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The price of nuclear fuel hits a record

The price of fuel for nuclear reactors, enriched uranium, has more than tripled in three years, from 56 American dollars per unit to 190 dollars, writes Financial Times.

» Published: January 12 2025

The price of nuclear fuel hits a record
Photo: Ross D. Franklin/AP/TT

Behind the surge lies the renewed interest in investments in nuclear power, driven among other things by increased energy needs from large facilities for AI centers and the transition from fossil fuels to nuclear power. The availability of fuel has also been squeezed due to the invasion of Ukraine, which has led to sanctions against Russia.

Russia is a major player in enriching uranium from ore to fuel, and Kazakhstan, the world's largest uranium miner, has signaled lower production than expected, and what is produced there tends to go primarily to Russia and China.

Nick Lawson, CEO of the investment group Ocean Wall, tells the newspaper that there simply is not enough capacity in the Western world for uranium conversion and enrichment, what exists in France, the USA, and Canada is not sufficient. This affects prices, prices that can only go one way – up.

There are a multitude of very important decisions to be made, says Lawson, referring to facilities for uranium conversion and the supply chain for nuclear power.

He emphasizes that the process, and the construction, will take many years and cost enormous sums.

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By TTThis article has been altered and translated by Sweden Herald

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