Special Reports

UxC, LLC (UxC) is pleased to present the fifth edition of its special report on Global Nuclear Fuel Inventories. Over the past decade there have been important drivers for inventory growth, such as the dramatic ramp-up in China's new reactor program and fallout from the drop in demand after the 2011 Fukushima accident. Shifts in the uranium market towards a more "normal commodity market" have added to demand for inventories by financial players. From 2017 to 2021, production cutbacks reduced global supplies, and inventory drawdowns intensified. However, COVID-19 in 2020, a surge in financial-led buying in 2021, and Russia's invasion of Ukraine in 2022 have all created new dynamics affecting both inventory build-up and disposition. Understanding these drivers and how they shape the inventory equation is of utmost importance to all market participants.

UxC issued the third edition of its annual report on the topic of Conversion & Enrichment Supplier Assessments (CESA) in December 2022. This report provides concise profiles of each of the suppliers in the conversion and enrichment markets with an emphasis on issues that affect their current state in the industry and ability to supply in the coming years. This analysis includes market shares based on current sales estimates. The CESA report also includes a risk rating for each supplier based on ten distinct factors that affect their operations and ability to consistently perform as suppliers. These assessments are based on UxC’s independent review and comprehensive understanding of each company’s latest performance and potential risk profile.

This is the fourth edition of UxC’s special report aimed at providing an updated review and analysis of global nuclear fuel inventories, which includes additional enhancements and updates since the 2020 report. Key questions addressed include: What are the total current inventory levels in each key region/country? How do current inventory levels compare to previous estimates? Who holds these inventories and in what form? How much of these inventories can be considered “excess” or “unobligated?” How much of these inventories is readily available to the market? What is the likely future course of disposition of both commercial and government-held inventories? What is the potential future impact of these inventories on each of the three nuclear fuel component markets? What critical market conditions will influence inventories over the long-term?

In late 2020, UxC issued the inaugural edition of a special report on the topic of Conversion & Enrichment Supplier Assessments (CESA). This report provides concise profiles of each of the suppliers in the conversion and enrichment markets with an emphasis on issues that affect their current state in the industry and ability to supply in the coming years. This analysis also includes latest market shares based on current sales estimates. The CESA report also includes a risk rating for each supplier based on ten distinct factors that affect their operations and ability to consistently perform as suppliers. These assessments are based on UxC’s independent review and comprehensive understanding of each company’s latest performance and potential risk profile.

UxC provided a complete update to a previous report for a special client project in support of a uranium project developer’s feasibility study. The report covers a broad scope of the uranium market fundamentals for the period 2020 to 2035, including supply and demand, forecasted spot and long-term uranium prices, and market mechanics.

UxC prepared this special report to analyze potential issues affecting the future outlook for the supply and prices for conversion services that could have arisen from actions taken by Honeywell concerning the Metropolis Works Facility (MWF) as well as in connection with legislative actions and intergovernmental negotiations related to the Russian Suspension Agreement (RSA).

This is the third edition of UxC’s special report aimed at providing an updated review and analysis of global nuclear fuel inventories, which includes additional enhancements and updates since the 2018 report. Key questions addressed include: What are the total current inventory levels in each key region/country? How do current inventory levels compare to previous estimates? Who holds these inventories and in what form? How much of these inventories can be considered “excess” or “unobligated?” How much of these inventories is readily available to the market? What is the likely future course of disposition of both commercial and government-held inventories? What is the potential future impact of these inventories on each of the three nuclear fuel component markets? What critical market conditions will influence inventories over the long-term?

UxC prepared this special report to analyze global and regional world nuclear power outlooks over the next three decades through 2050 based on scenarios presented in the October 2018 report published by the Intergovernmental Panel on Climate Change (IPCC). UxC used the pathways presented in the IPCC report to analyze the types of reactor technologies that could be deployed in various regions through 2050 to keep global temperatures at no higher than 1.5°C above pre-industrial levels. In addition, UxC extrapolated the resulting potential global nuclear market size and interpreted what this means in terms of export opportunities for U.S. nuclear suppliers based on these projections.

UxC prepared this special report to provide insights and analysis on U.S. nuclear utilities with an emphasis on describing how they approach the nuclear fuel markets and procure all three nuclear fuel components for their existing and/or new nuclear power plants.

UxC conducted this special client project concerning the potential ramifications of U.S. import limitations placed on Russian enriched uranium product (EUP) and/or separative work units (SWU) as part of the renegotiation of the Russian Suspension Agreement (RSA). The study included: 1) Analysis of enricher uncommitted SWU levels through 2025; 2) Enricher SWU/EUP inventories analysis; 3) Japanese SWU/EUP inventories analysis; and, 4) Analysis of the impact on U.S. SWU market prices for the period 2020-2025 under different Russian import scenarios.

UxC, LLC is pleased to announce the publication of its seventh edition of a comprehensive report analyzing the entire global Nuclear Industry Value Chain (NIVC). This unique report includes detailed data and analysis of every aspect of the global nuclear markets with balanced perspectives on commercial and technical issues affecting all parts of the value chain. UxC's 2018 Nuclear Industry Value Chain report includes updated research and analysis of all sectors in the nuclear industry, including the front-end fuel markets, the broader reactor sector, as well as the back-end of the fuel cycle. There is no publicly distributed report currently available that provides such comprehensive coverage of the growing global nuclear marketplace.

UxC was selected as the uranium market adviser to support the drafting of the uranium market section of a prospectus for a major uranium-related initial public offering (IPO). Also, as part of this work, UxC provided expert insights and data for the compiling of company marketing materials, valuation modeling, and other support for the IPO process and related advisers on the project team.

UxC provided data and other support under a special client project as part of an analysis related to the U.S. Department of Commerce administrative review of the Russian Suspension Agreement as amended. As part of this project, UxC compiled and evaluated pricing under uranium and enrichment deliveries to U.S. utilities and how this data relates to the question of whether Russian sales in the U.S. have caused any economic harm to domestic suppliers.

On behalf of a nuclear power utility, UxC provided expert support in advance of a long-term nuclear fuel procurement effort. As part of this support, UxC provided insights into all four of the nuclear fuel market sectors and how the utility could best conduct a competitive procurement in order to maximize its options and financial benefits from this effort. Various reports and in-person meeting support were provided.

On behalf of a nuclear power utility, UxC performed a detailed evaluation of its existing nu-clear fuel inventories and provided valuations and analysis of various disposition or utilization options. This project included a detailed market report along with a presentation to company management.

On behalf of a major international nuclear power utility, UxC conducted a specialized survey to benchmark the use of outside nuclear fuel price forecasts and the application of price forecasting to procurement activities, including future strategies, bid evaluations, and budgeting. Another portion of this project included detailed assessment of the utility’s own procurement approaches and how these compare to procurement practices by utilities around the world as defined by geography, size, and other characteristics.

This is the second edition of this special report aimed at providing an updated review and analysis of the global nuclear fuel inventories, which includes significant enhancements and updates since the 2015 report. Key questions that are addressed include: What are the total current inventory levels in each key region/country? Where could we still see additional growth in inventories? Who holds these inventories and in what form? What role does enrichment underfeeding/tails re-enrichment play? How much of these inventories can be considered “excess” or “unobligated?” How much of these inventories is readily available to the market? What is the likely future course of disposition of both commercial and government-held inventories? What is the potential future impact of these inventories on each of the three nuclear fuel component markets?

No country in the world is more consequential for the nuclear markets than China. This special report provides in-depth coverage and forecasts for China’s nuclear power and reactor exports as well as the individual fuel cycle component markets of uranium, conversion, and enrichment. Additional insights and discussions on the current role and potential future direction of China’s nuclear program are also included. Relevant reference materials are also included with this report.

UxC has prepared this sixth edition of our special report on the Nuclear Industry Value Chain (NIVC) to provide an overview of each of the market sectors within the nuclear industry, including the front-end fuel markets, the overall nuclear reactor sector, as well as the back-end of the fuel cycle. This updated May 2016 edition includes detailed data and analysis of every aspect of the global nuclear markets with balanced perspectives on commercial and technical issues affecting all parts of the value chain.

UxC's Jonathan Hinze, Executive Vice President, International, recently interviewed Dr. Hui Zhang, a respected Harvard University expert, regarding the current state and future prospects for China's nuclear energy program.<br />Dr. Zhang is a Senior Research Associate at the Project on Managing the Atom in the Belfer Center for Science and International Affairs at Harvard University's John F. Kennedy School of Government. Dr. Zhang has deep knowledge and insights into all aspects of China's nuclear energy program.

The Ux Consulting Company (UxC) has prepared this fifth edition of our annual report on the Nuclear Industry Value Chain (NIVC) to provide an overview of each of the market sectors within the nuclear industry, including the front-end fuel markets, the overall nuclear reactor sector, as well as the back-end of the fuel cycle. This updated November 2014 edition includes detailed data and analysis of every aspect of the global nuclear markets with balanced perspectives on commercial and technical issues affecting all parts of the value chain.

The Ux Consulting Company (UxC) is pleased to announce the publication of its new essay, “China’s Evolving Role in the Enrichment Market,” as published in the Q3 2014 edition of the Enrichment Market Outlook (EMO). This new essay on China’s enrichment program includes the following: • Latest data on China’s historic SWU demand, production capacity, imports, and exports • Forecasts of future Chinese total SWU supply and demand through 2030 • Price sensitivity cases with forecasts to 2025 using UxC’s SWU-PRICE Model developed by Dr. Lydia Hsieh, UxC Special Consultant • Insights on China’s nuclear program provided by Dr. Yun Zhou, UxC Special Consultant

This report provides a detailed yet concise overview of the market for commercial U.S. nuclear power plant decontamination and decommissioning (D&D). Emphasis is placed on analysis of the market for services in this industry sector.

The primary purpose of this report is to provide a concise review of the major developments in each of the four nuclear fuel markets over the previous year. This report provides a concise synopsis of all the important market developments in each of the nuclear fuel sectors (uranium, conversion, enrichment, and fabrication) that occurred in the year. It is an extremely useful tool for strategic planning and as a reference tool when discussing the fuel markets in such forums as Board meetings or Public Utility Commission hearings.

USEC recently declared its intention to file for Chapter 11 bankruptcy and re-emerge as a leaner, new enrichment company. What will happen to the American Centrifuge Project (ACP)? Where will USEC find the funding for the ACP? How will the new USEC survive until an ACP plant can be built? These are just a few of the multitude of questions raised by the USEC bankruptcy announcement. UxC’s USEC Watch subscriber service follows all of USEC’s activities in depth and analyzes their consequences for the company and also for their impact on the enrichment market as a whole.

In developing and applying their procurement strategies, utilities seek to successful-ly attain the overall goal of securing a reliable supply of uranium for their nuclear plants at a competitive cost. In doing so, utilities identify their major priorities such as price/cost, supply assurance, and price predictability. The relative importance of these priorities can vary from utility to utility and from time to time, based on such factors as a utility’s risk tolerance, its perception of current and future market condi-tions/trends, and whether it is operating in a regulated or unregulated environment. Utilities will consider and utilize, a number of different approaches to the market (term vs. spot procurement, contract length, material form, pricing mechanisms, etc.) based on their specific needs and priority assessments. It is the general intent of this report to provide utilities a review of sellers that are capable of supplying UF6, SWU, and/or en-riched uranium product (EUP).

This is the third edition of a comprehensive annual report analyzing the entire global Nuclear Industry Value Chain (NIVC). This updated 2012 report includes detailed data and analysis of every aspect of the global nuclear markets with balanced perspectives on commercial and technical issues affecting all parts of the value chain.

Your source of reliable, independent information and data on Small Modular Reactor (SMR) designs under development around the world. UxC’s SMR Research Center aims to provide unbiased, up-to-date information and data on SMR technologies under development worldwide.

UxC’s Japan Watch service will keep you updated with the most significant developments concerning Japan’s nuclear program while providing you with in-depth analysis of the impact of these developments on the international nuclear reactor and fuel markets.

The Ux Consulting Company (UxC) is pleased to announce a new special report on Kazakhstan’s Nuclear Industry after Fukushima. The motivation for this report is the dramatic changes that the nuclear industry has experienced in the aftermath of the Fukushima accident in Japan. In this light, the uranium production decisions made by the world’s largest uranium producing country will been critical for the industry. This comprehensive report analyzes the current status and future prospect of the country’s nuclear industry in light of the Fukushima accident.

The Ux Consulting Company (UxC) is pleased to announce a new special report on China’s Nuclear Energy Program after Fukushima. This comprehensive report analyzes China’s current nuclear industry status and prospects for the future in light of the Fukushima accident in Japan of March 11, 2011. For this study, UxC is combining its deep in-house knowledge on China’s nuclear industry with the expertise of Special Consultant, Dr. Yun Zhou, a respected authority on all aspects of China’s nuclear program. Dr. Zhou shares her time working as a Consultant to UxC as well as a Fellow at Harvard University.

The purpose of this study is to review the current market for transportation and related services for uranium products, specifically, natural uranium oxide (U3O8) and both natural and enriched uranium hexafluoride (UF6). The study is focused primarily on sea transport of these products. The study provides background on the shipment of Class 7 (radioactive) materials and the nuclear industry’s dependence on the world commercial transportation sector for these crucial shipments. The study also discusses recent changes in the uranium industry and how those may influence the transportation market. In addition, this report explains the important issues to consider in the creation of an international nuclear transporting organization.

The primary goals of this report are to provide an overview of the most relevant developments that have occurred in Japan following the accidents at Fukushima Daiichi and to analyze the impact of the policy measures implemented by the Japanese government over the last seven months as well as the potential implications and viability of a nuclear power phase-out program. In addition, this study analyzes the actual and potential impacts of Japan’s post-Fukushima nuclear power policies on the country’s nuclear fuel cycle program, and, as an extension, the impacts that these changes will likely have on the global nuclear fuel market. The initial report was published in October 2011, with updates published as part of the Japan Watch service under Policy Watch in February and March 2012.

This benchmarking study on the world’s fuel fabricators for PWRs and PHWRs provides detailed profiles of each relevant fuel fabrication company on the basis of Corporate Organization, Ownership Structure, Description of Fabrication Facilities in Various Countries (both UO2 and MOX), Nominal Capacities & Plans for Expansion (including subsidiaries supplying fuel assembly components), Domestic & Foreign Markets Served, Fuel Assembly Designs Currently Produced & Under Development, Testing & Analytical Capabilities, Ownership of Design Codes, Technological Level, and Price Competitiveness.

UxC’s team of reactor market analysts has worked with our international consultants from industry and academia, who are authorities in reactor technology and design, on this comprehensive study on SMRs. Although few actual projects for SMR deployment exist today, many designs are being proposed by both established and start-up nuclear power companies. There are many reasons for the recent explosion of global attention on SMRs, and this new UxC special report provides an all-inclusive SMR guide for any interested party.

A major study for an international utility to compare the various options for used nuclear fuel storage and other management techniques. This highly technical analysis offers both economic and logistical evaluations to arrive at best options for used fuel management of a multi-reactor nuclear power plant.

This study examines various questions from a number of perspectives in or-der to provide the reader with a thorough understanding of Kazakhstan’s past and prospective impact on the market and the key drivers behind this impact.

In September 2009, UxC released its report, The Changing Geopolitics of the Nuclear Energy Market - China, in which we covered a large number of issues related to Chi-na’s nuclear energy program, including regulatory and financial aspects, reactor pro-jects, reactor construction and component manufacturing, and the nuclear fuel cycle. China’s nuclear power program is advancing very quickly and much has happened in the months since September 2009. This update to that report covers major develop-ments that have taken place in China since then. This update report mainly focuses on the latest information related to China’s nuclear reactor projects and also provides various additional details concerning China’s nuclear fuel cycle.

This updated report offers UxC’s most recent analyses and opinions of the various sectors that make up the nuclear-grade zirconium sponge, alloy, materials, and tubing markets. Additional details are included on the interplay of the nuclear fuel fabrication and the zirconium alloy supply markets. We then identify major trends in this unique industry by analyzing the global, regional, and selected country supply and demand balances for nuclear-grade zirconium alloy and tubing. We conclude with some final observations on the global market as well as expectations for future price developments for the related zirconium alloys and tubing.

This report provides the results of the UxC Requirements Model (URM) for Q1 2010. This is a quarterly reporting service that accompanies the quarterly UxC Nuclear Power Outlook (NPO) service.

This report proposed procurement actions for a utility for uranium concentrates (U3O8) and conversion services (UF6) over the period 2008-2020. UxC made recommendations based on its understanding of the utility’s procurement procedures, current contract commitments, and poli-cies. The objective of the recommended actions is a proper balance between economy, reliabil-ity of supply, and risk.

On behalf of a major international utility, UxC undertook an extensive project commissioned to review and analyze the economic assessment of the utility’s spent fuel management options, including a detailed comparison of the costs and benefits of a closed versus open fuel cycle.

A comprehensive study of the current and future market for zirconium alloy metals for the nuclear fuel fabrication business. The study looks at the entire zircaloy cycle, from zircon sand through tubing and fuel component manufacture.

This report analyzes the current status and potential future disposition of key uranium and plutonium inventories of U.S. and Russia and by doing so captures the vast majority of surplus military materials that may eventually be utilized as fuel for civilian nuclear electricity generation.

The Hydrofluoric Acid Market Assessment report examines the current and potential future market demand for hydrofluoric acid (HF) from the uranium conversion in-dustry. HF is a key input for the conversion of uranium ore (U3O8) into uranium hexafluoride (UF6). This study analyzes the markets for fluorspar and sulfuric acid – the main inputs to HF – as well as the market for HF.

UxC supported a renowned international institute in its informational needs regarding the latest developments in nonproliferation and nuclear trade. UxC issued bi-monthly reports that updated all the latest issues related to nonproliferation, U.S. and Russian governmental nuclear policies, as well as the global trade regime as it effects the enrichment industry.

In order to support a major utility’s new nuclear plant planning activities, UxC issued a detailed white paper that analyzes the long term future viability and trends for all front-end nuclear fuel markets. This assessment looks at the long-term pricing, supply and demand, and other relevant issues for nuclear fuel supply through 2075.

UxC prepared this special report in order to provide nuclear reactor technology as-sessments and overall evaluations of the major reactor designs currently available in the world. Technical and commercial analyses of all leading nuclear reactor designs in the world along with detailed comparative ratings for each design are presented.

In this report, in-depth analysis is given of comparative economics of AREVA’s EPR and Westinghouse’s AP1000 from a utility procurement perspective. Detailed cost estimates for both designs as well as computer-assisted drawings to help in this comparative analysis are included. In addition, this report covers lessons learned from previous AP1000 and EPR projects as well as reactor contracting issues.

This detailed study expands on the production cost data presented in UxC’s USA report. This report reviews and analyzes worldwide uranium production costs, presents a detailed uranium production cost curve through 2020 based on global data, analyzes the cost curve and reviews different producers’ positions within that curve, discusses uranium production cost expectations for 2020-2030 timeframe, and summarizes uranium market pricing and its relationship to production costs.

UxC supported a major international utility in its needs to obtain high-value, up-to-date knowledge on the uranium market so as to support spot and long-term uranium market entry decisions. UxC’s study and follow-up support were invaluable to the utility in reducing uncertainties, maximizing market timing, and interfacing effectively with potential sellers.

UxC provides advanced training to utility nuclear fuel procurement managers. This three-day seminar reviews current and future market issues, looks at contracting practices, and helps to lay the groundwork for developing detailed procurement strategies.

UxC completed a detailed special study on the Beryllium Market Assessment with a focus on future demand for this metal. A table of contents and introduction to this report can be provided.

This is a nuclear industry primer, with coverage of every aspect of the nuclear cycle, including the front-end fuel markets, the reactor industry, as well as the back-end of the fuel cycle and decommissioning and waste handling. Each market sector is dis-cussed through the prism of key players, market trends, supply and demand, and prices and profit margins.

UxC prepared this special report in order to provide nuclear reactor technology as-sessments and overall evaluations of the major reactor designs currently available in the world. Technical and commercial analyses of all leading nuclear reactor designs in the world along with detailed comparative ratings for each design are presented.

UxC developed the Uranium and Thorium Market Issues report to provide additional insights and context regarding the global uranium and nuclear fuel market as well as some initial thoughts on the potential for the development of a thorium (Th) fuel cycle and concomitant thorium nuclear fuel market.

During 2007/2008, UxC sponsored a group of graduate-level students from The George Washington University’s Elliot School of International Affairs in their Cap-stone Project for the completion of a Masters of Arts degree in International Trade and Investment Policy (ITIP). The culmination of this two-semester project is this report, which was designed by UxC and implemented by the following four stu-dents, who each covered a separate country: Anna Bryndza – Belarus, Ellis Chaplin – Turkey, Giselle Cubillos – Chile, Michael Lowe – Vietnam.

UxC conducted a review of a utility’s existing uranium concentrates (U3O8) supply contracts as well as its procurement strategy for the future. In this review, UxC focused on the following areas: supply and price risk of existing contract portfolio, procurement objectives and the consistency of utility’s current supply situation with such objectives, inventory policy and status, risk management alternatives, potential use of the spot market and uranium brokers, and future contracting recommendations.

The enrichment market is experiencing changing dynamics in the relationships between buyers and sellers and, consequently, in the terms and conditions of SWU contracts. Using utility sur-vey responses from the U.S., Western Europe, Eastern Europe, and Asia., UxC attempted to cap-ture the latest SWU contracting terms and conditions and utility SWU purchasing behavior.

As a follow-up to our February 2008 New Reactor Procurement Assessment & Cost Estimates, UxC used computer-assisted modeling and other tools to further analyze cost variations and construction risks for specified Generation III+ reactor designs. In addition, this special study included analysis of new reactor construction techniques, NSSS vendor capabilities, new reactor contract optimization, and comparisons of various baseload electric power generation options.

This report is prepared as an adjunct to UxC’s Uranium Market Outlook report to extend that report’s price projections, which now go through 2020, out through 2025. The forecastsing methodology for the extened years is somewhat different than for the price projections contained in the UMO.

In support of a large international utility’s new reactor procurement endeavor, UxC provided de-tailed cost and market data on specified new reactor designs and related bid evaluation consid-erations. In addition to bottom-up, full scope nuclear power plant cost estimates, UxC provided first core and refueling pricing forecasts for different reactor designs.

In this new report, we look at USEC's present situation, where it must execute a complicated transition strategy, going from the current employment of the old, high-cost, high-volume gaseous diffusion technology to the commercialization of a new, more efficient, gas centrifuge technology – the American Centrifuge Plant (ACP).

This new UxC report updates our analysis of the readiness for ACP deployment in the context of the time and cost issues identified in our USEC viability study as well as incorporating the latest progress of the ACP project as reported by USEC over the course of the past year.

The nuclear fuel market is changing dramatically as both a nuclear renaissance is emerging and major countries are beginning to enter the commercial markets in notable areas. This is the second in a five-part report series taking a look at the detailed affects of some of these countries.

This report was developed to examine some of the major fuel supply risks facing the nuclear power industry, a representation of some of the challenges facing supply expansion in the com-ing years, and a set of recommendations of what can be done to mitigate the supply risks.

In this report, UxC evaluates the annual and cumulative impact of the proposed DOE inventory sales strategy, with particular emphasis on the uranium spot price and the conversion price. This analysis considers three levels of demand projections and the focus of the study is over the next ten years, or through 2015.

In this report, UxC reviews the market for U3O8 looking at the evolution and major develop-ments in the market from the early commercial stages through today, and gives a brief overview of potential future movements. Two other major sections are presented looking at demand and supply issues of the uranium market.

As part of its consulting services, UxC reviews and makes recommendations on specific proposal and contract evaluations for utilities.

UxC provides advanced training to utility nuclear fuel procurement managers. This three-day seminar reviews current and future market issues, looks at contracting practices, and helps to lay the groundwork for developing detailed procurement strategies.

This report takes a thorough look at the terms and conditions, including detailed pricing mechanisms, used in fuel contracting for uranium, conversion, and enrichment. Starting with a historical review of contracting practices for all markets during 1996-2000, the report then looks how practices changed during the 2001-2004 time period. The focus of the report then turns to recent term and conditions made during 2005 and 2006.

The nuclear fuel market is changing dramatically as both a nuclear renaissance is emerging and major countries are beginning to enter the commercial markets in notable areas. This is the first in a three-part report taking a look at the detailed affects of some of these countries.

This project follows numerous market and specialized surveys that UxC performs on a regular basis. This survey and summary report reviewed U.S. utility enrichment contracting practices, supplier preferences, and a number of other aspects of current and future expectations of the en-richment market.

As part of its procurement support work, UxC provides review and recommendations for clients when developing and submitting requests for proposals.

This study looked at events and incidents that did or could potential affect the physical supply of UF6 feed within the fuel cycle. Analysis was done on the probability of similar events in the fu-ture and the effects of these events on the supply chain.

This report identified for a utility the most effective strategy to secure long-term nuclear fuel supplies. It addition to term procurement, this report and follow-on services included procurement strategies on the spot uranium, enrichment and conversion markets, as well as addressing inventory management, financial options such as loans, and specific procurement services.