Britain opens nuclear fuel fund

• 1 year, 3 months ago (2023-01-03)
• David Flin

Europe 1061 Nuclear 640

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Britain has announced that its £75 million fund aimed at helping boost domestic production of nuclear fuel for power plants was now open for applications. One of the aims of the fund is to reduce reliance on Russian uranium supplies.

The fund will award grants to businesses involved in uranium conversion, a key stage in the process of creating nuclear fuel from the metal. It will remain open for application until February 20.

Graham Stuart, the UK Minister 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.”

The Government said that £13 million from the fund has already been awarded to the Springfields nuclear fuel manufacturing site in northwest England.

Energy supply has become a key government focus since Russia’s invasion of Ukraine drove costs sharply higher. Planned additions to nuclear electricity generation capacity will reduce Britain’s reliance on natural gas, which fuelled around 45 per cent of generation in 2021.