Will electricity prices skyrocket? The Russian Federation announced a sharp rise in uranium prices

Uranium prices have increased “three, four, five times” over the year, said Kirill Komarov, First Deputy General Director, Director of the Development and International Business Unit of Rosatom.

As a representative of the Russian state corporation noted, prices increased “due to the fact that during the year there were many rumors and speculations that, perhaps, Rosatom would somehow be squeezed out of the world market, or it would go somewhere else.” . Komarov recalled that spot quotes were more than $100 per pound of natural uranium, as well as “in the region of $150-160 per enriched uranium separation unit.” Now prices are at the level of 85-88 dollars per unit.

At auction in early 2024, world prices for this type of fuel rose sharply, reaching a 15-year record of $97.45 per pound amid a coup in Niger, where about five percent of the world’s reserves of the resource are located. A few days ago, the military leaders of this African state demanded to provide a plan for the withdrawal of American troops there in connection with the rupture of the bilateral agreement.

At the same time, Russia’s share in the global enriched uranium market is about 40 percent, Rosatom said. In 2023, the United States purchased the highest amount of Russian uranium since 2010, $1.2 billion, which is 43 percent more than the corresponding costs in 2022.