Shares of uranium maker Cameco (CCJ) are falling after Scana's (SCG) principal subsidiary, South Carolina Electric & Gas Company, SCE&G, announced earlier that it's not moving ahead with its long delayed construction of a pair of new nuclear units at the V.C. Summer Nuclear Station in Jenkinsville, SC.

SCE&G pointed out the additional costs and uncertainty of tax credits as reasons for abandoning the projects.

URANIUM PRODUCER: Cameco describes itself as "one of one of the world's largest uranium producers providing about 17% of the world's production from mines in Canada, the US, and Kazakhstan." Uranium, one of the heaviest metals, is essential in powering nuclear reactors that produce electricity.

URANIUM DEMAND IN QUESTION: In mid-July, Credit Suisse analyst Robert Reynolds downgraded Cameco to Underperform from Neutral as his cataloging of nuclear power plants drove his forecast for uranium demand below current industry expectations. The analyst reduced his longer-term price for uranium to $40/lb based on the 90th percentile of the cost curve, from a prior forecast for $60/lb based on an incentive price. Reynolds also lowered his price target on Cameco shares to C$10 from C$13.50.

PRICE ACTION: Shares of Cameco are down 2.4% to $10.31 in afternoon trading. 

OTHERS COMPANIES LEVERED TO NUCLEAR REACTOR SPACE: Uranium Resources (URRE) and BWX Technologies (BWXT).