U.S. Takes Action to Secure Nuclear Fuel Supply Chain🔗

This is Nuclear Update. The newsletter that gives you the same warm glow as the peaceful use of atomic energy – safe, clean, and bright.

This is what we got for you this week:

• U.S. Takes Action to Secure Nuclear Fuel Supply Chain🔗

• UK Invests £300 Million to Cut Russian Nuclear Fuel Ties✂️

• New Nuclear Sector Investment Fund Launched 📈

• EU Needs 2 Nuclear Plants a Year for 15 Years, Says Vice-President ⚛️

• Another U.S. Nuclear Plant Seeks 20-Year Extension ⚡

U.S. Takes Action to Secure Nuclear Fuel Supply Chain🔗

The Biden-Harris Administration is intensifying its focus on strengthening the U.S. nuclear fuel supply chain to boost national security and support clean energy goals. This involves reducing dependency on Russian uranium by enhancing domestic production of low-enriched and high-assay low-enriched uranium (HALEU), crucial for powering current and future reactors.

Significant initiatives include the $700 million from the Inflation Reduction Act for the HALEU Availability Program, and the production of over 100 kilograms of HALEU at the Piketon, Ohio facility. Additionally, the U.S. is collaborating with the UK, France, Japan, and Canada through the "Sapporo 5" partnership to establish a resilient global nuclear fuel supply chain and reduce Russian influence, committing over $4.2 billion to expand enrichment capacity.

Domestically, the Administration is also focusing on converting retiring coal plants into nuclear facilities to create jobs and stimulate local economies. With substantial investments from the Bipartisan Infrastructure Law and the Inflation Reduction Act, the U.S. is poised to lead in advanced nuclear technology development and deployment, aligning with global efforts to triple nuclear energy capacity by 2050.

UK Invests £300 Million to Cut Russian Nuclear Fuel Ties✂️

The UK is investing £300 million to produce specialist fuel for next-generation nuclear reactors, aiming to diminish reliance on Russian-produced high-assay low-enriched uranium (HALEU). This initiative is intended to boost domestic production and potentially supply global markets, further isolating Moscow amidst heavy Western sanctions. Energy Security Secretary Claire Coutinho emphasized the UK's commitment to countering Russian influence in nuclear fuel markets.

An additional £10 million will support the development of skills and infrastructure for advanced nuclear fuels in the UK, according to the Department for Energy Security and Net Zero (DESNZ). This effort, focused particularly in the North West of England, aims to enhance the UK's long-term nuclear fuel self-sufficiency and assist international allies. Coutinho stated, “We stood up to Putin on oil and gas and financial markets, we won’t let him hold us to ransom on nuclear fuel.”

New Nuclear Sector Investment Fund Launched📈

Luxembourg-based Trident Investment has launched the Triton fund, focused on the nuclear energy and nuclear fuel sectors, targeting institutional and large private investors. Triton aims to leverage the growing interest in nuclear power by offering diverse investment opportunities, including uranium mining and enrichment facilities.

Managed by PFYN Capital, Triton has begun by investing in physical uranium and plans to expand into uranium mining to tap into the initial stages of the supply chain. The fund also explores potential investments in existing nuclear facilities and junior miners.

PFYN Capital, with a global presence and offices in Singapore and Geneva, caters to a varied investor base, including banks and sovereign wealth funds. The launch is timely, capitalizing on the recent surge in interest in nuclear energy investments.

EU Needs 2 Nuclear Plants a Year for 15 Years, Says Vice-President⚛️

Europe needs to build two new nuclear power plants annually for the next 15 years to meet energy and climate goals, according to European Commission executive vice-president Maroš Šefcovic. Speaking at the 'Powering Tomorrow, Inspiring Today: Nuclear Energy 2.0' conference in Brussels, Šefcovic emphasized the necessity for EU support in investment and streamlining construction processes to handle high nuclear project costs. He highlighted nuclear energy's role in providing consistent, clean power and its potential to maintain European autonomy in energy, especially as demand is expected to double by 2050. The conference, supported by power companies and attended by European commissioner Thierry Breton, also discussed enhancing legislative support for nuclear technology and the importance of an integrated approach to energy that includes risk-sharing and technology-neutral financial support mechanisms.

Nuclear Nuggets:

Constellation Energy, the largest producer of Nuclear Energy in US has filed application to operate Dresden Clean Energy Center for an additional 20 years.

French Framatome and the Technical University of Munich have signed a cooperation agreement to establish the industrial production of molybdenum-uranium (U-Mo) monolithic fuel.

IAEA confirms tritium level in water discharged from Fukushima nuclear power station is far below the operational limit.

Meme of the week: