Uranium prices have risen to their highest level in 12 years, seemingly underlining a global renaissance in commercial nuclear power as utilities race to guarantee supplies of fuel for their reactors.

Prices for the commodity, known as yellowcake, have jumped about 12% to $65.50 per pound over the past month, breaching last year’s peak to reach heights not seen since 2011, according to data from UxC, the US-based price analysis provider.

Uranium demand has increased as governments look for energy independence by building new reactors and extending the lifetime of existing fleets.