UK allocates $90 million fund to develop nuclear energy field

By Al Mayadeen English
Source: Agencies
2 Jan 2023 19:21

The UK government says that the step comes as the country aims to find alternative to Russian fuel.

Employees work at the construction site of Hinkley Point C nuclear power station in Somerset, England, Tuesday, Oct. 11, 2022 (AP Photo/Kin Cheung)

The UK will establish a $90-million fund to bolster nuclear fuel production to create an alternative to Russian fuel imports.

"Nuclear fuel production in the UK is set to be bolstered by up to £75 million [$90 million] in UK government funding in a bid to support the development of alternatives to Russian fuel supply and strengthen UK energy security," according to the statement.

The British government noted that the fund aims to boost fuel production capabilities and advance nuclear technologies, including the conversion of recycled and recently mined uranium, adding that the technology to convert recycled uranium is currently unavailable outside Russia.

Part of the funding will go to prompt a "resilient nuclear fuel market," creating new jobs and attracting expert specialists in the field of nuclear energy.

Nuclear power is becoming more popular in Europe which is currently grappling with increased energy prices due to sanctions on Russia and other global factors, prompting its countries to plan ahead to avert problems in the future.

Some experts contend that nuclear power should not be a viable alternative, while others contend that given the prevalence of crises, it must continue to be a component of the global energy mix.

Although 32 countries presently use nuclear energy to produce 10% of the world's electricity, the International Atomic Energy Agency (IAEA) boosted its predictions for the first time since the 2011 tragedy in September. The IAEA now expects installed capacity to double by 2050 under the most favorable scenario.

With the increase in demand for power, a number of nations have declared a desire to build nuclear infrastructure, including China, which already has the most reactors, the Czech Republic, India, and Poland since nuclear energy provides an alternative to coal.

Similar goals are shared by the United Kingdom, France, the Netherlands, and even the United States, where President Joe Biden's investment plan promotes the growth of the sector.