependent upon the Commonwealth to keep the lights – and the AC – running. “Pennsylvania generates roughly one-third of the electricity produced in PJM, which means it directly powers about 7% of the country’s GDP,” a recent report from Pittsburgh Works pointed out. Consumers a few hundred miles north of Pennsylvania, however, are deprived of the cost, reliability and environmental benefits provided by American produced natural gas. Government mandated “renewable-only” energy policies have constrained the New England region’s power market, and they are forced to rely on expensive natural gas imports from Trinidad and Tobago and elsewhere for energy needs.” #NatGas #EnergyPoliciesMatter #DomesticEnergy #Grids

23

📣OUT NOW: #EnergyUnplugged is back for 2025 and what better way to kick things off than with Episode 225! This week Andrew Flanagan, CEO of RWE Clean Energy joins our Managing Director for North America, Oliver Kerr🔸. ➡️Listen here: https://lnkd.in/diQq5kZ 👂Tune in for a discussion on the current and future landscapes of U.S. power markets, with main topics including: 🔸How much of the load growth in the US is real, and how much of its forecasting should be factored in investment decisions? 🔹What challenges are interconnection queues in the US creating, and how are markets reacting? 🔸What will the results of the US election mean for the energy transition in the country? #USPowerMarket #EnergyTransition #EnergyPodcast #CleanEnergy #GreenEnergy

35

1 Comment

Thank you to Oliver Kerr🔸 at Aurora Energy Research for having RWE Clean Energy CEO Andrew Flanagan on the Energy Unplugged podcast. They discussed U.S. energy trends and how RWE is finding the right partners to helps us grow and meet the tremendous demand for #electricity. This was an in-depth discussion where Andrew and Oliver discussed #forecasting, interconnection, load growth, and investments. It’s a great listen for anyone who wants to learn more about the #CleanEnergy industry. 

82

1 Comment

The role of government in the energy market is a hot topic, both in Australia and abroad. Our team have been working on the new UK Government's design of GB Energy, and in this article share some thoughts on what areas of the market best benefit from state involvement. An interesting read, even from outside the market.

18

1 Comment

For over two decades, the UK has been a key market for us — and we are dedicated to the country, with ambitious plans for deepening our engagement and making transformative investments.    With the announcement of a new Industrial Strategy focused on clean energy as a key growth sector, the new government wants to play a constructive, strategic role in the economy. Working in partnership with the private sector to drive forward its mission for economic growth and the ambitious plan to achieve clean power by 2030. This week’s International Investment Summit in London provided a valuable opportunity to discuss this with government officials, led by Prime Minister Keir Starmer and industry executives.    As the leading power generator and a leading renewables developer in the UK, we are already generating electricity for around 12 million homes with an installed capacity of almost 10 GW.     With 2.2 GW of renewables currently under construction across offshore and onshore wind, solar, and storage, we intend to invest around €8 billion net until the end of this decade in developing clean energy projects in the UK and further strengthening our presence. Meanwhile, we are helping to unlock a green economy in the UK by generating high-quality jobs, strengthening supply chains, and fostering thriving local communities.    I would like to thank everyone involved in the organisation of this excellent summit, as well as Prime Minister Keir Starmer, State Secretary Ed Miliband from the Department for Energy Security and Net Zero, and Jonathan Reynolds MP, Secretary of State for Business and Trade, Sarah Jones, Minister for Industry, and Eluned Morgan, First Minister of Wales, for the valuable exchange. 📷: Jonathan Brad /PA Images / Alamy Stock Photo

444

11 Comments

I read today's article in the The Guardian (see link in comments below) with interest. The dawning realisation and indeed policy endorsement to promoting the continued usage of #naturalgas in the #UK's power system, demonstrates a level of common sense from the incoming #Labour administration - though let's not pick bones about the fact that the previous administration's decision to extend usage of #CCGTs met with widespread criticism from across the chamber at the time.  The idea that greater penetration of renewables in the system requires greater #flexiblepower provided by natural gas #powergeneration, is clear - at least until and unless it is displaced by #nuclear, or indeed #longdurationstorage, which can recycle green #electrons. The jury's currently out on the latter from a commercialisation perspective, and new nuclear build is years ahead. So natural gas continues to be the #decarbonised transition fuel of choice. But here's the kicker, with #carboncapture #technology attached to gas generators, we can deliver #netzero flexible power into the #grid. And why only #sequester the #CO2? Why not create a further revenue opportunity by scrubbing or reusing the CO2 in products such as food grade #industrialgases or #carbonblack products, or indeed #methanol? In doing so, a real opportunity exists to invest without the dependence on #subsidy. At Victory Hill Capital Partners LLP, our thematic approach to investing in the #energytransition foresaw such an #evolution, hence our investment in a UK programme which provides #gasfired flexible power combined with carbon capture technology which scrubs the CO2 into #foodgrade CO2 to be sold into the industrial gases market where there is a structural short in the UK, creating a #sustainable value chain, with our partners, Landmark Power Holdings. Moving forward, we believe the picture of the #demandsidedynamics are likely to be further skewed by the emergence of generational #AI technology in #datacentres. With the amount of energy required for AI technology tasks being 10x more than the equivalent Google tasks, the demand for dependable energy is expected to spike to historically higher levels in the next 10 years in #Europe, the #US and beyond. And within this context, the conversation will likely be, is natural gas a #transitionfuel? Or will it be here to stay? In which case the question arises of: who understood ahead of time the benefits of carbon capture technology, and is there sufficient policy initiatives and #privatecapital to support this? Interested? #letstalk #sustainableinvesting #unsdgs #victoryhill #gseo Department for Energy Security and Net Zero Fiona Harvey #victoryhill Emily Revess #sustainableenergy Louis Taylor John Flint Emma Floyd Valerie Hamill Victoria Seabrook Rt Hon Rachel Reeves Peter Kyle Lord Philip Hunt

55

3 Comments