DOE Awards $3.4B in Uranium Contracts

The U.S. Department of Energy (DOE) has awarded contracts to six companies, including American Centrifuge Operating and Orano Federal Services, to produce low-enriched uranium (LEU) over the next ten years, with a total potential value of $2.7 billion. This initiative aims to reduce the U.S. reliance on Russian uranium imports, which currently supply about 25% of the enriched uranium for U.S. reactors. The contracts are part of a broader effort by the Biden administration to enhance the domestic nuclear fuel supply chain and bolster energy security amidst geopolitical tensions. Each company will receive a minimum of $2 million, with the possibility of additional funding based on future work orders. The DOE's strategy is to promote new production capacity for LEU, ensuring a steady supply for the nation’s existing and future nuclear reactors. This move is aligned with the administration's clean energy goals and its commitment to reducing foreign dependence on energy supplies.