Uranium prices have topped $80/lb for the first time in more than 15 years as a result of renewed demand for nuclear power and disrupted supplies.

Bloomberg reported that contracts for yellowcake, a raw form of uranium, hit $80.25/lb on Monday.

Prices have rallied sharply this year, hitting levels not seen since the 2011 Fukushima-Daiichi accident in Japan caused some governments to cut back on nuclear power.

Following the invasion of Ukraine, countries are looking to nuclear power as a source of low-carbon power that can diversify their mix from intermittent renewable energy and imported fossil fuels, especially from Russia.