- 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.
