- The deal supports skilled jobs in the North West of England, delivering for British workers and industry.
The UK government has announced £210 million of financing support to secure Ukraine’s energy supply in the face of continued Russian attacks on its energy infrastructure.
The deal, announced by the Prime Minister at the G7, sees UK Export Finance (UKEF) guarantee a loan enabling Urenco, a UK-headquartered uranium enrichment company, to supply enriched uranium to Ukraine’s national nuclear power producer, Energoatom, powering the country’s nuclear plants for the next two years.
Russia’s relentless strikes on Ukraine’s energy infrastructure, including in the depths of winter, have caused serious damage and put the country’s energy security at risk. The UK remains committed to delivering the vital energy support Ukraine needs.
This deal builds on a previous UKEF-backed nuclear fuel supply agreement and brings total UK support for Ukraine’s energy security to over £490 million.
Energoatom generates over 60% of Ukraine’s electricity. Securing its fuel supply is essential for millions of Ukrainian homes, hospitals and schools and directly strengthens Ukraine’s ability to withstand Russian attacks, supporting UK and Euro-Atlantic security.
The deal is good for Britain too. Over a third of the uranium content will come from Urenco’s processing plant in the North-West of England, supporting skilled jobs and boosting UK exports in the nuclear sector. Urenco employs 650 people across the UK.
CEO of Urenco, Boris Schucht said
Urenco is proud to play its part in ensuring the people of Ukraine have access to a reliable supply of energy.
This latest deal enables our long-term relationship with Energoatom, to support its enriched uranium needs. We will continue to be a dependable partner in a time of much uncertainty.
Tim Reid, CEO of UKEF, said
This deal supports the people of Ukraine at this hugely challenging time for them and their nation. At the same time, delivering tangible benefits for the UK economy – supporting skilled British jobs and fuelling growth.
UKEF is backing businesses and driving UK growth. By 2029, UKEF aims to support UK firms in winning over £12.5 billion of new export contracts through its world-leading export finance offer.