Uranium enrichment and advanced-reactor fuel capacity lag demand

Urenco USA has begun work on a planned 2.1-million-SWU expansion, but production is expected only from 2032 through 2036, leaving near-term U.S. dependence on foreign enrichment. HALEU, TRISO, conversion, enrichment and fuel fabrication remain bottlenecks even as uranium prices, term premiums and long-term contracting reflect stronger reactor demand; Lightbridge's fuel work is promising but not yet commercial supply.