To secure supply of uranium and national energy security, the new fund will encourage investment, development and commercialization of domestic nuclear full production, particularly the development of new conversion capacity to power existing and future nuclear reactors.
This will also support diversification from Russia, which currently runs approximately 20% of the global uranium conversion capacity.
“Having the sovereign capability to manufacture next generation nuclear fuels for advanced reactors of the future is vital for energy security and net zero. It will also open up export opportunities for the UK, helping us reclaim our place as world leaders in the fuels sector”— Tom Greatrex, Chief Executive of the Nuclear Industry Association
The announcement comes as the UK has confirmed:
- £700 million stake in Sizewell C in Suffolk, a power station that will produce enough electricity to power the equivalent of 6 million homes for over 50 years
- the country’s ground-breaking small modular reactors, also known as SMRs, are set to be built in Workington and start rolling out in 2027