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Monday, January 30, 2023
HomeWorldBritain: Creation of a special nuclear fuel fund

Britain: Creation of a special nuclear fuel fund

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The purpose of creating this specific fund is to reduce the country’s dependence on Russia for the supply of uranium.

Britain’s government announced today that its special fund, with 75 million pounds (102.2 million euros) available, aimed at boosting domestic production of fuel for nuclear power plants to reduce the country’s dependence on Russia for uranium supply, is now open and accepting applications.

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The fund, the creation of which was announced in July, will provide grants to companies active in the field of uranium conversion, a key step in the process of producing fuel for nuclear reactors from the metal.

It will remain open for the submission of applications until February 20, the government announcement states.

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Russia currently accounts for about 20% of the uranium conversion capacity on an international scale.

“Record-high global gas prices, fueled by (Russian President Vladimir) Putin’s illegal invasion of Ukraine, have underlined the need for more domestic renewable energy, but also nuclear power produced in the UK — with building more factories and developing domestic fuel production capacity,” summed up UK Under Secretary for Energy and Climate Graham Stewart.

Already, up to £13 million of the fund’s resources have been allocated to the Springfields nuclear fuel production facility in north-west England, according to Rishi Sunak’s government.

Energy supplies have been at the center of attention for many governments, as the war that broke out when Russia’s military invaded Ukraine on February 24, 2022, triggered a spike in prices.

Increasing power generation from nuclear plants would reduce the UK’s reliance on natural gas, the burning of which contributed 45% of the country’s energy mix in 2021.

In November, the British government announced that it would acquire a 50% stake in the under-construction Sizewell C nuclear power plant in southeast England.

RES-EMP

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