The United States Takes Bold Step to Break Free From Russian Uranium Hold
Back in March 2022, in the wake of Russia’s invasion of Ukraine, President Biden took a significant step by signing an executive order that banned the import of Russian oil, liquefied natural gas, and coal to the United States. The move was seen as a crucial response to Russia’s aggressive actions and a way to put pressure on the Kremlin. While the ban had led to skyrocketing energy prices globally, U.S. refiners were largely unaffected as Russia supplied only 3% of U.S. crude oil imports.
However, one notable export was left off the ban list: uranium.
For years, the United States has heavily relied on Russian uranium, importing about 14% of its uranium and 28% of all enrichment services from Russia in 2021. The European Union’s figures were even higher, with 20% of uranium and 26% of enrichment services coming from Russia. Despite calls from Ukrainian President Volodymyr Zelenskiy to ban Russian uranium imports, the U.S. continued to send over $1 billion annually to Russia’s state-owned nuclear agency, Rosatom, and imported $411.5 million in enriched uranium in the first quarter of 2023 alone.
The reliance on Russian uranium poses a significant risk to Western governments, as most utilities only keep about 18 months of fuel inventory. Any disruption in the supply chain could potentially lead to a meltdown in the nuclear sector.
“We’re bearing the costs of an overreliance on Russia for nuclear fuel. And it’s not just us, it’s the entire world,” said Pranay Vaddi, a White House nuclear adviser at the National Security Council.
To mitigate this risk, the United States has been looking to increase domestic production of uranium. The $5 billion Urenco plant in Eunice, New Mexico, is expanding its operations to boost output by 15% to meet the demand for enriched uranium in the U.S.
Karen Fili, CEO of Urenco’s U.S. subsidiary, stated that the planned expansion would be completed in 2027 and should be sufficient to cover Rosatom’s share of the American market.
While the Kremlin has criticized these efforts, suggesting they are doomed to fail, the U.S. and Europe are determined to reduce their dependence on Russian energy sources. Europe, in particular, has been able to secure ample natural gas supplies despite earlier warnings from Putin about a potential gas crunch during the winter.
In addition to expanding domestic production, the Biden administration is actively exploring alternatives to uranium. A significant technological breakthrough in using thorium instead of uranium in reactors could revolutionize the nuclear energy industry. Thorium is being hailed as a cleaner and safer alternative to uranium, producing less waste and more energy.
The U.S. Department of Energy, Nuclear Engineering & Science Center at Texas A&M, and the Idaho National Laboratory are working with Clean Core Thorium Energy to develop a new thorium-based nuclear fuel called ANEEL (Advanced Nuclear Energy for Enriched Life). ANEEL is a proprietary combination of thorium and High Assay Low Enriched Uranium (HALEU) that aims to address cost and waste issues associated with traditional nuclear fuel.
The approval of Centrus Energy’s request to produce HALEU in Ohio signals progress in the development of alternative nuclear fuels. If successful, ANEEL reactors could be deployed much faster than traditional uranium reactors, offering a safer and more efficient option for nuclear power generation. The shift towards thorium-based fuels and increased domestic production of uranium could lead to a more secure and sustainable energy future for the country.
Source: Yahoo Finance News