The refusal of Russian nuclear fuel with a parallel active entry into the world market of nuclear materials allowed Energoatom to save UAH 2.3 billion on the difference in world prices starting from 2022.

“Energoatom’s effective work in the uranium market and services for its conversion and enrichment has given Ukraine the opportunity not only to get rid of dependence on Russian nuclear fuel, but also to save significant money,” the company reported, citing its head Petro Kotin.

According to him, the decisions made by the company in 2022-2023 to increase the purchase of uranium and services for its conversion and enrichment, as well as advance negotiations and concluded contracts with Energoatom’s international partners represented by the British Urenco and the Canadian CAMECO, have now brought positive results.

“Firstly, we calmly and without damage completely abandoned nuclear materials and related services of Russian origin. Secondly, due to the difference in world prices for these products (from the time of procurement to this day, they have increased on average by more than a third) we save about UAH 2.3 billion,” Kotin noted.

Energoatom said the global revival of nuclear generation has resulted in a continuous increase in prices for uranium and services for its conversion and enrichment, which are already reflected in world records.

“Therefore, the contracts signed by Energoatom with the companies Urenco and CAMECO guarantee long-term uninterrupted operation of 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 during 2024-2035 will 100% satisfy Energoatom’s needs for natural uranium hexafluoride (UF6), supplying it and providing conversion services.