Britain has created a whopping $90 million fund to help domestic production of nuclear fuel for power plants. However, another added goal of the fund is to avoid dependence on Russian uranium supplies. British authorities confirmed the creation of the fund on Monday after it was announced in July. They discussed how the fund is trying to award uranium conversion companies. It will be open from Monday to February 20.
Uranium conversion is the most important process in the production of nuclear fuel. Currently, Russia owns 20 percent of the world’s total uranium capacity. Graham Stuart, the energy and climate minister, blamed record high gas prices for Russian President Vladimir Putin’s incursion into Ukraine. He said the rise in gas prices had highlighted the need for more renewable energy produced in Britain. Stuart added that increasing fuel capacity in the UK by building more plants is now more important than ever.
Springfields Nuclear Fuel, a manufacturing facility in northwest England, has already received $15.7 million from the fund, government officials said. Russia’s “special military operation” in Ukraine has increased energy fuel prices. Since then, energy supply has become a key area of concern for the British administration.
Britain’s nuclear power plans would reduce its dependence on natural gas. Around 45% of the current generation in Britain used energy fuel in 2021. In November, British authorities revealed their plans to hold a 50 percent stake in Sizewell C, a nuclear project that provides £700 million in funding for a power plant for southeast England.
