The refusal from Russian nuclear fuel with a parallel active entry into the global nuclear materials market allowed Energoatom to save UAH 2.3 billion on the difference in world prices since 2022.
“The effective work of Energoatom in the uranium market and its conversion and enrichment services has given Ukraine the opportunity not only to get rid of its dependence on Russian nuclear fuel, but also to save significant funds,” the company said, citing NNEGC Chairman Petro Kotin.
According to him, the decisions taken by the company in 2022-2023 to increase the purchase of uranium and uranium conversion and enrichment services, as well as the negotiations and contracts concluded in advance with Energoatom’s international partners, represented by the British Urenco and Canadian CAMECO, have brought positive results so far.
“Firstly, we have calmly and without damage completely abandoned nuclear materials and related services of Russian origin. Secondly, we save about UAH 2.3 billion on the difference in world prices for these products (from the time of procurement to the present day, they have increased by more than a third on average),” Kotin said.
According to the NNEGC, the global revival of nuclear generation has led to a continuous increase in prices for uranium and uranium conversion and enrichment services, which are already reflected in world records.
“Therefore, the contracts signed by Energoatom with Urenco and CAMECO guarantee long-term uninterrupted operation of the domestic nuclear generation,” the company added.
Urenco, in particular, will supply Energoatom with uranium enrichment services until 2035 with the possibility of extending the contract until 2043; CAMECO will meet Energoatom’s needs for natural uranium hexafluoride (UF6) by 100% in 2024-2035 by supplying it and providing conversion services.
