Ur-Energy Congratulates Constellation on Its Power Purchase Agreement with Microsoft
Ur-Energy congratulates Constellation on securing an 835-megawatt power purchase agreement with Microsoft, marking Constellation's largest such deal. The agreement will restart Pennsylvania's Three Mile Island Unit 1 reactor, creating 3,400 jobs and offsetting 61 million metric tons of CO2 over 20 years. Ur-Energy, the largest domestic uranium producer in the U.S. in 2024 H1, continues as a key supplier to Constellation from its Wyoming operations. The company is expanding with its Shirley Basin ISR mine, expected to complete in late 2025, increasing production capacity by 83%. This development aligns with growing data center electricity demands, projected to reach 9.1% of U.S. electricity generation by 2030.
Ur-Energy congratulate Constellation per aver assicurato un accordo di acquisto di energia da 835 megawatt con Microsoft, segnando il più grande accordo del genere per Constellation. L'accordo riavvierà il reattore Unità 1 di Three Mile Island in Pennsylvania, creando 3.400 posti di lavoro e riducendo 61 milioni di tonnellate metriche di CO2 in 20 anni. Ur-Energy, il più grande produttore domestico di uranio negli Stati Uniti nel primo semestre del 2024, continua a essere un fornitore chiave per Constellation dalle sue operazioni nel Wyoming. L'azienda si sta espandendo con la sua miniera Shirley Basin ISR, prevista per il completamento entro la fine del 2025, aumentando la capacità produttiva del 83%. Questo sviluppo è in linea con la crescente domanda di elettricità dei centri dati, prevista per raggiungere il 9,1% della produzione di elettricità negli Stati Uniti entro il 2030.
Ur-Energy felicita a Constellation por asegurar un acuerdo de compra de energía de 835 megavatios con Microsoft, marcando el acuerdo más grande de este tipo de Constellation. El acuerdo reiniciará el reactor Unidad 1 de Three Mile Island en Pennsylvania, creando 3,400 empleos y compensando 61 millones de toneladas métricas de CO2 durante 20 años. Ur-Energy, el mayor productor nacional de uranio en EE. UU. en la primera mitad de 2024, sigue siendo un proveedor clave para Constellation desde sus operaciones en Wyoming. La empresa se está expandiendo con su mina Shirley Basin ISR, que se espera complete a finales de 2025, incrementando la capacidad de producción en un 83%. Este desarrollo se alinea con la creciente demanda de electricidad de los centros de datos, que se prevé alcanzará el 9.1% de la generación de electricidad en EE. UU. para 2030.
Ur-Energy는 Microsoft와의 835메가와트 전력 구매 계약 체결을 축하하며, 이는 Constellation의 가장 큰 거래로 기록됩니다. 이 계약은 펜실베니아의 쓰리 마일 아일랜드 1호기 원자로를 재가동하여 3,400개의 일자리를 창출하고, 20년 동안 6,100만 미터톤의 CO2를 상쇄시킬 것입니다. Ur-Energy는 2024년 상반기 미국에서 가장 큰 국내 우라늄 생산업체로, 와이오밍에서 Constellation의 주요 공급자로 계속 활동하고 있습니다. 이 회사는 2025년 말 완료 예정인 Shirley Basin ISR 광산으로 확대하고 있으며, 생산 능력을 83% 증가시킬 예정입니다. 이 개발은 2030년까지 미국 전력 생성의 9.1%에 이를 것으로 예상되는 데이터 센터의 전기 수요 증가에 부합합니다.
Ur-Energy félicite Constellation pour avoir sécurisé un contrat d'achat d'énergie de 835 mégawatts avec Microsoft, marquant le plus grand accord de ce type pour Constellation. Cet accord relancera le réacteur Unité 1 de Three Mile Island en Pennsylvanie, créant 3 400 emplois et compensant 61 millions de tonnes métriques de CO2 sur 20 ans. Ur-Energy, le plus grand producteur domestique d'uranium aux États-Unis au premier semestre 2024, continue d'être un fournisseur clé pour Constellation depuis ses opérations dans le Wyoming. L'entreprise se développe avec sa mine Shirley Basin ISR, prévue pour être achevée fin 2025, augmentant la capacité de production de 83 %. Ce développement s'aligne avec la demande croissante en électricité des centres de données, qui devrait atteindre 9,1 % de la production d'électricité aux États-Unis d'ici 2030.
Ur-Energy gratuliert Constellation zum Abschluss eines Stromkaufvertrags über 835 Megawatt mit Microsoft, was Constellations größten dieser Art Vertrag markiert. Der Vertrag wird den Reaktor Unit 1 von Three Mile Island in Pennsylvania wieder in Betrieb nehmen, 3.400 Arbeitsplätze schaffen und in 20 Jahren 61 Millionen metrische Tonnen CO2 kompensieren. Ur-Energy, der größte heimische Uranproduzent in den USA im ersten Halbjahr 2024, bleibt ein wichtiger Lieferant für Constellation aus seinen Betrieben in Wyoming. Das Unternehmen expandiert mit seiner Shirley Basin ISR Mine, die voraussichtlich Ende 2025 fertiggestellt wird und die Produktionskapazität um 83 % erhöhen wird. Diese Entwicklung erfolgt im Einklang mit der wachsenden Stromnachfrage von Rechenzentren, die bis 2030 voraussichtlich 9,1 % der Stromerzeugung in den USA ausmachen wird.
- Largest domestic uranium producer in U.S. for H1 2024
- Shirley Basin ISR mine expansion to increase production capacity by 83% by late 2025
- Established supplier relationship with major utility customer Constellation
- None.
Insights
The Constellation-Microsoft power purchase agreement marks a significant milestone in nuclear energy's role in powering data centers. The 835 megawatt deal and Three Mile Island Unit 1 restart demonstrates growing corporate demand for reliable, carbon-free baseload power. With data center electricity consumption projected to reach 9.1% of U.S. generation by 2030, this creates substantial opportunities for uranium producers like Ur-Energy.
The company's position as the largest domestic uranium producer in H1 2024, combined with the Shirley Basin expansion increasing capacity by 83%, positions it well to benefit from growing nuclear fuel demand. The projected 2.5x increase in global nuclear power output by 2050 suggests strong long-term growth potential for established uranium suppliers.
LITTLETON, CO / ACCESSWIRE / October 23, 2024 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") wishes to congratulate Constellation on their recently announced power purchase agreement with Microsoft. The deal for 835 megawatts of electricity is the largest ever power purchase agreement for Constellation and will result in the restart of the Three Mile Island Unit 1 nuclear reactor in Pennsylvania. This historic project will contribute 835 megawatts of carbon-free electricity to the grid while creating 3,400 jobs and offsetting approximately 61 million metric tons of CO2 emissions over 20 years. Constellation has named the project the Crane Clean Energy Center in honor of Chris Crane, a well-respected leader in the nuclear industry and a past CEO of Constellation's former parent company.
John Cash, Ur-Energy's CEO stated, "We wish to congratulate Constellation on their continued growth and leadership in the U.S. nuclear power industry. We are excited to continue in our role as an established, long-term supplier of domestic uranium to Constellation. As the demand for nuclear power grows, our objective is to continue being a reliable supplier to U.S. and global utilities from our Wyoming mines."
Ur-Energy plays an important role in the nuclear energy sector within the United States. Ur-Energy was the largest domestic uranium producer in the U.S. in 2024 H1 and is a trusted long-term supplier to leading U.S. utilities such as Constellation. As the U.S. advances the clean energy transition and continues efforts to decarbonize its grid, nuclear energy will play an increasingly critical role as a carbon-free source of baseload power. The U.S. has the largest nuclear power generation capabilities globally (by reactor count and electricity produced from nuclear) and has also recently taken important steps to rebuild a strong domestic nuclear fuel cycle. Ur-Energy is uniquely positioned to play an integral role in the first steps of the U.S. nuclear fuel cycle (see diagram below) both today, as the largest domestic uranium producer from its Lost Creek ISR mine in Sweetwater County, Wyoming in 2024 H1, and tomorrow as it continues construction of its Shirley Basin ISR mine in Carbon County, Wyoming, which is expected to be completed in late 2025 and will increase Ur-Energy's licensed production capacity by over
The demand for carbon free, baseload electricity from big data centers is growing at a nearly unimaginable rate. According to the Electric Power Research Institute's May 28, 2024, White Paper titled Powering Intelligence, data centers are expected to consume as much as
Data centres are significant drivers of growth in electricity demand in many regions. After globally consuming an estimated 460 terawatt-hours (TWh) in 2022, data centres' total electricity consumption could reach more than 1 000 TWh in 2026. This demand is roughly equivalent to the electricity consumption of Japan.
As electricity demand from big data and other industries continues to grow, Ur-Energy expects to see increasing interest in sourcing power from existing and new conventional nuclear power plants and, within a few years, from Small Modular Reactors (SMRs). The carbon-free energy provided by nuclear power, combined with around-the-clock production for as long as two years between refueling outages, makes it a perfect fit for data centers that must operate without interruption while meeting carbon emission objectives. Currently, 60 conventional reactors are under construction globally with many utilities seeking power rate increases and life extensions. The International Energy Agency expects nuclear power output to increase by 2.5 times its current rate by 2050.
As a recognized leader in U.S. uranium production with significant mineral resources, Ur-Energy expects to play a critical role in fueling the global nuclear industry for many years to come.
About Ur-Energy
Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. We have produced and packaged approximately 2.7 million pounds U3O8 from Lost Creek since the commencement of operations. Ur-Energy has all major permits and authorizations to begin construction at Shirley Basin, the Company's second in situ recovery uranium facility in Wyoming and is advancing Shirley Basin construction and development following the March 2024 ‘go' decision for the mine. We await the remaining regulatory authorization for the expansion of Lost Creek. Ur‑Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States. The primary trading market for Ur‑Energy's common shares is on the NYSE American under the symbol "URG." Ur‑Energy's common shares also trade on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is in Littleton, Colorado and its registered office is in Ottawa, Ontario.
FOR FURTHER INFORMATION, PLEASE CONTACT
John W. Cash, Chairman, CEO & President
720-981-4588, ext. 303
John.Cash@Ur-Energy.com
Cautionary Note Regarding Forward-Looking Information
This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., whether global demand for nuclear energy continues to grow at currently projected rates, including whether electricity demands by big data continue to increase; whether our mine sites will continue to reliably supply global utility customers for years to come and what role they will play in fueling nuclear power; whether increased use of nuclear energy will successfully reduce emissions as projected) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedarplus.ca and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.
SOURCE: Ur-Energy Inc.
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FAQ
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