Annual report and accounts 2019
|Classification||1.01.8.30/68 (URENCO/UCN ALMELO - GENERAL)|
From the publication:
Annual report and accounts 2019 Urenco 50 years Energy to succeed CHAIRMAN’S FOREWORD In 2019 we achieved robust underlying1 financial results, safe and strong performances and agreed important new business with our customers. This comes against a backdrop of market and geopolitical challenges. In 2020, Urenco celebrates the 50th anniversary of the Treaty of Almelo, the international agreement that set up the company. Global enrichment market With nuclear energy providing approximately 10% of the world’s electricity2, it is vital that the nuclear industry receives a cost effective and diverse supply of uranium enrichment services as an integral part of the nuclear fuel cycle. Nuclear is the world’s second largest source of low-carbon power3 and Urenco has a key role in sustaining this. The enrichment market remains challenging, with lower prices increasingly reflected in the reduced value of our contract order book. Enriched uranium inventories mean that the market has excess capacity. We have adjusted the operation of our enrichment facilities to take account of the current market demand and are efficiently using uranium feed. Enriched uranium inventories are forecast to decrease in the mid-term. In 2019, we accepted new business at levels that will enable us to reinvest in our enrichment facilities. We have once again fulfilled all of our delivery commitments and our customer satisfaction remains high.