Tuesday 3 January 2023

UK ramps up nuclear production with £75m

The government is set to boost nuclear production in the UK with £75 million in funding.

Graham Stuart, Energy and Climate Minister, announced the investment, which will see the country look for alternative supplies for its energy to Russia.

Increasing production of nuclear capacity and diversifying uranium supply was something that the G7 leaders all agreed on in the summer.

Russia currently possesses 20% of global uranium conversion capacity and 40% of enrichment capacity.

Part of the Nuclear Fuel Fund will go towards developing new conversion capacity in the UK to process uranium.

So far, £13 million has been spent in Preston to develop infrastructure for nuclear fuels.

Mr Stuart said: “This investment package will strengthen the UK’s energy security, by ensuring access to a safe and secure supply of UK produced fuel to power the UK nuclear fleet of today and tomorrow - squeezing out Russian influence, while creating more UK jobs and export opportunities.”