US Reactor Fuel Makers Get $2.7 Billion in Funding Bill

image is BloomburgMedia_S9SIZRDWX2PS00_04-03-2024_06-24-12_638451072000000000.jpg

Ready-to-ship canisters filled with enriched uranium near New Mexico.

The US uranium enrichment industry would get a $2.7 billion infusion in a government funding bill unveiled Sunday, reflecting efforts to wean the nation off nuclear fuel imported from Russia.

The funding, which was requested by the White House, is part of a broader plan by President Joe Biden’s administration to buy enriched uranium directly from domestic producers. The goal is to spur the return of nearly dormant US capabilities by creating a guaranteed buyer of American-made nuclear reactor fuel. 

The effort comes as the Senate may join the House in passing legislation that would bar imports of enriched uranium from Russia, which was the top foreign supplier of nuclear reactor fuel in 2022. The enrichment funding is conditional on limits being put in place on the importation of enriched Russian uranium, according to bill text. 

Earlier: US Seeks $4.3 Billion for Uranium to Wean Off Russia Supply 

The funding would be repurposed from a credit program for domestic nuclear reactors that was included in 2022 bipartisan infrastructure law. It’s earmarked to help create a market for domestic production of the enriched uranium used as fuel in the US fleet of more than 90 nuclear reactors as well as for highly-enriched uranium used in a new breed of advanced reactors that is currently only produced in Russia. 

Congress is seeking to pass the underlying bill needed to prevent a partial government shutdown before a Friday deadline. 

(Adds additional context in third paragraph.)

©2024 Bloomberg L.P.

By Ari Natter


Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.

By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.

Back To Top