The Biden administration is pushing lawmakers to support a $4.3 billion plan to buy enriched uranium directly from domestic producers to wean the US off Russian imports of the nuclear-reactor fuel, according to a person familiar with the matter. Shares of uranium companies surged.
Energy Department officials have met with key congressional staff, where they said such funding is urgently needed, said the person, who wasn’t authorized to publicly discuss the information. Energy officials made the case that any interruption in the supply of enriched Russian uranium could cause operational disruptions at commercial nuclear reactors, the person said. US nuclear energy industry participants have also been briefed on the proposal, said a second person familiar with the details. The plan requires approval from Congress.