Britain develops a nuclear fuel account intending to slash its reliance on Russia

January 3, 2023: -On Monday, Britain declared that its 75-million-pound ($90.5 million) fund aimed at helping domestic boost nuclear fuel production for power plants and cutting reliance on Russian uranium is supplying is open for applications.

The fund started in July and will be granted to businesses involved in uranium conversion, a critical stage in creating nuclear fuel from the metal. It will remain open for applications beginning from Monday until February 20.

Russia currently owns nearly 20% of global uranium conversion capacity.

“Record high global gas costs, caused by Putin’s illegal invasion of Ukraine, focusing the need for home-grown renewable energy, but then the UK generated nuclear power building more plants and creating domestic fuel capability,” Minister appointed for Energy and Climate Graham Stuart stated.

The government said that up to 13 million pounds from the fund have already been awarded to the Springfields nuclear fuel to create a site in northwest England.

Energy supply becoming a key focus since Russia’s invasion of Ukraine drove costs sharply higher. Planned additions to nuclear electricity generation capacity are decreasing Britain’s reliance on natural gas, fuelling nearly 45% of generation in 2021.

Britain in November added that it would become a 50% shareholder in the Sizewell C nuclear project, of which 700 million pounds funds to the plant, planning for southeast England.