Publication Laka-library:
Annual report & accounts 2024 (2025)
| Author | Urenco |
 |
1-01-8-30-73.pdf |
| Date | March 2025 |
| Classification | 1.01.8.30/73 (URENCO/UCN ALMELO - GENERAL) |
| Front |
From the publication:
Urenco Annual report & accounts 2024 In a world of growing energy demand March 2025 There are now well-established twin drivers for the enhanced role of nuclear power: the need to meet climate change goals; and the need for countries to have an independent energy supply. Chief Executive Officer’s Review Director General of the IAEA, Rafael Mariano Grossi and government representatives at the 'Centre of Excellence for Safeguards and Non- Proliferation' unveiling ceromony. Over the past 12 months, a third driver has become more prominent – the need for nuclear power to support a secure energy supply to meet rapidly increasing global demand. There have been a series of actions and announcements in the last year relating to these three drivers. Growth expectations are rising faster than before due to the need for heavy industry and the chemicals sector to decarbonise, and nuclear power’s versatility can meet their requirements. This is creating further interest in and commitment to nuclear energy, including increasing confidence in the nascent advanced fuels market. We have also seen policy and legislative changes. In the US, legislation was enacted to prohibit imports of Russian uranium. Under the ban, the imports are prohibited until the end of 2040, subject to a waiver process that allows for some imports until the end of 2027. In response, Russia introduced a restriction on its exports of uranium, but also included waivers allowing for some shipments to continue through 2027. This has created an element of uncertainty with regard to imports of Russian uranium to the United States during the waiver period and therefore how much additional uranium enrichment capacity is needed from the Western world in the future. In Europe, and in other areas of the world, we have seen that supply dependencies and diversity of supply for customers have become more and more important. Furthermore, data centres and artificial intelligence will create additional demand and companies in this field have identified nuclear as one option suited to provide the secure, low carbon, baseload energy required. In 2024, an additional six countries joined the pledge to triple nuclear capacity at the COP29 conference. This takes the total number of state- signatories to 31 and these countries are starting to translate the ambition into initiatives. Sweden is in the process of taking political decisions on increasing nuclear capacity and achieving legislative support. The Czech Republic, Slovak Republic, the UAE and France all announced they are increasing their nuclear new build projects. Poland announced that its first commercial nuclear power plant is scheduled for operation in 2036 in a partnership with Westinghouse. South Korea also publicly stated it is looking to extend the lifetimes of plants in addition to its ongoing new build activity. These are just a few examples of promising momentum within the industry. The enrichment market and customers Despite fluctuations in the uranium feed market price in 2024, the average year end price, as reported by TradeTech and UxC, settled down to around $284/KgU, the same as December 2023’s price. However, there has been further growth in the uranium enrichment market as SWU prices – also reported by TradeTech and UxC – reached an average of US$193/SWU by the end of December 2024, an increase of 23% over 12 months.