Urenco Annual Report 2022

24 Urenco Annual report and accounts 2022 Our strategy: priority focus areas Strategic report 01 Next Generation Fuels We believe we are well positioned to provide the enrichment services needed to support the next generation of advanced reactors. We have made significant progress in 2022 to lay the groundwork to produce low enriched uraniumplus (LEU+) in the UK and US. LEU+ will provide low enriched uraniumup to 10%uranium–235 and help drive industry-wide innovation in the adoption of more efficient nuclear fuel. It is Urenco’s ambition to bring LEU+ tomarket by the mid-2020s, and this year we have moved forward on licence applications and vital investment decisions to accelerate its deployment at Eunice (USA) and Capenhurst (UK). This comes after the completion of detailed technical feasibility and plant optimisation plans. The new product can be used in existing light water reactors seeking to achieve even higher levels of safety and improved economics. Urenco’s existing advanced gas centrifuge technology is capable of producing LEU+ and limitedmodifications will be needed to the current facilities. LEU+ is a positive initial step towards the potential production of other advanced fuels (from 10 to 19.75%enriched uranium) for civil nuclear power generation, and a project to create an advanced fuels facility has commenced. It will be designed to supply research and test reactors, and meet the growing market to fuel advanced reactors. As with all nuclear fuel, the ongoing conflict in Ukraine has highlighted our partners’ and customers’ need for security and diversity of supply. Case Study UK Government backs fuel projects In September, the UK Government Department for Business, Enterprise and Industrial Strategy (BEIS) announced funding for advanced fuel and reactor projects that Urenco is a part of: • A study to produce Coated Particle Fuel (CPF) – an extremely robust nuclear fuel for High Temperature Gas Reactors (HTGRs), in partnership with the UK’s National Nuclear Laboratory (NNL), and JapanAtomic Energy Agency (JAEA). • A study to develop HTGR and advanced TRi-structural ISOtropic (TRISO) fuels, in collaboration withWestinghouse Electric Company’s Springfields facility in the UK. This is a further example of Urenco’s commitment to evolving the nuclear fuel cycle and our collaboration with governments to deliver this. Strengthen the means of implementation and revitalize the global partnership for sustainable development. Ensure access to affordable, reliable, sustainable and modern energy for all. Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation. Images top to bottom: Capenhurst,UK; Eunice,NewMexico. We are currently focusing on developing the commercial scope of the new facility confirming its location, capacity and how it will connect to existing plants; as well as working with the wider industry on transport solutions. This project is being undertaken within the framework of international agreements that govern Urenco’s activities.We have the knowledge and experience to play a leading role in this area, which will provide an enhanced service for our customers and alsomake a positive contribution to net zero targets. UN Sustainable Development Goals UN Sustainable Development Goals Image right: Inspection programme at TMF,Capenhurst,UK.