Provincially, Quebec closed its last remaining nuclear generating station, Gentilly-2, at the end of 2012. As such, nuclear energy cannot be generated in Quebec. There is therefore no need for uranium in Quebec for energy production purposes.
Globally, the need for uranium is questionable. World energy needs are predicted to rise significantly over the next two decades as the population grows and as more of the population starts using energy-consuming equipment. However, while global energy consumption is increasing, technological innovation is resulting in increased energy efficiency. For instance, wasteful incandescent light bulbs require ten times more energy that modern LED bulbs. Further, not only are we making new discoveries of natural gas and oil and bringing untapped reserves into production, we are also seeing an increase in renewable energy use, such as wind and hydroelectric power, which will help meet our future energy needs. The province of Quebec has invested heavily in both forms of wind and hydroelectric power. Finally, the market for uranium in the United States, the world’s largest uranium market, has been contracting for a number of years, which has severely depressed the price of uranium. As a result, the future market for uranium remains uncertain at best.