Fuel

Recent years have seen growing global interest in nuclear energy and rising confidence in the sector. For the first time since the early 2000s, there is renewed optimism about the industry’s future. This change is driven by several major factors: geopolitical developments that highlight the need for secure energy supplies, a stronger focus on resilient energy systems, national commitments to decarbonization, and rising demand for clean and reliable electricity.

American enrichment start-up General Matter is to export nuclear fuel to Japan and South Korea, backed by up to $4.2 billion in potential debt financing from the Export-Import Bank of the United States (EXIM).

The end-of-February spot price for uranium was $86.95 per pound, down from last month’s $94.28—which was a two-year high—according to uranium fuel provider Cameco. Though down, this latest spot price is still higher than at any time since the $90.38 that Cameco listed at the end of May 2024.

Canada’s first in situ recovery (ISR) uranium mining operation has been granted final regulatory approval. Toronto-based Denison Mines Corp. announced last week that the Canadian Nuclear Safety Commission has approved the environmental assessment and issued the license to construct a mine and mill for the company’s Wheeler River uranium project, located in northern Saskatchewan’s Athabasca basin. This project, which includes the Phoenix uranium deposit, previously received the necessary provincial approvals.

Adam Burak

We need facilities capable of converting uranium and thorium feedstocks into salts, as well as a source of thorium, if we are to build a domestic fuel salt supply chain.

Our current supply chain provides a potential pathway to produce one type of fuel salt. The Molten Salt Reactor Experiment (MSRE) at Oak Ridge National Laboratory used uranium trifluoride/uranium tetrafluoride (UF_3/4) as fuel in the late 1960s, and some current developers are following suit. Uranium hexafluoride (UF₆) made as part of the enrichment process could be reduced to uranium fluoride salts with a +3 or +4 valence state. However, as oxygen and moisture are critical impurities for molten salt, a facility with the capability to properly handle molten salts would be necessary.

The Nuclear Regulatory Commission has granted X-energy subsidiary TRISO-X a special nuclear material license for high-assay low-enriched uranium fuel fabrication. The license applies to TRISO-X’s first two planned commercial facilities, known as TX-1 and TX-2, for an initial 40-year period. The facilities are set to be the first new nuclear fuel fabrication plants licensed by the NRC in more than 50 years.

The HALEU cascade at the American Centrifuge Plant in Piketon, Ohio. (Photo: Centrus Energy)

American Centrifuge Operating, a subsidiary of Centrus Energy Corp., has formed a multiyear strategic collaboration with Fluor Corporation in which Fluor will serve as the engineering, procurement, and construction (EPC) contractor for Centrus’s expansion of its uranium enrichment facility in Piketon, Ohio. Fluor will lead the engineering and design aspects of the American Centrifuge Plant’s expansion, manage the supply chain and procurement of key materials and services, oversee construction at the site, and support the commissioning of new capacity.

Nuclear technology start-up Project Omega announced on February 11 that it has emerged from stealth mode with hopes of processing and recycling spent nuclear fuel into “long-duration, high-density power sources and critical materials for the nuclear industry.”

The Department of Energy has restarted uranium recovery operations at the Savannah River Site’s H Canyon facility in South Carolina, a move officials say directly supports last year’s executive orders to reinvigorate the nation’s nuclear industrial base and enable the deployment of advanced reactor technologies. The work will include recovering uranium and other scarce isotopes from used nuclear fuel while advancing long-term cleanup goals at the site.

The visual hierarchy of stakeholder concerns used throughout the development of EPRI’s newest report on liquid fuel licensing pathways. (Source: EPRI)

The American Nuclear Society’s Risk-informed, Performance-based Principles and Policy Committee (RP3C) has held another presentation in its monthly Community of Practice (CoP) series. Former RP3C chair N. Prasad Kadambi opened the meeting with brief introductory remarks about the RP3C and the need for new approaches to nuclear design that go beyond conventional and deterministic methods. He then welcomed this month’s speaker: Dan Moneghan from the Electric Power Research Institute, who presented “Characterization vs. Qualification: A Pathway to Liquid Fuel Licensing."

Oak Ridge National Laboratory is reporting a development in TRISO fuel research that could help evaluate high-temperature gas reactor fuels. ORNL researchers used the Spallation Neutrons and Pressure Diffractometer at the lab’s Spallation Neutron Source to make neutron scattering measurements on TRISO fuel particles containing high-assay low-enriched uranium (HALEU).

The Department of Energy's Office of Environmental Management (EM) on Tuesday announced a partnership with California-based nuclear fuel company General Matter for the potential use of the long-idle Fuels and Materials Examination Facility (FMEF) at the Hanford Site in Washington state.

According to the announcement, the DOE and General Matter have signed a lease to explore the FMEF's potential to be used for advanced nuclear fuel cycle technologies and materials, in part to help satisfy the predicted future requirements of artificial intelligence.

The end-of-January spot price for uranium was $94.28 per pound, according to uranium fuel provider Cameco. That was the highest spot price posted by the company since the $95.00 per pound it listed at the end of February 2024. Spot prices during 2025 ranged from a low of $64.23 per pound at the end of March to a high of $82.63 per pound at the end of September.

BWX Technologies announced on January 26 that it has begun operating its Centrifuge Manufacturing Development Facility in Oak Ridge, Tenn., with the purpose of reestablishing a domestic uranium enrichment capability to meet U.S. national security needs. The facility is part of a program funded by the Department of Energy’s National Nuclear Security Administration to supply enriched uranium for defense needs.

Nuclear Transport Solutions and Westinghouse have signed a strategic agreement to codevelop NTS’s Pegasus—a transport package for high-assay, low-enriched uranium fuel.

The companies signed the agreement at the British Embassy in Washington, D.C., on January 22, taking what Westinghouse called “an important step in making HALEU available to enable advanced nuclear energy in the U.S. and UK.”

Centrus Energy Corp. is planning a major expansion of its Oak Ridge, Tenn., Technology and Manufacturing Center. The build-out would allow it to expedite large-scale deployment of centrifuges.

Amir Vexler, Centrus president and CEO, announced the expansion on January 23, along with Tennessee Gov. Bill Lee and Deputy Gov. Stuart McWhorter.

Kairos Power has finalized a contract with the Department of Energy to receive high-assay low-enriched uranium (HALEU) from the agency for the company’s Hermes low-power demonstration reactor, currently under construction in Oak Ridge, Tenn.

In partnership with Los Alamos National Laboratory, Kairos intends to use the DOE-provided material to produce HALEU TRISO fuel pebbles for Hermes. The company views the Hermes test reactor and the fuel fabrication program as crucial to the eventual success of its power-producing Hermes 2 demonstration plant, also to be sited in Oak Ridge, and future commercial fluoride salt–cooled high-temperature reactors.

On January 16, Tenn. Gov. Bill Lee, Deputy Gov. Stuart McWhorter, and officials from Laser Isotope Separation Technologies announced the company’s plans to expand in Oak Ridge, Tenn. That expansion will come with a $1.38 billion investment from LIS Technologies for what the company says will be the first commercial laser uranium enrichment plant in the United States.

Analyst firm Trading Economics posted a uranium futures value of about $82.00 per pound on January 5—the highest futures value in more than two months.

In late October, it had listed a futures price of about $82.30/lb. By late November, the price had fallen to under $76.00/lb.

Yesterday, the Department of Energy announced that three enrichment services companies have been awarded task orders worth $900 million each. Those task orders were given to American Centrifuge Operating (a Centrus Energy subsidiary) and General Matter, both of which will develop domestic HALEU enrichment capacity, along with Orano Federal Services, which will build domestic LEU enrichment capacity.

The DOE also announced that it has awarded Global Laser Enrichment an additional $28 million to continue advancing next generation enrichment technology.