Urenco will build a new uranium enrichment plant in New Mexico, boosting US nuclear fuel capacity by up to 50 per cent as the country prepares for a Russian import ban taking effect in 2028. The multibillion-dollar investment adds 2.1mn separative work units of annual capacity, supplementing the company's existing 4.3mn SWU facility already undergoing expansion.

Russia currently controls nearly half the world's uranium enrichment capacity and supplies roughly 20 per cent of fuel for America's 90-plus nuclear reactors. This dependence has alarmed Washington officials who view Moscow's grip on the nuclear supply chain as a strategic vulnerability. The new plant represents part of a broader push to establish energy independence in the sector.

Competition remains fierce. Russia's Rosatom recently secured a $16.4bn nuclear plant contract with Kazakhstan, highlighting Moscow's continued international reach. US officials want American technology deployed globally to maintain leadership in safety and non-proliferation standards.

Last year, the Department of Energy committed $2.7bn to strengthen domestic nuclear fuel supply chains. Urenco's expansion, alongside similar moves from France's Orano and Centrus Energy, signals a strategic realignment of the Western nuclear industry away from Russian suppliers.