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USA plants continue to rely on foreign sources of uranium supply

Thursday, 15 June 2023

US nuclear plant owners and operators purchased less uranium in 2022 than in 2021, and at a higher price, according to the US Energy Information Administration's latest annual uranium marketing report. Most of the uranium delivered in 2022 was of foreign origin, with Canada and Kazakhstan together providing more than half the total.

USA plants continue to rely on foreign sources of uranium supply — US uranium purchases continue to be dominated by foreign suppliers (amounts are thousands of pounds U3O8e) (Image: EIA)

The EIA's 2022 Uranium Marketing Annual Report, published on 13 June, provides detailed data on uranium marketing activities in the USA from 2017 to 2022, and summary data back to 2001. The information is based on data collected through the EIA's Uranium Marketing Annual Survey - known as Form EIA-858 - which collects data on contracts, deliveries, enrichment services purchased, inventories, use in fuel assemblies, feed deliveries to enrichers, and unfilled market requirements for the next 10 years.

The 40.5 million pounds U3O8 equivalent (15,578 tU) total uranium purchased by the owners and operators of the USA's civilian nuclear power reactors in 2022 was 13% down on 2021's total of 46.7 million pounds U3O8e. The weighted average price of USD39.08 per pound for 2022's purchases was 15% higher than the 2021's weighted average price of USD33.91 per pound, and the highest since 2016.

Most of 2022's uranium deliveries were of foreign origin, with Canada the top source at 27% of total deliveries, followed by Kazakhstan (25%), Uzbekistan (11%) and Australia (9%). US -origin material accounted for 5% of the total. Some 15% of the uranium delivered was purchased under spot contracts at a weighted average price of USD40.70 per pound, with the rest under long-term contracts at a weighted average price of USD38.81 per pound.

A total of 35 million pounds U3O8e of natural uranium feed was delivered to enrichers, with 41% of the feed going to US enrichment suppliers, and some 14.2 million SWU of enrichment services purchased by US plant owners and operators in 2022. Nearly three-quarters of this - 73% - was from foreign-origin SWU. Some 3.4 million SWU was supplied by Russia - only slightly less than the 3.9 million of US-origin SWU purchased in the year.

At the end of the year, total US commercial uranium inventories (including inventories owned by plant owners and operators, brokers, converters, enrichers, fabricators, producers and traders) stood at 140 million pounds U3O8e, down 1% from the 141.7 million pounds total at the end of 2021. Contracted deliveries and unfilled market requirements represent maximum anticipated market requirements of 402 million pounds U3O8e over the next 10 years for plant owners and operators, the report found.