1 Feb 2024 12:56

Ukraine's Energoatom saves 2.3 bln hryvni on difference in world prices - CEO

MOSCOW. Feb 1 (Interfax) - Ukraine's Energoatom has saved 2.3 billion hryvni since 2022 on the difference in world prices, Ukrainian media quoted the company's CEO Pyotr Kotin as saying.

"Energoatom's effective work on market for uranium and services for its conversion and enrichment has given Ukraine the opportunity not only to stop using Russian nuclear fuel, but also to save a significant amount of money," Kotin said.

The decisions made by Energoatom in 2022-2023 to increase the purchase of uranium and uranium conversion and enrichment services, as well as negotiations held well in advance and contracts concluded with Energoatom's international partners such as the UK's Urenco and Canada's CAMECO have brought positive results, he said.

"First, we completely stopped using nuclear materials and related services of Russian origin calmly and without harm. Second, due to the difference in world prices for these products (they have increased by more than a third on average from the time of procurement to this day,) we have saved about 2.3 billion hryvni," Kotin said.

The global revival of nuclear generation has resulted in a continuous increase in prices for uranium and uranium conversion and enrichment services, which have already set world records, Energoatom said.

"Therefore, the contracts signed by Energoatom with the companies Urenco and CAMECO guarantee long-term uninterrupted operations of domestic nuclear generation facilities," the company said.

In particular, Urenco will provide uranium enrichment services to Energoatom up to 2035, with the possibility of extending the contract until 2043. CAMECO, in turn, will cover 100% of Energoatom's natural uranium hexafluoride (UF6) needs in 2024-2035, supplying it and offering conversion services.