Fuel

The uranium market closed out 2024 with a spot price of $72.63 per pound and a long-term price of $80.50 per pound, according to global uranium provider Cameco.

The Department of Energy has offered up to $80 million of Inflation Reduction Act funding to back potential advancements in high-assay low-enriched uranium production. The new funding opportunity, announced in December, will prioritize technological advancement developing innovative technologies and approaches to strengthen the front-end of the HALEU supply chain. Applications are due by 5:00 p.m. (EST) on February 26, 2025.

Just one day after Urenco USA (UUSA) was picked by the Department of Energy as one of six contractors eligible to compete for future low-enriched uranium task orders, the Nuclear Regulatory Commission on December 11 formally approved the company’s license amendment request to boost uranium enrichment levels at its Eunice, N.M., enrichment facility to 10 percent fissile uranium-235—up from its current limit of 5.5 percent.

The Department of Energy announced yesterday the six companies that it has selected to supply low-enriched uranium (LEU) from new domestic enrichment sources under future contracts for up to 10 years. The contract recipients are: Centrus Energy’s American Centrifuge Operating, General Matter, Global Laser Enrichment (GLE), Laser Isotope Separation Technologies (LIS Technologies), Orano Federal Services, and Urenco USA’s Louisiana Energy Services.

General Atomics Electromagnetic Systems (GA-EMS) announced last week that unfueled test rods featuring the company’s SiGA fuel cladding—made of a silicon carbide composite material—successfully survived 120 days of irradiation in the Advanced Test Reactor (ATR) at Idaho National Laboratory.

New York City–based analyst firm Trading Economics has reported that uranium prices have fallen $13.20 per pound, or 14.51 percent, since the beginning of 2024, with the price on December 3 down to $77.80 per pound. A graph of prices for the year shows a jagged downward slide since a peak of about $107 per pound in early February. The all-time high for uranium prices was $148 per pound in May 2007, according to the firm.

The Department of Energy announced November 19 that up to $16 million is available through a new High-Assay Low-Enrichment Transportation Package funding opportunity to research, develop, and acquire Nuclear Regulatory Commission licensing for transportation of HALEU—using new or modified packages.

Clean Core Thorium Energy (Clean Core) announced November 12 that test rodlets of its patented thorium-uranium fuel design known as ANEEL (advanced nuclear energy for enriched life) have reached a burnup milestone in the Advanced Test Reactor (ATR) at Idaho National Laboratory.

Uranium prices have fallen to their lowest level in more than a month, to just under $79 per pound, on Friday, November 1, according to analyst website Trading Economics. The lower prices, according to the site, are related to recent evidence of increased supply. This contrasts with the longer-term expectations of bullish demand and higher prices.

TerraPower announced today that it has signed a term sheet with ASP Isotopes Inc. as the first step of a planned investment in the construction of a high-assay low-enriched uranium (HALEU) enrichment facility and the eventual purchase of HALEU produced at the facility to fuel its Natrium fast reactors.

If we needed more proof that this is a “nuclear week”—in the words of Energy Secretary Jennifer Granholm on Wednesday, as she announced small modular reactor funding while celebrating tech company investments in advanced reactors—the Department of Energy came through late yesterday when, just nine days after announcing six contracts for high-assay low-enriched uranium (HALEU) deconversion, it announced four contracts for HALEU enrichment services worth up to $2.7 billion. Those contracts are going to Centrus Energy’s American Centrifuge Operating subsidiary, General Matter, Orano Federal Services, and Urenco USA’s Louisiana Energy Services.

Oklo Inc. announced yesterday that a safety design report for the Aurora fuel fabrication facility the company plans to build at Idaho National Laboratory has the approval of the Department of Energy. At the facility, Oklo plans to use high-assay low-enriched uranium (HALEU) that has been recovered from used Experimental Breeder Reactor-II fuel to produce fuel for its first planned microreactor—dubbed Aurora—which is also set for deployment at INL.

The Department of Energy announced contracts yesterday for six companies to perform high-assay low-enriched uranium (HALEU) deconversion and to transform enriched uranium hexafluoride (UF₆) to other chemical forms, including metal or oxide, for storage before it is fabricated into fuel for advanced reactors. It amounts to a first round of contracting. “These contracts will allow selected companies to bid on work for deconversion services,” according to the DOE’s announcement, “creating strong competition and allowing DOE to select the best fit for future work.”

Uranium prices reached $81.9 per pound on October 1, the highest level in more than a month, according to online information source Trading Economics. The company reported that the last time prices were this high was on August 23, when they passed $82 per pound. Since the beginning of 2024, uranium prices have seen a decrease in price of about $9.10 per pound, or about 10 percent. Those statistics are based on trading on a contract for difference (CFD) that tracks the benchmark market.

BWX Technologies subsidiary Nuclear Fuel Services Inc. suspended operations last Friday at a Tennessee facility to assess conditions following Hurricane Helene. A company spokesperson said the site remained "in safe and secure condition."

Uranium prices were about $79.60 per pound as of the close of business on September 3, which put prices near their lowest level since November 2023, according to the website Trading Economics. Since the beginning of 2024, uranium prices have decreased $11.40/lb, or 12.53 percent, based on trading on a contract for difference (CFD) that tracks the benchmark market.

On September 4, Tennessee Gov. Bill Lee announced that Orano had selected Oak Ridge as its preferred site to build a “multibillion-dollar” uranium centrifuge enrichment facility. For Tennessee, the announcement underscores Oak Ridge’s draw for nuclear technology companies. For Orano and the nuclear power community, the announcement is another sign the nation is edging closer to adding front-end nuclear fuel cycle capacity.

The Department of Energy awarded $17 million on August 30 for 16 experiment and analysis projects expected to yield criticality data that will assist the Nuclear Regulatory Commission in licensing and regulating high-assay low-enriched uranium and the fuel infrastructure—including packaging and transportation containers—required to demonstrate and deploy HALEU-fueled advanced nuclear reactors. Project teams include six national laboratories taking lead roles in partnership with other labs, universities, and multiple industry partners.

BWX Technologies announced on August 26 that its Nuclear Fuel Services subsidiary had received a contract from the National Nuclear Security Administration for a yearlong engineering study of a pilot plant capable of testing a gas centrifuge uranium enrichment technology developed at Oak Ridge National Laboratory and producing domestic-origin enriched uranium the NNSA can use for multiple national security purposes. BWXT, which has a long history of providing fuel fabrication and downblending services for the federal government, has not—until now—included enrichment in its portfolio.