The energy crisis will boost nuclear power, the IEA told CNBC. Here's how investors can benefit

Countries are scrambling to diversify their energy mix in the wake of what International Energy Authority chief Fatih Birol called the "largest oil price shock in history." South Korea has announced its intention to commit to nuclear power since the Iran war devastated supplies of oil and gas, and more countries could follow suit. Birol told CNBC last week that nuclear power would get a "boost" from the supply crisis. "I don't see a world where demand doesn't increase," Ben Kumar, head of strategy at Seven Investment Management, told CNBC. "I think the last few years have made any country that's reliant on imported energy realize that nuclear power has to be part of their future." Investors have several ways of getting potential exposure to this theme. Uranium production Global production of uranium, the key fuel source for fission reactions that generate nuclear power, is led by Kazatomprom. Based in Kazakhstan but listed in London, the company accounted for around 21% of global output in 2024, according to the World Nuclear Association. Its closest rival, Cameco, accounted for 17%. Its shares have tripled in the last 12 months and are up over 60% year-to-date as it capitalizes on a structural deficit in the uranium market. Demand has long outpaced supply as years of underinvestment in new mines kept production low. Since 2022, Western buyers have sought to divest from Russian producers, further boosting Kazatomprom's share price. KAP-GB 1Y mountain Kazatomprom share price. …