Press release
Constellation CEO to Call on Congress to Support Reliable, Zero-Carbon Nuclear Energy by Investing in Domestic Fuel Sources
Senate testimony will highlight risks to environment, national security and energy reliability if action isn’t taken to ensure U.S. sources of fuel for
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[{"type":"text","content":"\nSenate testimony will highlight risks to environment, national security and energy reliability if action isn’t taken to ensure U.S. sources of fuel for nuclear power plants\n\n WASHINGTON--(BUSINESS WIRE)--\nConstellation (Nasdaq: CEG) CEO Joe Dominguez will urge Congress to authorize and fully fund legislation providing up to $3.5 billion for investments in domestic fuel sources for the nuclear energy industry, citing risks to the environment, energy grid reliability and national security if America’s nuclear industry lacks sufficient nuclear fuel in coming years as a result of global disruptions in the supply chain.\n\nIn testimony before the Senate Energy and Natural Resources Committee today, Dominguez will discuss how the global pandemic and the unprovoked war in Ukraine have exposed the nation’s dependence on foreign suppliers – dominated by Russia -- for enriched uranium that is converted into fuel for use in nuclear power plants.\n\nThe bipartisan Nuclear Fuel Security Act proposed by Sens. Joe Manchin (D-WV) and John Barrasso (R-WY) would direct the U.S. Department of Energy to establish a nuclear fuel program to onshore nuclear fuel production and create a secure supply for the U.S. fleet. Multiple western suppliers have said they could bring additional supply online by 2028, but Congress must act quickly to spur investment.\n\nThe nation’s largest nuclear operator and largest producer of carbon-free energy in America, Constellation has secured fuel supplies to last through 2028 from a variety of suppliers. But there are not currently enough supplies among the U.S. and its allies to satisfy long-term global demand among the world’s nuclear plant operators.\n\n“Constellation stands with Ukraine, and we support U.S. and international efforts to end the war. We have long supported domestic suppliers of uranium, conversion and enrichment as part of our robust risk management strategy to rely on a diversified fuel supply. However, in the world of nuclear fuel, 2028 is tomorrow,” Dominguez says. “Congress must authorize and fund a $3.5 billion investment as part of a public-private cost-share partnership with conversion and enrichment providers. It is important that we have both diversity of supply and a diversity of suppliers. We are grateful to Sens. Manchin and Barrasso for convening this hearing and for their continued...