Capital Economy, Business and Finance
Donald Trump’s plans to steer the US towards “energy dominance” have an Achilles Heel.
Nearly three-quarters of the enriched uranium used in American nuclear reactors in 2023 came from abroad and competition for uranium supplies is intensifying.
Kazakhstan, the world’s biggest producer, is exporting an increasing share to China and Russia, which is itself responsible for roughly 44 per cent of global enrichment capacity.
A global uranium glut after the Fukushima disaster in 2011 has dwindled and even smaller producers like Niger are now cutting exports to the west.
The World Nuclear Association expects global uranium demand to double by 2040 as companies and countries fall back in love with nuclear as a consistent supplier of clean power for households and data centres.
Trump’s energy secretary has promised an American “nuclear renaissance”. Making it happen will require a more secure supply chain.
