Britain has created a fund of a whooping $90 million intending to assist the domestic production of nuclear fuel for power plants. However, another added objective of the fund is to avoid dependency on Russian uranium supplies.
The British authorities confirmed the fund’s establishment on Monday after its announcement in July. They discussed how the fund aims to grant uranium conversion enterprises. It will remain open from Monday until February 20.
Uranium conversion is the most crucial process in manufacturing nuclear fuel. Currently, Russia holds 20 per cent of the world’s total uranium capacity.
Graham Stuart, Minister for Energy and Climate, blamed Russian President Vladimir Putin’s incursion in Ukraine for the record-high gas prices. According to him, the surge in gas prices has emphasised the need for more renewable energy resources produced within Britain. Stuart added that increasing UK’s fuel capability by building more plants is now more essential than ever.
Springfields nuclear fuel, a manufacturing site in northwest England, has already won $15.7 million from the fund, said the government officials.
Watch| UK PM Rishi Sunak says ‘problems won’t go away in New Year’
Russia’s ‘special military operation’ in Ukraine has pushed energy fuel prices. Since then, the energy supply has become a key focus area for Britain’s administration.
Britain’s plans for generating nuclear energy would cut its reliance on natural gas. Around 45% of the present generation in Britain used energy fuel in 2021.
In November, British authorities revealed their plans to hold 50 per cent shareholders in Sizewell C, a nuclear project giving 700 million pounds in funding to the plant for southeast England.
(With inputs from agencies)
