UK's Energy Minister Shapps reveals $245 million allocation for Ukraine's nuclear fuel procurement

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【Summary】UK will provide a £192 million export finance deal to Ukraine for purchasing nuclear fuel, reducing reliance on Russia. The guarantee aims to ensure more secure sources for nuclear fuel, including British companies like Urenco. Ukraine's energy system was damaged by Russian air strikes, increasing reliance on aging nuclear power stations. One of Ukraine's nuclear plants is currently under Russian control, raising concerns about its safety.

FutureCar Staff Aug 23, 2023 7:25 AM PT

UK's Energy Minister Shapps reveals $245 million allocation for Ukraine's nuclear fuel procurement

During a visit to Kyiv, British energy minister Grant Shapps announced that Britain will guarantee a 192 million-pound export finance deal for Ukraine to purchase nuclear fuel from various producers, including British companies. This comes as Ukraine's energy system was severely damaged by Russian air strikes last winter, leaving the country more reliant on its aging nuclear power stations.

Before the war, these nuclear power stations supplied about half of Ukraine's power. Shapps explained that the guarantee aims to ensure that Ukraine's nuclear fuel does not have to come from Russia in the future, providing more secure sources instead. One of these sources will be Urenco, a part-British nuclear fuel consortium.

Currently, Ukraine controls three out of its four active nuclear plants. The fourth plant, located in the southern region of Zaporizhzhia, was captured by Russia after their invasion in February 2022. Since then, both sides have accused each other of endangering the facility's safety.

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