Centrus Energy CEO Amir Vexler stated that the U.S. remains heavily dependent on foreign state-owned companies for its nuclear fuel supplies, with around 70% of fuel for U.S. reactors in 2023 sourced from abroad, including 27% from Russia. This dependence is set to change as legislation signed in 2024 will ban Russian uranium imports by 2028.
Vexler highlighted Centrus's unique position as one of only two companies licensed by the Nuclear Regulatory Commission to produce low-enriched uranium (LEU) in the U.S., and the sole company licensed to produce high-assay low-enriched uranium (HALEU). The company's Ohio facility has the potential to produce enriched uranium equivalent to about 25% of total U.S. power plant purchases in 2023.
Centrus aims to transition away from its current trading business to stand up its domestic enrichment capacity, backed by over $3.4 billion in congressional appropriations to support domestic enrichment. The CEO emphasized the need for a public-private partnership to achieve a prosperous, commercially competitive American nuclear fuel industry.
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