Australian uranium miners rally after Google's power deal with Constellation Energy
Australian uranium miners logged their best session in weeks on Wednesday after Alphabet's Google agreed to buy power from US nuclear energy major Constellation Energy, potentially raising the demand for uranium.
Boss Energy rose 4.6%, clocking its biggest intraday gain in over a week.
Deep Yellow gained 4.6% in its best session since September 3.
Paladin Energy advanced 2.5%, logging its biggest gain in more than two weeks.
The global data centre boom is straining power and water infrastructure, pushing operators and hyperscalers to prioritise sustainability. It is also boosting interest in nuclear energy as a reliable low-carbon power source.
Google on Tuesday inked a 20-year agreement for 890 MW of electricity — about a quarter of total contracted capacity — from multiple Constellation-owned nuclear power plants, which would be upgraded to produce more electricity from existing reactors.
"The Google-Constellation Energy deal is giving the entire uranium complex a spike," said Luke Winchester, portfolio manager at Merewether Capital.
The uranium bulls have called for nuclear to be the primary energy source for power-intensive data centres, and the validation of one of the world's largest hyperscalers is giving those arguments legitimacy, Winchester added.
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