UK to invest in nuclear energy to help end Russian oil dependency

The nation's Energy and Climate Minister Graham Stuart announced that the government would be committing up to £75 million (approximately $90 million) to support alternatives to Russian fuel imports and strengthen UK energy security.

"Record high global gas prices, caused by 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," Stuart said.

The announcement will help to ensure the government meets its goal of securing up to 24GW of nuclear power by 2050, quadrupling the current output and estimated to be approximately 25 percent of the nation's energy needs.

"This investment package will strengthen the UK's energy security, by ensuring access to a safe and secure supply of UK-produced fuel to power the UK nuclear fleet of today and tomorrow - squeezing out Russian influence, while creating more UK jobs and export opportunities," Stuart added.

Since February 2022, when Putin declared war on neighboring Ukraine, G7 countries and other Western nations have been applying economic pressure on Russia through various legislatory avenues, in an effort to force a stop to the invasion. In November, they agreed to a price cap of $60 per barrel of Russian seaborne crude oil as a means of reducing Russia's income from oil sales.

In June 2022, G7 leaders agreed to diversify their energy supplies, including that of uranium. Russia currently owns around 20 percent of global uranium conversion capacity and 40 percent of enrichment capacity.

£13 million (almost $15.7 million) has already been awarded to Springfields nuclear processing plant, the city of Preston, to improve homegrown uraniaum conversion and enrichment capacity, while the other £50 million ($60.2 million), which opens for bids on Monday, will be used to strengthen and diversify the nuclear industry, to allow for potential export opportunities in the future.

"Having the sovereign capability to manufacture next generation nuclear fuels for advanced reactors of the future is vital for energy security and net zero," Chief Executive of the Nuclear Industry Association Tom Greatrex said. "It will also open up export opportunities for the UK, helping us reclaim our place as world leaders in the fuels sector."