Written by Timothy Gardner
Reuters, WASHINGTON – In an attempt to strengthen the nuclear reactor fuel supply chain and divert the nation from purchasing it from Russia, the U.S. is bidding to ultimately purchase up to $2.7 billion in domestically produced enriched uranium, the Energy Department said on Thursday.
WHY DOES IT MATTER?
President Joe Biden signed legislation in May that authorized $2.7 billion in financing and prohibited the import of enriched uranium from Russia as a means of punishing the nation for its full-scale invasion of Ukraine. Approximately 24 percent of the fuel used in American reactors was supplied by Russia, the biggest supplier of enriched uranium in the world.
BY THE PIXELS
Depending on financial availability, the Department of Energy intends to issue two or more contracts, with a maximum duration of ten years. Projects that increase the capacity of already-existing enrichment plants or brand-new facilities are examples of potential sources. Centrus Energy (NYSE: LEU) and Urenco, a British and Dutch German business operating in New Mexico, may gain from the move. July 26 is the deadline for proposals.
ESSENTIAL QUOTES
“DOE is helping jumpstart uranium enrichment capacity here in the United States, which is critical to strengthening our national security and growing our domestic nuclear industry.
