Europe’s continued reliance on Russia for its nuclear fuel supply is compounding challenges as the bloc faces significant post-2030 uranium requirements that utilities will need to secure years in advance, Sprott said in its latest uranium report.

The Canada-based precious metals investment company said EU utilities remain well covered for uranium, conversion and enrichment needs to approximately 2030, but coverage “declines rapidly thereafter”.

Maximum uranium coverage, which assumes that utilities exercise the full volume flexibility available under their existing contracts with suppliers, falls from 100% in 2030 to 81% in 2031, 78% in 2032 and just 36% by 2034. Conversion coverage tightens further, falling to 20% by 2034.

“These figures point to a more immediate procurement challenge than the post-2030 timeline might suggest,” Sprott said.