Business
Uranium Energy Applauds the White House on its Emergency Request to Congress for an Additional $1.5 Billion for the Department of Energy to Reduce Reliance on Russian Nuclear Fuel
CORPUS CHRISTI, Texas, Sept. 6, 2022 /CNW/ - Uranium Energy Corp (NYSE American: UEC) ("UEC" or the "Company") applauds recent action by the White House aimed a
About this update from Uranium Energy Corp.
[{"type":"text","content":" CORPUS CHRISTI, Texas, Sept. 6, 2022 /CNW/ - Uranium Energy Corp (NYSE American: UEC) (\"UEC\" or the \"Company\") applauds recent action by the White House aimed at reducing reliance on nuclear fuels from Russia. On Friday, September 2, a supplemental appropriations request was made from President Biden to Congress for the continuing resolution, including $1.5 billion for the Department of Energy to acquire LEU (\"Low Enriched Uranium\") for the existing commercial nuclear fleet that power one in five homes in America and HALEU (\"High-Assay Low Enriched Uranium\") for emerging advanced and small modular reactors. UEC Chairman and former U.S. Energy Secretary, Spencer Abraham, commented: \"Recent events have demonstrated the risks associated with depending on Russian energy exports. The events in Ukraine and Russia's disruptions of natural gas supplies to Europe are a grim reminder of these risks. Accordingly, the United States must proactively address the potential impacts of a sudden cut-off, ban or embargo of Russian uranium and nuclear fuel. To address our dependence on Russia for the key elements in our nuclear fuel cycle from the mining of uranium to its conversion and enrichment we need to act now.\" Secretary Abraham continued: \"We look forward to learning more of the details as to how the Department of Energy will be making the necessary investments in the nuclear fuel supply chain and hope that a significant component of these investments will be deployed to increase the domestic production of uranium. It remains of high concern that we are currently reliant on 60% of our uranium supplies from Russia, Kazakhstan, and Uzbekistan, despite abundant, untapped, American resources. The United States relies on nuclear energy for 20% of our electricity supplies (comprising over 50% of our carbon-free power), and we remain the world's largest consumer of uranium fuel. Given this, it only makes sense that we increase our uranium production here in the U.S. and that a significant portion of these new appropriations, if granted, will be used to achieve that objective.\" About Uranium Energy Corp Uranium Energy Corp is the fastest growing supplier of the fuel required for green energy transition to a low carbon future. UEC is the largest, diversified North American focused uranium company, advancing the next generatio...