US to Invest $3.4 Billion in Domestic Nuclear Reactor Fuel...

US to Invest $3.4 Billion in Domestic Nuclear Reactor Fuel Production May 21, 2024 10:51 AM JP Alegre 0 Comments nuclear powerShareTweetShareThe United States government is set to request bids from suppliers for contracts worth up to $3.4 billion to produce nuclear reactor fuel domestically, according to a Bloomberg report. The move comes as part of a broader strategy to reduce the nation’s dependence on imported nuclear fuel from Russia, which currently supplies about 25% of the reactor fuel used in the US.The majority of the funding, approximately $2.7 billion, was made available after President Joe Biden signed a ban on imports of enriched uranium from Russia. The US aims to revive its domestic nuclear fuel production industry, which has been in decline for decades, with only one commercial enrichment facility currently operating in New Mexico.Several companies, including Centrus Energy Corp., ConverDyn, and Global Laser Enrichment, are expected to compete for the funding. Domestic uranium mining companies may also benefit from this investment, as US enrichment is likely to favor Western sources of uranium over Russian supplies.The move is expected to bolster the US nuclear energy sector, reduce reliance on foreign suppliers, and create jobs in the domestic nuclear fuel production industry.