Nuclear fuel funding aims to reduce reliance on Russia

The funding package is intended to encourage investment in new fuel production capabilities in the UK, and aligns with the government’s ambition to secure up to 24GW of nuclear power by 2050.

In June 2022 G7 leaders agreed to reduce reliance on civil nuclear and related goods from Russia, including working to diversify their supplies of uranium and nuclear fuel production capability. Russia currently owns around 20 per cent of global uranium conversion capacity and 40 per cent of enrichment capacity.

The UK’s £75m Nuclear Fuel Fund is intended to strengthen energy security by encouraging investment into the development and commercialisation of domestic nuclear fuel production, including advanced fuel technologies. This includes the development of new conversion capacity in the UK for freshly mined and reprocessed uranium.

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In a statement, Graham Stuart, minister of state for energy and climate, said: “Record high global gas prices, caused by Putin’s illegal invasion of Ukraine, have highlighted the need for more home-grown renewable energy, but also UK generated nuclear power – building more plants, and developing domestic fuel capability.