US Reactor Fuel Makers Get $2.7 Billion in Funding Bill - Yahoo Finance
US Reactor Fuel Makers Get $2.7 Billion Boost in Funding Bill
(Bloomberg) -- 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.
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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.
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.
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Related Knowledge Center: ENERGY BASICS: nuclear
Nuclear energy provides almost 20 percent of the U.S. electricity supply. Advocates have called for an expanded role for nuclear as an emissions-free fuel source. But the economics of building new reactors are daunting. In addition, lingering safety concerns are an institutionalized part of the calculation of nuclear regulation, and highly radioactive nuclear waste remains a can that public officials have been inclined to kick down the road. The Energy Information Administration projects a sharp decline in nuclear power generation over the next decade, as new nuclear plants — two are planned — are more than offset by anticipated retirements of several operating reactors.