Britain opens nuclear fuel fund

The Hunterston B Nuclear Power Station in West Kilbride, Scotland. Energy supply has become a key...
The Hunterston B Nuclear Power Station in West Kilbride, Scotland. Energy supply has become a key focus since its invasion of Ukraine drove costs sharply higher. Photo: Reuters
Britain says a fund aimed at helping boost domestic production of nuclear fuel for power plants and cutting reliance on Russian uranium supplies is open for applications.

The £75 million ($NZ142 million) fund, announced in July last year will award grants to businesses involved in uranium conversion, a key stage in the process of creating nuclear fuel from the metal.

It will remain open for applications from Monday until February 20.

Russia currently owns about 20% of global uranium conversion capacity.

"Record high global gas prices, caused by [Russian Prime Minister Vladimir] Putin's illegal invasion of Ukraine, have highlighted the need for more home-grown renewable energy, but also UK generated nuclear power - building more plants, and developing domestic fuel capability," Minister for Energy and Climate Graham Stuart said on Monday. 

Up to £13 million from the fund has already been awarded to the Springfields nuclear fuel manufacturing site in northwest England, the government said.

Energy supply has become a key focus since its invasion of Ukraine drove costs sharply higher.

Planned additions to nuclear electricity generation capacity will reduce Britain's reliance on natural gas, which fuelled around 45% of generation in 2021.

Britain in November said it would become a 50% shareholder in the Sizewell C nuclear project by providing £700 million in funding to the plant, which is planned for southeast England.