The-UK-grants-50m

The UK grants £50m as part of a nuclear fuel investment package to fund Nuclear fuel projects

UK allocates funds worth 75 million Euros, of which 13 million Euros were already sanctioned to nuclear fuel fabrication Westinghouse in Preston, aiding the company in uranium recycling and mining. Uranium conversion is vital in the stages of the nuclear fuel cycle, and funding is done to improve the energy sector of the UK.

In June, G7 leaders agreed to reduce dependence on Russia for nuclear fuels. Russia owns 20% of the uranium conversion capability in the world. Graham Stuart, the energy and climate minister of the UK, said that the illegal invasion of Russia on Ukraine forced them to increase domestic renewable energy, and the UK produced nuclear power.

The nuclear fuel investment package is an effort made by the UK to become self-reliant in the energy sector and keep a check on the nuclear fuel production monopoly. The UK government will likely become a 50% stakeholder in the Sizewell C nuclear project in southeast England by funding 700 million Euros.

- Published By Team Timeswire

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