Bannerman share price explodes 24% as ASX uranium explorers soar

Uranium shares are having a good day.

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Key points

  • The Bannerman Energy share price is soaring 24% today 
  • Multiple ASX uranium shares are in the green 
  • European countries are reconsidering shutting down nuclear power stations 

The S&P/ASX 200 Energy Index is rising 1.75% today, but one ASX uranium share is soaring far higher.

The Bannerman Energy Ltd (ASX: BMN) share price is soaring 24% today and is currently trading at $2.415.

Let's take a look at what is going on with the Bannerman share price.

ASX Uranium shares lift

The Bannerman share price may be lifting today, but it is not alone among ASX uranium shares. The Paladin Energy Ltd (ASX: PDN) share price is rising 6%, while Deep Yellow Limited (ASX: DYL) is soaring 14%. Meanwhile, Alligator Energy Ltd (ASX: AGE) shares are rising 18%.

This follows global uranium shares rocketing ahead overnight. The Uranium Energy Corp (NYSE: UEC) share price soared 14%, while Centrus Energy Corp (NYSE: LEU) lifted 17% and Ur-Energy Inc. (NYSE: UEC) surged 12.4%.

Uranium shares are lifting amid multiple European countries pushing back plans to close nuclear reactors.

Belgium is planning to keep two of its nuclear reactors open for a further 11 years, while Germany is also reconsidering a plan to shut down all nuclear reactors by 2022.

As my Foolish colleague Bernd reported last week, Japan is also looking to boost nuclear power generation. Japan is planning to restart seven more nuclear reactors. Japanese Prime minister Fumio Kishida said:

Nuclear power and renewables are essential to proceed with a green transformation. Russia's invasion changed the global energy situation

Elon Musk has also recently weighed in on the nuclear energy debate. In a recent tweet, he said "countries should be increasing nuclear power generation".

Meanwhile, small modular nuclear reactor (SMR) designer NuScale Power (NYSE: SMR) has told The Australian that small nuclear reactors could power nearly 700,000 homes in Australia by 2027. The first SMR recently received approval from the US Nuclear Regulatory Commission. However, Australia currently has a ban on nuclear energy.

Nationals Senator Matt Canavan today called for an "end" to the nuclear ban in Australia. He said on Sky News:

We're the only developed country, only G20 country in the world that actually bans nuclear energy.

Bannerman Energy share price snapshot

The Bannerman Energy share price has soared 51% in the past year, while it has fallen nearly 11% year to date.

In the past week alone, Bannerman Energy shares have soared 41%.

This ASX uranium share has a market capitalisation of about $361 million based on the current share price.

Motley Fool contributor Monica O'Shea has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended NuScale Power Corporation. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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