Britain opens nuclear fund as it aims to cut dependency on Russian supplies – EQ Mag

Britain officially opened its multimillion-dollar nuclear fuel fund to bidders on Monday, as it seeks to bolster domestic uranium and related supplies while reducing its dependency on Russia amid its war in Ukraine.

The $90 million fund was first announced in July and came after leaders of the Group of Seven nations a month earlier agreed to work on reducing their reliance on civil nuclear and related goods from Russia, which is responsible for about 20% of global uranium conversion capacity and 40% of enrichment capacity.

Officials said the fund will strengthen energy security through investing in the development of domestic conversion capacity for mined and reprocessed uranium.

Minister of State for Energy and Climate Graham Stuart said Russia’s war in Ukraine has underscored Britain’s need to boost renewable energy at home through building plants and developing its own fuel capability.

“This investment package will strengthen the U.K.’s energy security, by ensuring access to a safe and secure supply of U.K.-produced fuel to power the U.K. nuclear fleet of today and tomorrow — squeezing out Russian influence, while creating more U.K. jobs and export opportunities,” he said Monday in a statement.

According to government data, 15% of Britain’s electricity comes from nuclear supplies, and the injection of tens millions of dollars is expected to help it reach its plans for civil nuclear power to account for 25% of the country’s needs by 2050.

Some $15.7 million from the fund has already been allocated to Westinghouse in Preston, Lancashire, for nuclear fuel fabricators. That investment was announced last month.

The fund comes as democratic nations, especially in Europe, strive to reduce their dependency on Russian energy following the Kremlin’s invasion of Ukraine in late February.

Source: upi