Britain said on Monday that the 75 million pound fund designed to help boost domestic production of nuclear fuel for power plants and reduce dependence on Russian uranium supplies is now open for applications.
The fund, announced in July, will award grants to companies involved in Uranium Conversion, an important stage in the process of turning the metal into nuclear fuel. Applications can be submitted from Monday to February 20.
Russia currently owns about 20% of the world’s uranium conversion capacity.
“Record high gas prices worldwide, triggered by Putin’s illegal invasion of Ukraine, have underscored the need for more home – grown renewable energy, but also for UK-generated nuclear power-the construction of more power plants and the development of domestic fuel capacity,” said Graham Stuart, Secretary of energy and Climate.
The fund has already allocated £ 13 million to the Springfield Nuclear Fuel Plant in North-West England, the government said.
Energy supply has become a major focus since the invasion of Ukraine greatly increased costs. The planned expansion of nuclear power generation capacity will make Britain less dependent on natural gas, which accounted for about 45% of electricity generation in 2021.
Britain said in November it would become a 50% shareholder in the Sizewell C nuclear project by making £ 700 million available for the plant, which is planned in South-East England.