LONDON, Jan 2 (Reuters) – Britain said on Monday its 75 million pound ($90.5 million) fund to help boost domestic production of nuclear fuel for power stations and reduce the dependence on Russian uranium supplies was now open for applications.
The fund, announced in July, will provide grants to companies involved in converting uranium, a key step in the process of creating nuclear fuel from the metal. It will remain open for applications from Monday to February 20.
Russia currently has around 20% of the world’s uranium conversion capacity.
“Record global gas prices, caused by Putin’s illegal invasion of Ukraine, have highlighted the need for more local renewable energy, but also nuclear energy produced in the UK – by building more power plants and developing domestic fuel capacity,” said the Minister of Energy and Climate. said Graham Stuart.
Up to £13m of the fund has already been allocated to the Springfields nuclear fuel fabrication site in north west England, the government said.
Energy supply has become a key objective since his invasion of Ukraine sent costs skyrocketing. Planned additions to nuclear power generation capacity will reduce Britain’s reliance on natural gas, which fueled around 45% of generation in 2021.
Britain announced in November that it would become a 50% shareholder in the Sizewell C nuclear project by providing £700 million in funding for the plant, which is planned in south-east England.
($1 = 0.8290 pounds)
Reporting by Sachin Ravikumar; Editing by Bradley Perrett
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. Great Britain opens fund for fuel nuclear in reduce dependency legard Russia