House Approves Bill That Boosts US Enriched Uranium Industry
The US government is poised to provide a massive $2.7 billion boost to the domestic uranium enrichment sector as part of efforts to reduce reliance on Russian nuclear fuel imports. The funding, requested by the White House, is included in a broad government funding bill unveiled Sunday.
With the House already approving the 2024 appropriations package containing this funding Wednesday, the bill now heads to the Senate for expected final passage by Friday.
The sizable investment aims to revitalize America’s largely dormant uranium enrichment capabilities by guaranteeing a market for domestically produced nuclear reactor fuel. President Joe Biden’s administration plans to directly purchase enriched uranium from US producers under this initiative.
The move comes amid growing momentum to ban imports of enriched uranium from Russia, which was the top foreign supplier to the US in 2022. Both the House and Senate are considering legislation to prohibit such imports from Russia.
The $2.7 billion allocation would be repurposed from a credit program originally intended for domestic nuclear reactors under the 2022 bipartisan infrastructure law. Funds are earmarked to support the enrichment of uranium for the nation’s fleet of over 90 nuclear power plants, as well as highly enriched uranium for next-generation advanced reactors currently only produced in Russia.
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