Feb. 11, 2026 — EnergyReporter.news
SASKATOON — Cameco shares are gaining momentum as global utilities accelerate long‑term uranium contracting in response to renewed interest in nuclear power. Analysts say the company is entering one of its strongest market cycles in more than a decade as governments seek reliable, low‑carbon baseload energy.
Uranium prices have climbed steadily over the past year, driven by supply constraints, rising reactor restarts and new nuclear‑build commitments in Asia, Europe and the Middle East. Utilities, facing tightening inventories, are signing multi‑year supply agreements at higher prices, strengthening Cameco’s revenue outlook.
The company’s production ramp‑up at its flagship Canadian operations is proceeding as planned, with executives emphasizing a disciplined approach to supply management. Cameco has maintained that it will only increase production in line with long‑term contracting commitments, avoiding the oversupply cycles that previously weighed on the sector.
Analysts say the company’s joint venture with Westinghouse — acquired in partnership with Brookfield — is also enhancing its strategic position. The deal gives Cameco exposure to the nuclear‑services market, including reactor technology, fuel‑fabrication capabilities and long‑term maintenance contracts.
Governments worldwide are revisiting nuclear‑energy strategies as they seek to balance decarbonization goals with grid reliability. Several countries have extended the life of existing reactors, while others are investing in small modular reactors (SMRs) and advanced nuclear technologies. These developments are expected to support sustained uranium demand through the next decade.
Cameco’s financial position has strengthened as higher prices and long‑term contracts improve cash flow visibility. Analysts say the company is well‑positioned to benefit from continued market tightening, particularly if geopolitical risks disrupt supply from other major producing regions.
With nuclear power re‑emerging as a central pillar of global energy policy, Cameco is expected to remain a key beneficiary of the sector’s long‑term growth.
