Diversification from Russian nuclear fuel requires market-oriented solutions

Abstract

ABSTRACT Western countries are eager to reduce their dependence on Russian-origin nuclear fuel but are hindered by capacity constraints in uranium conversion and enrichment. Governments hope to enhance supply security via uranium stockpiles and subsidies, yet such measures risk disrupting the market and are unlikely to accelerate capacity expansion in the short term. Recognizing the complexity of market dynamics and the fact that market adjustments are already taking place, governments should focus on providing market players with the incentives and certainty they need to protect their individual conversion and enrichment supply chains.