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UK Establishes A Nuclear Fuel Fund In Order To Reduce Its Dependence On Russia

UK Establishes A Nuclear Fuel Fund In Order To Reduce Its Dependence On Russia
The United Kingdom announced the opening of its 75-million-pound ($90.5-million) fund to help increase local production of nuclear fuel for power stations and reduce the dependence on Russian uranium supplies.
The fund, which was announced in July, will provide grants to companies involved in uranium conversion, a critical step in the process of producing nuclear fuel from the metal. It will accept applications from Monday until February 20.
Russia currently controls approximately 20% of the world's uranium conversion capacity.
"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," Minister for Energy and Climate Graham Stuart said.
According to the government, up to 13 million pounds from the fund have already been awarded to the Springfields nuclear fuel manufacturing site in northwest England.
Since Russia's invasion of Ukraine, energy supply has become a major concern. Increases in nuclear electricity generation capacity are planned, which will reduce Britain's reliance on natural gas, which will power approximately 45% of generation in 2021.
Britain announced in November that it would become a 50% shareholder in the Sizewell C nuclear project by investing 700 million pounds in the southeast England plant.

Christopher J. Mitchell

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